CareDx (CDNA) Shares Down 6.7% on Insider Selling

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CareDx Inc (NASDAQ:CDNA)’s share price fell 6.7% during mid-day trading on Friday following insider selling activity. The stock traded as low as $35.36 and last traded at $35.59. 1,104,423 shares traded hands during mid-day trading, an increase of 34% from the average session volume of 825,946 shares. The stock had previously closed at $38.15.

Specifically, insider James P. Yee sold 32,500 shares of CareDx stock in a transaction dated Tuesday, February 12th. The stock was sold at an average price of $23.88, for a total transaction of $776,100.00. Following the completion of the transaction, the insider now owns 73,543 shares of the company’s stock, valued at approximately $1,756,206.84. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Michael Goldberg sold 50,000 shares of CareDx stock in a transaction dated Thursday, March 14th. The shares were sold at an average price of $37.36, for a total value of $1,868,000.00. Following the transaction, the director now directly owns 84,740 shares of the company’s stock, valued at approximately $3,165,886.40. The disclosure for this sale can be found here. Insiders have sold a total of 185,822 shares of company stock valued at $5,815,664 in the last ninety days. Insiders own 3.40% of the company’s stock.

Several brokerages have recently commented on CDNA. BidaskClub lowered CareDx from a “strong-buy” rating to a “buy” rating in a report on Tuesday, January 15th. Zacks Investment Research raised CareDx from a “hold” rating to a “buy” rating and set a $27.00 price objective for the company in a report on Thursday, January 3rd. HC Wainwright set a $30.00 price objective on CareDx and gave the stock a “hold” rating in a report on Thursday, March 7th. Finally, Jefferies Financial Group began coverage on CareDx in a report on Friday, February 15th. They set a “buy” rating and a $35.00 price objective for the company. Two equities research analysts have rated the stock with a hold rating, three have assigned a buy rating and three have given a strong buy rating to the company’s stock. CareDx presently has an average rating of “Buy” and a consensus target price of $34.00.

The firm has a market capitalization of $1.59 billion, a P/E ratio of -27.17 and a beta of 1.21.

CareDx (NASDAQ:CDNA) last issued its quarterly earnings data on Wednesday, March 6th. The company reported ($0.09) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.07) by ($0.02). CareDx had a negative return on equity of 63.64% and a negative net margin of 61.06%. The business had revenue of $23.51 million for the quarter, compared to analysts’ expectations of $23.34 million. Sell-side analysts predict that CareDx Inc will post -0.16 EPS for the current year.

Hedge funds and other institutional investors have recently modified their holdings of the company. Zurcher Kantonalbank Zurich Cantonalbank bought a new stake in CareDx in the 4th quarter worth approximately $45,000. First Interstate Bank bought a new stake in CareDx in the 4th quarter worth approximately $80,000. Great West Life Assurance Co. Can bought a new stake in CareDx in the 4th quarter worth approximately $81,000. Meeder Asset Management Inc. bought a new stake in CareDx in the 3rd quarter worth approximately $124,000. Finally, Legal & General Group Plc lifted its position in CareDx by 19.5% in the 4th quarter. Legal & General Group Plc now owns 6,129 shares of the company’s stock worth $154,000 after buying an additional 998 shares during the last quarter. 93.20% of the stock is owned by institutional investors.

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About CareDx (NASDAQ:CDNA)

CareDx, Inc, a transplant diagnostics company, together with its subsidiaries, focuses on the discovery, development, and commercialization of diagnostic solutions for transplant patients worldwide. The company develops and provides a diagnostic surveillance testing solution for heart and kidney transplant recipients.

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