CareDx (NASDAQ:CDNA) Hits New 52-Week High – Here’s What Happened

CareDx, Inc. (NASDAQ:CDNA)’s stock price hit a new 52-week high during trading on Thursday . The stock traded as high as $24.11 and last traded at $23.8860, with a volume of 445418 shares changing hands. The stock had previously closed at $23.46.

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on CDNA. Weiss Ratings reaffirmed a “sell (d)” rating on shares of CareDx in a report on Wednesday, May 27th. Wall Street Zen raised CareDx from a “buy” rating to a “strong-buy” rating in a report on Sunday, May 3rd. Wells Fargo & Company lifted their price target on CareDx from $18.00 to $21.00 and gave the company an “equal weight” rating in a report on Wednesday, February 25th. Finally, BTIG Research lifted their price target on CareDx from $26.00 to $28.00 and gave the company a “buy” rating in a report on Wednesday, April 29th. One equities research analyst has rated the stock with a Buy rating, four have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, CareDx currently has a consensus rating of “Hold” and a consensus target price of $25.00.

CareDx Trading Down 2.9%

The stock has a market capitalization of $1.19 billion, a P/E ratio of -143.56 and a beta of 2.49. The company has a fifty day simple moving average of $20.81 and a two-hundred day simple moving average of $19.60.

CareDx (NASDAQ:CDNA) last posted its earnings results on Tuesday, April 28th. The company reported $0.34 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.11 by $0.23. The company had revenue of $117.70 million during the quarter, compared to analyst estimates of $102.03 million. CareDx had a negative return on equity of 2.65% and a negative net margin of 2.01%.The company’s revenue for the quarter was up 39.3% compared to the same quarter last year. During the same period in the previous year, the company earned $0.09 EPS. As a group, analysts forecast that CareDx, Inc. will post 0.22 earnings per share for the current fiscal year.

Insider Activity

In other news, CEO John Walter Hanna, Jr. sold 10,282 shares of the business’s stock in a transaction dated Thursday, April 16th. The stock was sold at an average price of $21.12, for a total transaction of $217,155.84. Following the completion of the transaction, the chief executive officer directly owned 676,475 shares in the company, valued at approximately $14,287,152. The trade was a 1.50% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 2.40% of the company’s stock.

Hedge Funds Weigh In On CareDx

Institutional investors have recently modified their holdings of the stock. First Eagle Investment Management LLC grew its position in shares of CareDx by 25.4% during the 3rd quarter. First Eagle Investment Management LLC now owns 475,146 shares of the company’s stock worth $6,909,000 after buying an additional 96,123 shares during the period. Paragon Associates & Paragon Associates II Joint Venture grew its position in shares of CareDx by 93.7% in the 3rd quarter. Paragon Associates & Paragon Associates II Joint Venture now owns 425,000 shares of the company’s stock valued at $6,180,000 after purchasing an additional 205,597 shares during the period. Aberdeen Group plc acquired a new position in shares of CareDx in the 4th quarter valued at approximately $6,506,000. ARK Investment Management LLC grew its position in shares of CareDx by 3.4% in the 3rd quarter. ARK Investment Management LLC now owns 2,170,625 shares of the company’s stock valued at $31,561,000 after purchasing an additional 70,468 shares during the period. Finally, Zweig DiMenna Associates LLC grew its position in shares of CareDx by 153.8% in the 3rd quarter. Zweig DiMenna Associates LLC now owns 575,000 shares of the company’s stock valued at $8,360,000 after purchasing an additional 348,400 shares during the period.

CareDx Company Profile

CareDx, Inc (NASDAQ: CDNA) is a precision diagnostics company focused on the care of transplant patients. The firm develops and commercializes non?invasive tests designed to detect organ transplant rejection and infection risk, helping physicians make informed management decisions throughout the post?transplant journey.

The company’s core product portfolio includes AlloMap®, a gene expression profiling test for heart transplant recipients, and AlloSure®, a donor?derived cell?free DNA assay used primarily in kidney transplant monitoring.