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

Shares of CareDx, Inc. (NASDAQ:CDNA) hit a new 52-week high on Wednesday. The stock traded as high as $72.71 and last traded at $71.4140, with a volume of 253,968 shares traded. The stock had previously closed at $69.20.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on the stock. Canaccord Genuity Group boosted their price target on shares of CareDx from $65.00 to $80.00 and gave the company a “buy” rating in a research note on Monday. BTIG Research upped their price objective on shares of CareDx from $60.00 to $74.00 and gave the stock a “buy” rating in a report on Thursday, September 24th. HC Wainwright reaffirmed a “neutral” rating and set a $46.00 price objective on shares of CareDx in a research report on Friday, July 31st. Craig Hallum upgraded shares of CareDx from a “hold” rating to a “buy” rating and set a $64.00 target price for the company in a report on Monday, August 3rd. Finally, William Blair raised CareDx to a “hold” rating in a research report on Thursday, July 16th. Three analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $57.00.

CareDx Stock Performance

The firm’s 50 day moving average is $56.78 and its two-hundred day moving average is $37.71. The stock has a market capitalization of $3.58 billion, a PE ratio of 416.12 and a beta of 2.38.

CareDx (NASDAQ:CDNA) last issued its quarterly earnings results on Thursday, July 30th. The company reported $0.37 EPS for the quarter, beating the consensus estimate of $0.23 by $0.14. CareDx had a net margin of 24.23% and a return on equity of 2.87%. The company had revenue of $131.95 million during the quarter, compared to analysts’ expectations of $114.05 million. During the same quarter last year, the company posted ($0.16) EPS. The firm’s revenue was up 52.2% compared to the same quarter last year. On average, analysts anticipate that CareDx, Inc. will post 0.47 EPS for the current year.

Insider Buying and Selling at CareDx

In other news, Director Christine Cournoyer sold 16,000 shares of CareDx stock in a transaction dated Tuesday, August 4th. The stock was sold at an average price of $46.94, for a total value of $751,040.00. Following the completion of the transaction, the director owned 42,943 shares in the company, valued at approximately $2,015,744.42. This trade represents a 27.14% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director George Bickerstaff, III sold 20,000 shares of CareDx stock in a transaction dated Wednesday, August 5th. The shares were sold at an average price of $46.28, for a total value of $925,600.00. Following the completion of the transaction, the director owned 134,061 shares of the company’s stock, valued at $6,204,343.08. The trade was a 12.98% decrease in their position. The SEC filing for this sale provides additional information. Insiders own 2.40% of the company’s stock.

Institutional Trading of CareDx

Several hedge funds have recently added to or reduced their stakes in CDNA. BlackRock Inc. purchased a new position in CareDx in the second quarter worth approximately $137,219,000. Bamco Inc. NY purchased a new stake in shares of CareDx in the 2nd quarter valued at approximately $55,214,000. Amova Asset Management Americas Inc. increased its position in shares of CareDx by 2.0% in the 1st quarter. Amova Asset Management Americas Inc. now owns 1,475,126 shares of the company’s stock valued at $25,608,000 after purchasing an additional 28,510 shares during the last quarter. Sumitomo Mitsui Trust Group Inc. increased its position in shares of CareDx by 2.0% in the 1st quarter. Sumitomo Mitsui Trust Group Inc. now owns 1,475,126 shares of the company’s stock valued at $25,608,000 after purchasing an additional 28,510 shares during the last quarter. Finally, Dimensional Fund Advisors LP raised its holdings in shares of CareDx by 11.6% in the 1st quarter. Dimensional Fund Advisors LP now owns 1,461,914 shares of the company’s stock valued at $25,375,000 after purchasing an additional 151,934 shares in the last quarter.

CareDx Company Profile

CareDx, Inc is a healthcare diagnostics company focused on improving the care of organ-transplant patients. The company develops and commercializes noninvasive tests and digital tools intended to help physicians assess transplant-organ health, identify potential rejection, and support long-term patient management.

Its offerings include AlloSure donor-derived cell-free DNA tests for monitoring transplant recipients, AlloMap gene-expression testing for heart-transplant patients, and HeartCare, which combines AlloMap and AlloSure results.