CareDx (NASDAQ:CDNA) Shares Down 7.9% After Analyst Downgrade

CareDx, Inc (NASDAQ:CDNA) fell 7.9% during trading on Tuesday after HC Wainwright lowered their price target on the stock from $26.00 to $25.00. HC Wainwright currently has a neutral rating on the stock. CareDx traded as low as $19.33 and last traded at $19.47. 424,308 shares were traded during trading, a decline of 50% from the average session volume of 841,406 shares. The stock had previously closed at $21.13.

A number of other equities research analysts have also issued reports on the company. Stephens reissued an “overweight” rating and set a $40.00 price target on shares of CareDx in a research note on Thursday, February 27th. StockNews.com upgraded shares of CareDx from a “hold” rating to a “buy” rating in a research note on Wednesday, February 26th. BTIG Research cut their target price on CareDx from $40.00 to $35.00 and set a “buy” rating on the stock in a research report on Tuesday, November 5th. Finally, Wells Fargo & Company raised CareDx from an “underweight” rating to an “equal weight” rating and decreased their target price for the stock from $28.00 to $24.00 in a report on Wednesday, January 15th. Three investment analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $31.83.

Institutional Trading of CareDx

Several large investors have recently bought and sold shares of the business. Divisadero Street Capital Management LP acquired a new stake in shares of CareDx during the 4th quarter worth approximately $15,239,000. FMR LLC raised its holdings in shares of CareDx by 802.4% in the 3rd quarter. FMR LLC now owns 625,550 shares of the company’s stock valued at $19,533,000 after buying an additional 556,230 shares during the period. Jacobs Levy Equity Management Inc. lifted its position in shares of CareDx by 52.6% during the fourth quarter. Jacobs Levy Equity Management Inc. now owns 1,243,580 shares of the company’s stock worth $26,625,000 after purchasing an additional 428,864 shares in the last quarter. Fred Alger Management LLC lifted its holdings in CareDx by 30.8% during the 3rd quarter. Fred Alger Management LLC now owns 1,503,521 shares of the company’s stock worth $46,947,000 after buying an additional 353,919 shares in the last quarter. Finally, Lord Abbett & CO. LLC purchased a new position in CareDx in the third quarter valued at $10,873,000.

CareDx Trading Down 7.9 %

The firm has a market cap of $1.04 billion, a PE ratio of -7.21 and a beta of 1.87. The firm has a 50 day moving average price of $22.70 and a 200-day moving average price of $25.14.

CareDx (NASDAQ:CDNA) last issued its quarterly earnings data on Wednesday, February 26th. The company reported $1.51 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.05 by $1.46. CareDx had a negative return on equity of 53.70% and a negative net margin of 45.90%. The company had revenue of $86.58 million for the quarter, compared to analyst estimates of $84.56 million. Equities analysts forecast that CareDx, Inc will post -0.9 earnings per share for the current fiscal year.

About CareDx

CareDx, Inc engages in the discovery, development, and commercialization of diagnostic solutions for transplant patients and caregivers in the United States and internationally. It also provides AlloSure Kidney, a donor-derived cell-free DNA (dd-cfDNA) solution for kidney transplant patients; AlloMap Heart, a gene expression solution for heart transplant patients; AlloSure Heart, a dd-cfDNA solution for heart transplant patients; and AlloSure Lung, a dd-cfDNA solution for lung transplant patients.