CareDx (NASDAQ:CDNA) Shares Gap Up After Better-Than-Expected Earnings

CareDx, Inc (NASDAQ:CDNA) shares gapped up prior to trading on Thursday following a stronger than expected earnings report. The stock had previously closed at $21.10, but opened at $22.38. CareDx shares last traded at $21.61, with a volume of 178,298 shares changing hands.

The company reported $1.51 EPS for the quarter, topping the consensus estimate of $0.05 by $1.46. CareDx had a negative net margin of 45.90% and a negative return on equity of 53.70%. The business had revenue of $86.58 million during the quarter, compared to the consensus estimate of $84.56 million.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on CDNA shares. HC Wainwright reaffirmed a “neutral” rating and issued a $26.00 price objective on shares of CareDx in a report on Tuesday, January 14th. StockNews.com upgraded shares of CareDx from a “hold” rating to a “buy” rating in a research report on Wednesday. Stephens restated an “overweight” rating and set a $40.00 price target on shares of CareDx in a research report on Thursday. Wells Fargo & Company upgraded shares of CareDx from an “underweight” rating to an “equal weight” rating and reduced their price target for the stock from $28.00 to $24.00 in a research report on Wednesday, January 15th. Finally, BTIG Research cut their price objective on shares of CareDx from $40.00 to $35.00 and set a “buy” rating for the company in a report on Tuesday, November 5th. Three analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $32.00.

Hedge Funds Weigh In On CareDx

A number of hedge funds have recently made changes to their positions in the stock. Mackenzie Financial Corp purchased a new position in shares of CareDx during the 4th quarter worth approximately $631,000. Public Employees Retirement System of Ohio boosted its position in shares of CareDx by 6.5% during the 4th quarter. Public Employees Retirement System of Ohio now owns 53,672 shares of the company’s stock worth $1,149,000 after purchasing an additional 3,287 shares during the period. Castleark Management LLC boosted its position in CareDx by 41.7% in the 4th quarter. Castleark Management LLC now owns 198,180 shares of the company’s stock valued at $4,243,000 after buying an additional 58,300 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its position in CareDx by 124.9% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 120,347 shares of the company’s stock valued at $2,577,000 after buying an additional 66,833 shares during the period. Finally, Squarepoint Ops LLC boosted its position in CareDx by 7.7% in the 4th quarter. Squarepoint Ops LLC now owns 231,235 shares of the company’s stock valued at $4,951,000 after buying an additional 16,484 shares during the period.

CareDx Stock Performance

The company has a market cap of $1.17 billion, a PE ratio of -7.96 and a beta of 1.87. The company’s 50-day simple moving average is $22.64 and its 200 day simple moving average is $25.32.

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.