CareDx (NASDAQ:CDNA) Trading Down 5.5% – What’s Next?

CareDx, Inc (NASDAQ:CDNA)’s share price dropped 5.5% during mid-day trading on Tuesday . The stock traded as low as $23.81 and last traded at $23.53. Approximately 271,391 shares traded hands during trading, a decline of 68% from the average daily volume of 836,722 shares. The stock had previously closed at $24.91.

Analyst Ratings Changes

CDNA has been the topic of several research reports. StockNews.com raised shares of CareDx from a “hold” rating to a “buy” rating in a report on Thursday, October 17th. The Goldman Sachs Group boosted their price target on shares of CareDx from $26.00 to $35.00 and gave the stock a “buy” rating in a research report on Wednesday, October 16th. BTIG Research reduced their target price on shares of CareDx from $40.00 to $35.00 and set a “buy” rating for the company in a research note on Tuesday, November 5th. HC Wainwright restated a “neutral” rating and set a $26.00 price target on shares of CareDx in a research report on Tuesday, January 14th. Finally, Wells Fargo & Company raised shares of CareDx from an “underweight” rating to an “equal weight” rating and lowered their price target for the stock from $28.00 to $24.00 in a report on Wednesday, January 15th. Three analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat, CareDx has an average rating of “Moderate Buy” and an average price target of $28.33.

CareDx Trading Down 7.0 %

The stock has a 50 day simple moving average of $22.80 and a 200-day simple moving average of $25.23. The firm has a market capitalization of $1.24 billion, a P/E ratio of -8.58 and a beta of 1.87.

Insider Activity at CareDx

In related news, Director Peter Maag sold 5,000 shares of the business’s stock in a transaction that occurred on Tuesday, November 26th. The stock was sold at an average price of $25.00, for a total transaction of $125,000.00. Following the completion of the transaction, the director now directly owns 330,024 shares in the company, valued at approximately $8,250,600. The trade was a 1.49 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 4.90% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the business. Fred Alger Management LLC increased its position in shares of CareDx by 30.8% during the 3rd quarter. Fred Alger Management LLC now owns 1,503,521 shares of the company’s stock valued at $46,947,000 after purchasing an additional 353,919 shares during the last quarter. Geode Capital Management LLC grew its position in CareDx by 2.7% in the 3rd quarter. Geode Capital Management LLC now owns 1,227,724 shares of the company’s stock valued at $38,343,000 after acquiring an additional 32,141 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. grew its position in CareDx by 25.6% in the 4th quarter. Connor Clark & Lunn Investment Management Ltd. now owns 875,197 shares of the company’s stock valued at $18,738,000 after acquiring an additional 178,304 shares during the last quarter. FMR LLC grew its position in 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 acquiring an additional 556,230 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. grew its position in CareDx by 2.5% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 511,922 shares of the company’s stock valued at $10,960,000 after acquiring an additional 12,442 shares during the last quarter.

CareDx Company Profile

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.