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

CareDx, Inc (NASDAQ:CDNA) dropped 7.9% 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. Approximately 424,308 shares were traded during trading, a decline of 50% from the average daily volume of 841,406 shares. The stock had previously closed at $21.13.

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

Hedge Funds Weigh In On CareDx

Institutional investors have recently made changes to their positions in the business. Creative Planning acquired a new stake in CareDx during the third quarter worth about $204,000. Hanseatic Management Services Inc. acquired a new stake in CareDx during the third quarter worth about $781,000. Principal Financial Group Inc. acquired a new stake in CareDx during the third quarter worth about $557,000. KBC Group NV acquired a new stake in CareDx during the third quarter worth about $99,000. Finally, Royce & Associates LP grew its position in CareDx by 0.3% during the third quarter. Royce & Associates LP now owns 393,286 shares of the company’s stock worth $12,280,000 after buying an additional 1,000 shares in the last quarter.

CareDx Stock Up 0.6 %

The firm has a market capitalization of $1.10 billion, a price-to-earnings ratio of -7.56 and a beta of 1.87. The business has a 50-day moving average of $22.67 and a two-hundred day moving average of $25.05.

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

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.