Zacks Investment Research upgraded shares of CareDx Inc. (NASDAQ:CDNA) from a sell rating to a hold rating in a research report sent to investors on Tuesday morning.
According to Zacks, “CareDx, Inc. is a commercial stage company. It develops, markets, and delivers a diagnostic surveillance solution for heart transplant recipients. The Company provides AlloMap, a noninvasive blood test used to aid in the identification of heart transplant recipients. It is also pursuing other areas of transplant surveillance, such as the use of cell-free DNA (cfDNA) as a biomarker for rejection. CareDx, Inc. is based in Brisbane, California. “
A number of other analysts also recently weighed in on the company. Mizuho lifted their price target on CareDx from $8.00 to $12.00 and gave the company a buy rating in a research note on Tuesday, June 14th. Leerink Swann restated a buy rating on shares of CareDx in a research note on Tuesday, June 14th. Finally, Piper Jaffray Cos. restated an overweight rating and issued a $6.00 price target on shares of CareDx in a research note on Wednesday, June 15th. One investment analyst has rated the stock with a hold rating and five have assigned a buy rating to the company. The company presently has an average rating of Buy and a consensus target price of $9.25.
Shares of CareDx (NASDAQ:CDNA) opened at 3.70 on Tuesday. The firm’s market capitalization is $70.21 million. CareDx has a 52 week low of $3.28 and a 52 week high of $6.87. The firm has a 50 day moving average price of $4.13 and a 200-day moving average price of $4.56.
CareDx (NASDAQ:CDNA) last announced its earnings results on Wednesday, August 10th. The company reported ($0.29) earnings per share for the quarter, missing the consensus estimate of ($0.28) by $0.01. CareDx had a negative net margin of 91.21% and a negative return on equity of 59.77%. The company earned $10.70 million during the quarter, compared to analysts’ expectations of $10.42 million. During the same quarter last year, the business posted ($0.27) earnings per share. The company’s revenue for the quarter was up 50.7% compared to the same quarter last year. Equities research analysts predict that CareDx will post ($1.05) EPS for the current fiscal year.
In other news, major shareholder Neil Gagnon bought 178,686 shares of the firm’s stock in a transaction on Thursday, September 22nd. The shares were bought at an average cost of $4.00 per share, for a total transaction of $714,744.00. Following the completion of the transaction, the insider now owns 613,473 shares in the company, valued at $2,453,892. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 13.33% of the company’s stock.
Hedge funds have recently bought and sold shares of the company. Royce & Associates LP increased its stake in CareDx by 15.5% in the first quarter. Royce & Associates LP now owns 85,917 shares of the company’s stock worth $426,000 after buying an additional 11,503 shares during the last quarter. Vanguard Group Inc. increased its stake in CareDx by 281.2% in the second quarter. Vanguard Group Inc. now owns 306,178 shares of the company’s stock worth $1,323,000 after buying an additional 225,863 shares during the last quarter. Gagnon Advisors LLC increased its stake in CareDx by 40.7% in the second quarter. Gagnon Advisors LLC now owns 952,464 shares of the company’s stock worth $4,105,000 after buying an additional 275,496 shares during the last quarter. Finally, Gagnon Securities LLC increased its stake in CareDx by 13.5% in the second quarter. Gagnon Securities LLC now owns 1,339,005 shares of the company’s stock worth $5,771,000 after buying an additional 159,491 shares during the last quarter. Institutional investors own 30.84% of the company’s stock.
CareDx Company Profile
CareDx, Inc is a molecular diagnostics company. The Company is focused on the discovery, development and commercialization of clinically differentiated diagnostic surveillance solutions for transplant patients. The Company’s commercialized testing solution, the AlloMap heart transplant molecular test (AlloMap), is a gene expression test that helps clinicians monitor and identify heart transplant recipients with stable graft function having a low probability of moderate/severe acute cellular rejection.