CareDx Inc. (CDNA) Rating Increased to Hold at Zacks Investment Research
CareDx Inc. (NASDAQ:CDNA) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a report released on Thursday.
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 equities research analysts have also recently weighed in on CDNA. Piper Jaffray Cos. reiterated an “overweight” rating and issued a $6.00 price objective on shares of CareDx in a research note on Wednesday, June 15th. Leerink Swann reiterated a “buy” rating on shares of CareDx in a research note on Tuesday, June 14th. Finally, Mizuho boosted their price objective on CareDx from $8.00 to $12.00 and gave the company a “buy” rating in a research note on Tuesday, June 14th. Two equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. The company presently has an average rating of “Buy” and an average target price of $9.25.
CareDx (NASDAQ:CDNA) opened at 4.06 on Thursday. CareDx has a one year low of $3.70 and a one year high of $7.39. The stock’s market cap is $77.04 million. The firm has a 50-day moving average price of $4.73 and a 200-day moving average price of $4.73.
CareDx (NASDAQ:CDNA) last issued its quarterly earnings data on Wednesday, August 10th. The company reported ($0.29) earnings per share for the quarter, missing the Zacks’ 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 firm earned $10.70 million during the quarter, compared to analysts’ expectations of $10.42 million. During the same quarter in the prior year, the firm posted ($0.27) EPS. CareDx’s quarterly revenue was up 50.7% compared to the same quarter last year. On average, equities analysts predict that CareDx will post ($1.05) earnings per share for the current year.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Gagnon Securities LLC raised its position in shares of CareDx by 62.4% in the second quarter. Gagnon Securities LLC now owns 1,915,534 shares of the company’s stock worth $7,578,000 after buying an additional 736,020 shares in the last quarter. Gagnon Advisors LLC raised its position in shares of 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 in the last quarter. Vanguard Group Inc. raised its position in shares of 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 in the last quarter. Finally, Royce & Associates LP raised its position in shares of CareDx by 56.8% in the second quarter. Royce & Associates LP now owns 134,745 shares of the company’s stock worth $582,000 after buying an additional 48,828 shares in the last quarter. 34.41% of the stock is currently owned by institutional investors and hedge funds.
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.
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