CareDx (NASDAQ:CDNA) Hits New 52-Week High – Time to Buy?

CareDx, Inc. (NASDAQ:CDNA)’s share price reached a new 52-week high on Wednesday. The company traded as high as $73.43 and last traded at $72.4250, with a volume of 415,201 shares traded. The stock had previously closed at $70.53.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on CDNA shares. HC Wainwright restated a “neutral” rating and issued a $46.00 target price on shares of CareDx in a research note on Friday, July 31st. Craig Hallum upgraded shares of CareDx from a “hold” rating to a “buy” rating and set a $64.00 price objective on the stock in a report on Monday, August 3rd. William Blair upgraded shares of CareDx to a “hold” rating in a research report on Thursday, July 16th. Zacks Research downgraded shares of CareDx from a “strong-buy” rating to a “hold” rating in a research report on Friday, October 2nd. Finally, Canaccord Genuity Group set a $99.00 price objective on CareDx in a report on Friday. Three equities research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, CareDx presently has an average rating of “Hold” and an average target price of $64.40.

CareDx Stock Up 24.9%

The company has a market capitalization of $4.62 billion, a P/E ratio of 42.47 and a beta of 2.38. The business’s 50-day moving average price is $59.12 and its 200 day moving average price is $33.30.

CareDx (NASDAQ:CDNA) last posted its quarterly earnings data on Thursday, October 29th. The company reported $0.70 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.25 by $0.45. The firm had revenue of $139.36 million during the quarter, compared to analysts’ expectations of $121.96 million. CareDx had a return on equity of 2.87% and a net margin of 24.23%. The company’s revenue for the quarter was up 39.3% compared to the same quarter last year. During the same period in the prior year, the business earned $0.03 EPS. Analysts anticipate that CareDx, Inc. will post 0.47 EPS for the current fiscal year.

Insider Buying and Selling

In other news, Director Christine Cournoyer sold 16,000 shares of the company’s stock in a transaction on Tuesday, August 4th. The stock was sold at an average price of $46.94, for a total value of $751,040.00. Following the completion of the sale, the director directly owned 42,943 shares in the company, valued at $2,015,744.42. This represents a 27.14% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director George Bickerstaff, III sold 20,000 shares of the firm’s stock in a transaction dated Wednesday, August 5th. The shares were sold at an average price of $46.28, for a total value of $925,600.00. Following the sale, the director directly owned 134,061 shares in the company, valued at approximately $6,204,343.08. This represents a 12.98% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 2.40% of the stock is owned by insiders.

Hedge Funds Weigh In On CareDx

Several hedge funds have recently bought and sold shares of the business. Profund Advisors LLC lifted its holdings in shares of CareDx by 23.7% in the 3rd quarter. Profund Advisors LLC now owns 20,441 shares of the company’s stock valued at $1,329,000 after buying an additional 3,923 shares during the period. ProShare Advisors LLC purchased a new stake in shares of CareDx in the 3rd quarter valued at approximately $419,000. Vise Technologies Inc. acquired a new position in CareDx in the third quarter valued at about $355,000. VIRGINIA RETIREMENT SYSTEMS ET Al increased its stake in CareDx by 9.8% during the third quarter. VIRGINIA RETIREMENT SYSTEMS ET Al now owns 25,750 shares of the company’s stock worth $1,674,000 after purchasing an additional 2,300 shares during the period. Finally, BOKF NA purchased a new stake in shares of CareDx during the third quarter worth approximately $572,000.

About CareDx

CareDx, Inc is a healthcare diagnostics company focused on improving the care of organ-transplant patients. The company develops and commercializes noninvasive tests and digital tools intended to help physicians assess transplant-organ health, identify potential rejection, and support long-term patient management.

Its offerings include AlloSure donor-derived cell-free DNA tests for monitoring transplant recipients, AlloMap gene-expression testing for heart-transplant patients, and HeartCare, which combines AlloMap and AlloSure results.