CareDx (NASDAQ:CDNA) Coverage Initiated by Analysts at Piper Sandler

Piper Sandler began coverage on shares of CareDx (NASDAQ:CDNA) in a report published on Wednesday morning, Marketbeat.com reports. The firm issued an overweight rating and a $100.00 target price on the stock.

Other research analysts have also issued research reports about the stock. Wall Street Zen lowered shares of CareDx from a “strong-buy” rating to a “buy” rating in a report on Saturday, October 31st. Zacks Research upgraded shares of CareDx from a “hold” rating to a “strong-buy” rating in a research report on Thursday, November 5th. HC Wainwright reaffirmed a “neutral” rating and issued a $46.00 price objective on shares of CareDx in a research note on Friday, July 31st. Canaccord Genuity Group set a $99.00 price objective on shares of CareDx in a research report on Friday, October 30th. Finally, William Blair raised shares of CareDx to a “hold” rating in a research note on Thursday, July 16th. One analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and four have assigned a Hold rating to the stock. According to data from MarketBeat.com, CareDx presently has an average rating of “Moderate Buy” and an average target price of $70.33.

CareDx Trading Up 0.5%

Shares of CDNA stock opened at $81.17 on Wednesday. The stock has a market cap of $4.26 billion, a price-to-earnings ratio of 33.96 and a beta of 2.51. The stock has a 50-day moving average of $65.18 and a 200-day moving average of $36.12. CareDx has a 1-year low of $15.15 and a 1-year high of $90.87.

CareDx (NASDAQ:CDNA) last posted its quarterly earnings data on Thursday, October 29th. The company reported $0.70 EPS for the quarter, topping analysts’ consensus estimates of $0.25 by $0.45. CareDx had a return on equity of 9.74% and a net margin of 25.86%. The company had revenue of $139.36 million for the quarter, compared to analyst estimates of $121.96 million. During the same period in the previous year, the firm earned $0.03 earnings per share. The firm’s quarterly revenue was up 39.3% on a year-over-year basis. Sell-side analysts forecast that CareDx will post 0.99 earnings per share for the current year.

Insider Activity at CareDx

In related news, CFO Keith Kennedy sold 61,961 shares of the company’s stock in a transaction dated Thursday, November 5th. The stock was sold at an average price of $77.82, for a total transaction of $4,821,805.02. Following the sale, the chief financial officer owned 199,147 shares in the company, valued at $15,497,619.54. This represents a 23.73% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 2.40% of the stock is currently owned by insiders.

Institutional Investors Weigh In On CareDx

Hedge funds have recently added to or reduced their stakes in the business. BlackRock Inc. bought a new position in shares of CareDx during the 2nd quarter worth approximately $137,219,000. Bamco Inc. NY acquired a new stake in shares of CareDx during the 2nd quarter worth approximately $55,214,000. Bank of America Corp DE bought a new stake in shares of CareDx in the 2nd quarter valued at $16,297,000. Palo Alto Investors LP bought a new stake in shares of CareDx in the 2nd quarter valued at $15,158,295. Finally, Jupiter Topco LLC bought a new stake in shares of CareDx in the 2nd quarter valued at $9,673,000.

CareDx Company Profile

CareDx, Inc. is a precision medicine company focused on organ transplantation. It develops and provides diagnostic tests and related services to help clinicians assess transplant recipients and monitor their health over time. Its offerings include AlloSure, a donor-derived cell-free DNA test used to help monitor for organ rejection, and AlloMap, a gene-expression test used in heart transplant care. CareDx also provides histocompatibility testing, clinical tools, and services designed to support patients and transplant care teams.