CareDx, Inc. (CDNA) Short Interest Update
CareDx, Inc. (NASDAQ:CDNA) was the target of a large growth in short interest in October. As of October 13th, there was short interest totalling 2,877,936 shares, a growth of 27.9% from the September 29th total of 2,249,655 shares. Based on an average daily trading volume, of 1,777,036 shares, the short-interest ratio is presently 1.6 days. Currently, 24.1% of the shares of the company are sold short.
CareDx (NASDAQ:CDNA) last announced its quarterly earnings data on Thursday, August 10th. The company reported ($0.19) earnings per share (EPS) for the quarter, hitting the Zacks’ consensus estimate of ($0.19). The firm had revenue of $12.05 million during the quarter, compared to analysts’ expectations of $11.87 million. CareDx had a negative net margin of 61.27% and a negative return on equity of 85.68%.
In other CareDx news, major shareholder Neil Gagnon acquired 21,448 shares of CareDx stock in a transaction that occurred on Monday, August 28th. The stock was acquired at an average cost of $2.77 per share, for a total transaction of $59,410.96. Following the purchase, the insider now owns 903,731 shares of the company’s stock, valued at $2,503,334.87. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders purchased a total of 75,030 shares of company stock valued at $226,758 over the last quarter. 5.40% of the stock is owned by company insiders.
Hedge funds and other institutional investors have recently made changes to their positions in the company. Trellus Management Company LLC purchased a new stake in shares of CareDx in the third quarter worth $100,000. Perkins Capital Management Inc. purchased a new stake in shares of CareDx in the third quarter worth $513,000. Stonepine Capital Management LLC purchased a new stake in shares of CareDx in the second quarter worth $212,000. Thompson Davis & CO. Inc. increased its stake in shares of CareDx by 3,294.9% in the third quarter. Thompson Davis & CO. Inc. now owns 203,692 shares of the company’s stock worth $754,000 after purchasing an additional 197,692 shares in the last quarter. Finally, Royce & Associates LP increased its stake in shares of CareDx by 23.5% in the first quarter. Royce & Associates LP now owns 526,472 shares of the company’s stock worth $737,000 after purchasing an additional 100,111 shares in the last quarter. 25.61% of the stock is owned by hedge funds and other institutional investors.
A number of research firms recently weighed in on CDNA. Zacks Investment Research lowered shares of CareDx from a “buy” rating to a “hold” rating in a research note on Monday, July 24th. ValuEngine upgraded shares of CareDx from a “strong sell” rating to a “sell” rating in a research note on Thursday, August 24th. Piper Jaffray Companies restated an “overweight” rating and set a $7.00 price target (up from $3.00) on shares of CareDx in a research report on Tuesday, September 26th. Raymond James Financial, Inc. upgraded shares of CareDx from a “market perform” rating to a “buy” rating and set a $6.50 price target for the company in a research report on Wednesday, September 27th. Finally, Craig Hallum restated a “buy” rating and set a $10.00 price target (up from $4.00) on shares of CareDx in a research report on Monday, October 9th. One research analyst has rated the stock with a sell rating and four have assigned a buy rating to the stock. CareDx has an average rating of “Buy” and a consensus target price of $6.69.
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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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