CareDx, Inc. (CDNA) Short Interest Update
CareDx, Inc. (NASDAQ:CDNA) was the target of a significant growth in short interest during the month of September. As of September 15th, there was short interest totalling 1,102,800 shares, a growth of 55.9% from the August 31st total of 707,418 shares. Approximately 9.1% of the shares of the stock are short sold. Based on an average trading volume of 201,698 shares, the short-interest ratio is currently 5.5 days.
CareDx (CDNA) opened at 4.53 on Wednesday. CareDx has a 12-month low of $0.76 and a 12-month high of $4.55. The stock’s market cap is $102.11 million. The stock has a 50 day moving average price of $2.88 and a 200 day moving average price of $1.61.
CareDx (NASDAQ:CDNA) last released its quarterly earnings results on Thursday, August 10th. The company reported ($0.19) earnings per share (EPS) for the quarter, meeting the Zacks’ consensus estimate of ($0.19). The company had revenue of $12.05 million for the quarter, compared to the consensus estimate of $11.87 million. CareDx had a negative net margin of 61.27% and a negative return on equity of 85.68%. On average, analysts forecast that CareDx will post ($0.82) earnings per share for the current fiscal year.
A number of brokerages have recently issued reports on CDNA. Zacks Investment Research cut shares of CareDx from a “buy” rating to a “hold” rating in a research note on Monday, September 11th. ValuEngine raised shares of CareDx from a “strong sell” rating to a “sell” rating in a 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 target price on the stock in a research report on Wednesday, September 27th. Finally, Piper Jaffray Companies reiterated an “overweight” rating and issued a $7.00 target price (up previously from $3.00) on shares of CareDx in a research report on Tuesday, September 26th.
In other CareDx news, major shareholder Neil Gagnon purchased 35,119 shares of the firm’s stock in a transaction on Friday, August 25th. The shares were purchased at an average cost of $2.92 per share, with a total value of $102,547.48. Following the completion of the purchase, the insider now owns 890,473 shares of the company’s stock, valued at approximately $2,600,181.16. The purchase was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders have acquired 65,874 shares of company stock worth $186,018 over the last quarter. Company insiders own 5.40% of the company’s stock.
Several large investors have recently modified their holdings of the business. Royce & Associates LP increased its holdings in shares of CareDx by 23.5% in the 1st quarter. Royce & Associates LP now owns 526,472 shares of the company’s stock worth $737,000 after buying an additional 100,111 shares during the last quarter. Gagnon Securities LLC raised its position in shares of CareDx by 2.9% during the 2nd quarter. Gagnon Securities LLC now owns 2,084,292 shares of the company’s stock valued at $2,314,000 after buying an additional 57,954 shares in the last quarter. Finally, Stonepine Capital Management LLC bought a new position in shares of CareDx in the 2nd quarter valued at about $212,000. 29.15% of the stock is owned by institutional investors and hedge funds.
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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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