CareDx, Inc (NASDAQ:CDNA) Sees Large Drop in Short Interest

CareDx, Inc (NASDAQ:CDNA) was the target of a significant drop in short interest in the month of April. As of April 15th, there was short interest totalling 4,690,000 shares, a drop of 9.5% from the March 31st total of 5,180,000 shares. Based on an average daily volume of 878,300 shares, the days-to-cover ratio is presently 5.3 days. Currently, 9.5% of the company’s stock are short sold.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the stock. ARK Investment Management LLC boosted its position in CareDx by 7.7% during the fourth quarter. ARK Investment Management LLC now owns 7,194,722 shares of the company’s stock worth $86,337,000 after purchasing an additional 515,399 shares during the period. Vanguard Group Inc. raised its position in shares of CareDx by 1.2% in the third quarter. Vanguard Group Inc. now owns 4,138,591 shares of the company’s stock valued at $28,970,000 after purchasing an additional 50,667 shares during the period. Bellevue Group AG lifted its stake in shares of CareDx by 0.4% in the fourth quarter. Bellevue Group AG now owns 3,954,792 shares of the company’s stock worth $47,458,000 after buying an additional 13,994 shares during the last quarter. Sumitomo Mitsui Trust Holdings Inc. lifted its position in CareDx by 3.0% during the 3rd quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 3,024,503 shares of the company’s stock worth $21,172,000 after acquiring an additional 87,378 shares during the last quarter. Finally, Kent Lake Capital LLC bought a new stake in CareDx during the third quarter valued at about $9,628,000.

Analysts Set New Price Targets

Separately, Stephens restated an “overweight” rating and set a $15.00 price target on shares of CareDx in a report on Wednesday, April 17th. Three investment analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $13.50.

CareDx Stock Performance

Shares of NASDAQ CDNA traded up $0.64 during trading hours on Monday, hitting $8.20. The stock had a trading volume of 728,880 shares, compared to its average volume of 886,184. The firm’s 50-day moving average price is $9.61 and its two-hundred day moving average price is $9.25. CareDx has a 52 week low of $4.80 and a 52 week high of $12.93. The company has a market capitalization of $424.60 million, a P/E ratio of -2.36 and a beta of 1.42.

CareDx (NASDAQ:CDNA) last announced its quarterly earnings results on Wednesday, February 28th. The company reported ($2.21) EPS for the quarter, missing the consensus estimate of ($0.24) by ($1.97). CareDx had a negative return on equity of 51.40% and a negative net margin of 67.88%. The business had revenue of $65.57 million for the quarter, compared to analyst estimates of $63.66 million. During the same quarter last year, the company earned ($0.34) EPS. The business’s revenue for the quarter was down 20.4% compared to the same quarter last year. As a group, analysts expect that CareDx will post -1.59 EPS for the current fiscal year.

CareDx Company Profile

CareDx, Inc engages in the discovery, development, and commercialization of diagnostic solutions for transplant patients and caregivers in the United States and internationally. It also provides AlloSure Kidney, a donor-derived cell-free DNA (dd-cfDNA) solution for kidney transplant patients; AlloMap Heart, a gene expression solution for heart transplant patients; AlloSure Heart, a dd-cfDNA solution for heart transplant patients; and AlloSure Lung, a dd-cfDNA solution for lung transplant patients.