CareDx (NASDAQ:CDNA) Now Covered by Canaccord Genuity Group

Canaccord Genuity Group assumed coverage on shares of CareDx (NASDAQ:CDNA) in a research note published on Wednesday morning, MarketBeat Ratings reports. The firm issued a buy rating and a $65.00 target price on the stock.

CDNA has been the subject of several other reports. William Blair raised shares of CareDx to a “hold” rating in a research report on Thursday, July 16th. HC Wainwright reissued a “neutral” rating and set a $46.00 target price on shares of CareDx in a research report on Friday, July 31st. Craig Hallum raised shares of CareDx from a “hold” rating to a “buy” rating and set a $64.00 price target for the company in a report on Monday, August 3rd. Zacks Research upgraded shares of CareDx from a “hold” rating to a “strong-buy” rating in a research note on Thursday, August 6th. Finally, BTIG Research boosted their price objective on shares of CareDx from $45.00 to $60.00 and gave the company a “buy” rating in a report on Thursday, August 6th. One investment analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and four have assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $51.20.

CareDx Price Performance

Shares of CDNA stock opened at $49.60 on Wednesday. CareDx has a 1-year low of $12.37 and a 1-year high of $53.67. The stock’s fifty day moving average price is $39.84 and its 200 day moving average price is $27.11. The company has a market cap of $2.57 billion, a price-to-earnings ratio of 23.96 and a beta of 2.43.

CareDx (NASDAQ:CDNA) last released its quarterly earnings results on Thursday, July 30th. The company reported $0.37 EPS for the quarter, beating analysts’ consensus estimates of $0.23 by $0.14. The company had revenue of $131.95 million during the quarter, compared to analysts’ expectations of $114.05 million. CareDx had a return on equity of 2.87% and a net margin of 24.23%.The firm’s revenue was up 52.2% compared to the same quarter last year. During the same period last year, the business posted ($0.16) earnings per share. As a group, equities research analysts anticipate that CareDx will post 0.47 earnings per share for the current year.

Insider Transactions at CareDx

In related news, Director Christine Cournoyer sold 16,000 shares of the stock in a transaction that occurred on Tuesday, August 4th. The shares were sold at an average price of $46.94, for a total value of $751,040.00. Following the transaction, the director owned 42,943 shares in the company, valued at approximately $2,015,744.42. This represents a 27.14% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Hannah Valantine sold 12,103 shares of the firm’s stock in a transaction that occurred on Monday, June 15th. The stock was sold at an average price of $23.11, for a total transaction of $279,700.33. Following the transaction, the director directly owned 36,686 shares of the company’s stock, valued at $847,813.46. This represents a 24.81% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders sold 110,101 shares of company stock worth $3,654,308. 2.40% of the stock is owned by company insiders.

Institutional Trading of CareDx

A number of hedge funds and other institutional investors have recently made changes to their positions in CDNA. BlackRock Inc. acquired a new position in CareDx during the second quarter valued at $137,219,000. State Street Corp grew its position in CareDx by 6.7% during the 4th quarter. State Street Corp now owns 2,737,752 shares of the company’s stock worth $51,579,000 after purchasing an additional 171,303 shares during the period. Bamco Inc. NY grew its position in CareDx by 11.2% during the 2nd quarter. Bamco Inc. NY now owns 2,435,657 shares of the company’s stock worth $47,593,000 after purchasing an additional 245,651 shares during the period. Deerfield Management Company L.P. purchased a new position in shares of CareDx during the 3rd quarter valued at about $31,857,000. Finally, Gagnon Securities LLC raised its stake in shares of CareDx by 2.6% during the 4th quarter. Gagnon Securities LLC now owns 1,774,890 shares of the company’s stock valued at $33,439,000 after buying an additional 45,465 shares during the last quarter.

About CareDx

CareDx, Inc (NASDAQ: CDNA) is a precision diagnostics company focused on the care of transplant patients. The firm develops and commercializes non‐invasive tests designed to detect organ transplant rejection and infection risk, helping physicians make informed management decisions throughout the post‐transplant journey.

The company’s core product portfolio includes AlloMap®, a gene expression profiling test for heart transplant recipients, and AlloSure®, a donor‐derived cell‐free DNA assay used primarily in kidney transplant monitoring.