Short Interest in CareDx, Inc (NASDAQ:CDNA) Drops By 6.6%

CareDx, Inc (NASDAQ:CDNA) was the target of a large decline in short interest during the month of December. As of December 15th, there was short interest totalling 3,120,000 shares, a decline of 6.6% from the November 30th total of 3,340,000 shares. Based on an average daily volume of 842,500 shares, the short-interest ratio is currently 3.7 days. Approximately 6.2% of the company’s stock are short sold.

CareDx Trading Up 1.1 %

Shares of CDNA stock traded up $0.23 during mid-day trading on Wednesday, reaching $21.41. The stock had a trading volume of 781,656 shares, compared to its average volume of 879,223. The business’s fifty day moving average is $22.94 and its 200-day moving average is $23.83. The firm has a market cap of $1.15 billion, a price-to-earnings ratio of -7.93 and a beta of 1.84. CareDx has a 1-year low of $7.42 and a 1-year high of $34.84.

CareDx (NASDAQ:CDNA) last posted its earnings results on Monday, November 4th. The company reported ($0.14) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.25) by $0.11. CareDx had a negative net margin of 45.90% and a negative return on equity of 53.70%. The business had revenue of $82.88 million for the quarter, compared to analyst estimates of $80.04 million. During the same period in the prior year, the company posted ($0.43) EPS. The company’s revenue for the quarter was up 23.4% on a year-over-year basis. On average, analysts forecast that CareDx will post -0.7 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on the stock. HC Wainwright restated a “neutral” rating on shares of CareDx in a research report on Tuesday, October 22nd. The Goldman Sachs Group raised their price target on CareDx from $26.00 to $35.00 and gave the stock a “buy” rating in a research note on Wednesday, October 16th. BTIG Research lowered their price target on shares of CareDx from $40.00 to $35.00 and set a “buy” rating for the company in a research report on Tuesday, November 5th. Finally, StockNews.com raised CareDx from a “hold” rating to a “buy” rating in a research report on Thursday, October 17th. One analyst has rated the stock with a sell rating, two have issued a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $29.60.

Insider Buying and Selling at CareDx

In related news, Director Peter Maag sold 5,000 shares of CareDx stock in a transaction dated Tuesday, November 26th. The stock was sold at an average price of $25.00, for a total value of $125,000.00. Following the completion of the sale, the director now owns 330,024 shares of the company’s stock, valued at approximately $8,250,600. This trade represents a 1.49 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Company insiders own 4.90% of the company’s stock.

Institutional Investors Weigh In On CareDx

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Millennium Management LLC boosted its holdings in CareDx by 1,085.4% in the second quarter. Millennium Management LLC now owns 2,140,909 shares of the company’s stock valued at $33,248,000 after purchasing an additional 1,960,308 shares in the last quarter. Renaissance Technologies LLC boosted its holdings in shares of CareDx by 6.2% in the second quarter. Renaissance Technologies LLC now owns 1,512,700 shares of the company’s stock valued at $23,492,000 after acquiring an additional 88,100 shares in the last quarter. Fred Alger Management LLC raised its stake in shares of CareDx by 30.8% during the 3rd quarter. Fred Alger Management LLC now owns 1,503,521 shares of the company’s stock worth $46,947,000 after buying an additional 353,919 shares in the last quarter. Geode Capital Management LLC lifted its holdings in CareDx by 2.7% in the third quarter. Geode Capital Management LLC now owns 1,227,724 shares of the company’s stock valued at $38,343,000 after acquiring an additional 32,141 shares during the period. Finally, Connor Clark & Lunn Investment Management Ltd. boosted its position in shares of CareDx by 78.4% during the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 696,893 shares of the company’s stock worth $21,760,000 after purchasing an additional 306,222 shares in the last quarter.

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.