Wall Street Zen Downgrades CareDx (NASDAQ:CDNA) to Hold

CareDx (NASDAQ:CDNA) was downgraded by research analysts at Wall Street Zen from a “buy” rating to a “hold” rating in a research note issued to investors on Saturday.

Other equities research analysts have also recently issued research reports about the company. William Blair started coverage on CareDx in a report on Tuesday, August 26th. They set a “market perform” rating on the stock. Weiss Ratings reissued a “hold (c-)” rating on shares of CareDx in a research note on Monday, December 8th. Zacks Research upgraded CareDx from a “strong sell” rating to a “hold” rating in a report on Tuesday, November 18th. Finally, BTIG Research raised their target price on CareDx from $22.00 to $25.00 and gave the stock a “buy” rating in a research report on Thursday, November 6th. Four investment analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $26.00.

CareDx Stock Up 3.8%

CDNA stock opened at $20.56 on Friday. The company has a 50-day simple moving average of $16.22 and a 200 day simple moving average of $15.73. The company has a market capitalization of $1.06 billion, a P/E ratio of 17.28 and a beta of 2.54. CareDx has a fifty-two week low of $10.96 and a fifty-two week high of $25.95.

CareDx (NASDAQ:CDNA) last released its earnings results on Tuesday, November 4th. The company reported $0.28 EPS for the quarter, beating the consensus estimate of $0.13 by $0.15. The firm had revenue of $100.06 million for the quarter, compared to analysts’ expectations of $95.25 million. CareDx had a net margin of 19.65% and a return on equity of 20.15%. CareDx’s quarterly revenue was up 20.7% on a year-over-year basis. During the same quarter last year, the company earned ($0.14) EPS. Equities analysts anticipate that CareDx will post -0.9 EPS for the current year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Bamco Inc. NY lifted its position in shares of CareDx by 29.5% during the third quarter. Bamco Inc. NY now owns 3,155,180 shares of the company’s stock worth $45,876,000 after purchasing an additional 719,523 shares in the last quarter. Invesco Ltd. raised its position in CareDx by 76.1% in the 1st quarter. Invesco Ltd. now owns 2,667,861 shares of the company’s stock worth $47,355,000 after purchasing an additional 1,153,011 shares during the last quarter. Deerfield Management Company L.P. acquired a new position in CareDx during the 3rd quarter worth $31,857,000. Braidwell LP bought a new position in CareDx in the 3rd quarter valued at $31,738,000. Finally, ARK Investment Management LLC increased its stake in shares of CareDx by 3.4% in the 3rd quarter. ARK Investment Management LLC now owns 2,170,625 shares of the company’s stock valued at $31,561,000 after buying an additional 70,468 shares during the period.

About CareDx

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.