CareDx (NASDAQ:CDNA) Reaches New 1-Year High – Still a Buy?

CareDx, Inc. (NASDAQ:CDNA) shares reached a new 52-week high during mid-day trading on Thursday . The stock traded as high as $24.11 and last traded at $23.8860, with a volume of 445418 shares traded. The stock had previously closed at $23.46.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on the company. Wells Fargo & Company lifted their price target on CareDx from $18.00 to $21.00 and gave the stock an “equal weight” rating in a research report on Wednesday, February 25th. BTIG Research boosted their target price on CareDx from $26.00 to $28.00 and gave the stock a “buy” rating in a research report on Wednesday, April 29th. Wall Street Zen raised CareDx from a “buy” rating to a “strong-buy” rating in a research report on Sunday, May 3rd. Finally, Weiss Ratings reissued a “sell (d)” rating on shares of CareDx in a research report on Wednesday, May 27th. One equities research analyst has rated the stock with a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, CareDx presently has an average rating of “Hold” and an average price target of $25.00.

CareDx Stock Performance

The stock has a 50-day simple moving average of $20.58 and a two-hundred day simple moving average of $19.54. The firm has a market cap of $1.22 billion, a PE ratio of -149.31 and a beta of 2.49.

CareDx (NASDAQ:CDNA) last issued its earnings results on Tuesday, April 28th. The company reported $0.34 earnings per share for the quarter, topping analysts’ consensus estimates of $0.11 by $0.23. CareDx had a negative return on equity of 2.65% and a negative net margin of 2.01%.The business had revenue of $117.70 million during the quarter, compared to analyst estimates of $102.03 million. During the same quarter in the previous year, the firm earned $0.09 EPS. CareDx’s revenue was up 39.3% on a year-over-year basis. As a group, sell-side analysts anticipate that CareDx, Inc. will post 0.22 EPS for the current fiscal year.

Insider Activity at CareDx

In other news, CEO John Walter Hanna, Jr. sold 4,835 shares of the company’s stock in a transaction dated Thursday, June 4th. The shares were sold at an average price of $24.00, for a total transaction of $116,040.00. Following the completion of the sale, the chief executive officer owned 671,640 shares of the company’s stock, valued at $16,119,360. This represents a 0.71% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 2.40% of the stock is owned by insiders.

Institutional Investors Weigh In On CareDx

Hedge funds and other institutional investors have recently made changes to their positions in the business. First Eagle Investment Management LLC increased its position in shares of CareDx by 25.4% during the 3rd quarter. First Eagle Investment Management LLC now owns 475,146 shares of the company’s stock valued at $6,909,000 after purchasing an additional 96,123 shares during the last quarter. Paragon Associates & Paragon Associates II Joint Venture increased its position in shares of CareDx by 93.7% during the 3rd quarter. Paragon Associates & Paragon Associates II Joint Venture now owns 425,000 shares of the company’s stock valued at $6,180,000 after purchasing an additional 205,597 shares during the last quarter. Aberdeen Group plc purchased a new stake in shares of CareDx during the 4th quarter valued at about $6,506,000. ARK Investment Management LLC increased its position in shares of CareDx by 3.4% during the 3rd quarter. ARK Investment Management LLC now owns 2,170,625 shares of the company’s stock valued at $31,561,000 after purchasing an additional 70,468 shares during the last quarter. Finally, Zweig DiMenna Associates LLC increased its position in shares of CareDx by 153.8% during the 3rd quarter. Zweig DiMenna Associates LLC now owns 575,000 shares of the company’s stock valued at $8,360,000 after purchasing an additional 348,400 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.