CareDx (CDNA) Downgraded by BidaskClub to “Buy”

BidaskClub cut shares of CareDx (NASDAQ:CDNA) from a strong-buy rating to a buy rating in a research note released on Monday.

A number of other brokerages have also issued reports on CDNA. HC Wainwright reissued a buy rating and set a $14.00 price target on shares of CareDx in a research note on Friday. ValuEngine raised CareDx from a buy rating to a strong-buy rating in a research note on Wednesday, May 2nd. Finally, TheStreet raised CareDx from a d- rating to a c- rating in a research note on Tuesday, April 10th. One equities research analyst has rated the stock with a hold rating, five have given a buy rating and one has issued a strong buy rating to the stock. CareDx has a consensus rating of Buy and a consensus price target of $9.05.

Shares of CDNA stock opened at $10.65 on Monday. CareDx has a 52-week low of $10.69 and a 52-week high of $11.03. The company has a debt-to-equity ratio of -3.08, a current ratio of 0.62 and a quick ratio of 0.50. The company has a market cap of $387.06 million, a P/E ratio of -13.83 and a beta of 0.34.

CareDx (NASDAQ:CDNA) last issued its quarterly earnings results on Thursday, May 10th. The company reported ($0.14) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($0.13) by ($0.01). CareDx had a negative return on equity of 798.38% and a negative net margin of 115.91%. The business had revenue of $14.05 million for the quarter, compared to the consensus estimate of $13.91 million. research analysts expect that CareDx will post -0.11 EPS for the current year.

In other news, major shareholder Neil Gagnon acquired 10,136 shares of CareDx stock in a transaction on Thursday, April 26th. The shares were bought at an average cost of $9.42 per share, for a total transaction of $95,481.12. Following the acquisition, the insider now directly owns 928,768 shares of the company’s stock, valued at approximately $8,748,994.56. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Peter Maag sold 15,000 shares of the firm’s stock in a transaction on Tuesday, March 27th. The stock was sold at an average price of $7.87, for a total value of $118,050.00. Following the transaction, the insider now owns 272,037 shares in the company, valued at $2,140,931.19. The disclosure for this sale can be found here. 5.40% of the stock is currently owned by company insiders.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Next Century Growth Investors LLC increased its holdings in CareDx by 101.1% during the 1st quarter. Next Century Growth Investors LLC now owns 1,576,858 shares of the company’s stock worth $12,567,000 after purchasing an additional 792,629 shares during the period. Fred Alger Management Inc. purchased a new position in CareDx during the 4th quarter worth $9,089,000. Perceptive Advisors LLC purchased a new position in CareDx during the 4th quarter worth $7,639,000. Royce & Associates LP increased its holdings in CareDx by 22.7% during the 4th quarter. Royce & Associates LP now owns 973,087 shares of the company’s stock worth $7,142,000 after purchasing an additional 180,300 shares during the period. Finally, Gagnon Advisors LLC increased its holdings in CareDx by 26,929.4% during the 4th quarter. Gagnon Advisors LLC now owns 955,758 shares of the company’s stock worth $7,015,000 after purchasing an additional 952,222 shares during the period. Institutional investors own 41.92% of the company’s stock.

About CareDx

CareDx, Inc is a molecular diagnostics company. The Company is focused on the discovery, development and commercialization of clinically differentiated diagnostic surveillance solutions for transplant patients. The Company’s commercialized testing solution, the AlloMap heart transplant molecular test (AlloMap), is a gene expression test that helps clinicians monitor and identify heart transplant recipients with stable graft function having a low probability of moderate/severe acute cellular rejection.

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