CareDx (CDNA) Downgraded by Zacks Investment Research

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Zacks Investment Research cut shares of CareDx (NASDAQ:CDNA) from a buy rating to a hold rating in a research note issued to investors on Tuesday morning.

According to Zacks, “CareDx, Inc. is a commercial stage company. It develops, markets, and delivers a diagnostic surveillance solution for heart transplant recipients. The Company provides AlloMap, a noninvasive blood test used to aid in the identification of heart transplant recipients. It is also pursuing other areas of transplant surveillance, such as the use of cell-free DNA (cfDNA) as a biomarker for rejection. CareDx, Inc. is based in Brisbane, California. “

CDNA has been the topic of a number of other research reports. HC Wainwright reaffirmed a hold rating and set a $27.00 price target on shares of CareDx in a research report on Friday, December 21st. Craig Hallum restated a buy rating and issued a $40.00 price target on shares of CareDx in a research note on Friday, November 9th. Finally, Raymond James restated a strong-buy rating and issued a $30.00 price target on shares of CareDx in a research note on Tuesday, October 23rd. Two research analysts have rated the stock with a hold rating, two have given a buy rating and three have issued a strong buy rating to the company. The stock currently has an average rating of Buy and an average price target of $33.20.

NASDAQ:CDNA traded down $2.72 during mid-day trading on Tuesday, hitting $24.47. The company had a trading volume of 18,730 shares, compared to its average volume of 750,205. CareDx has a fifty-two week low of $4.92 and a fifty-two week high of $30.80. The company has a current ratio of 2.65, a quick ratio of 2.36 and a debt-to-equity ratio of 0.30. The firm has a market capitalization of $1.06 billion, a price-to-earnings ratio of -32.84 and a beta of 1.23.

CareDx (NASDAQ:CDNA) last released its quarterly earnings results on Thursday, November 8th. The company reported ($0.54) EPS for the quarter, missing the Zacks’ consensus estimate of ($0.12) by ($0.42). The business had revenue of $21.18 million for the quarter, compared to analyst estimates of $18.47 million. CareDx had a negative return on equity of 125.24% and a negative net margin of 113.89%. Sell-side analysts predict that CareDx will post -1.32 earnings per share for the current year.

In related news, major shareholder Neil Gagnon sold 108,599 shares of the business’s stock in a transaction on Wednesday, October 31st. The stock was sold at an average price of $27.05, for a total value of $2,937,602.95. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Peter Maag sold 50,000 shares of the business’s stock in a transaction on Tuesday, November 13th. The shares were sold at an average price of $26.48, for a total value of $1,324,000.00. Following the completion of the sale, the insider now owns 389,747 shares of the company’s stock, valued at $10,320,500.56. The disclosure for this sale can be found here. Insiders have sold a total of 258,599 shares of company stock valued at $7,114,603 over the last quarter. 3.40% of the stock is currently owned by corporate insiders.

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Strs Ohio bought a new stake in CareDx in the 2nd quarter valued at $116,000. Meeder Asset Management Inc. acquired a new position in CareDx in the 3rd quarter valued at $124,000. Metropolitan Life Insurance Co. NY acquired a new position in CareDx in the 2nd quarter valued at $139,000. Voya Investment Management LLC acquired a new position in CareDx in the 2nd quarter valued at $153,000. Finally, MetLife Investment Advisors LLC acquired a new position in CareDx in the 2nd quarter valued at $197,000. Institutional investors and hedge funds own 77.04% of the company’s stock.

About CareDx

CareDx, Inc operates as a transplant diagnostics company, which offers pre- and post-transplant continuum. It focuses on discovery, development, and commercialization of diagnostic surveillance solutions. Its product includes AlloMap, which aids clinicians in identifying heart transplant recipients with stable allograft function and AlloSure, which is a donor-derived cell free DNA test.

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