CareDx (CDNA) Upgraded to “Buy” by Zacks Investment Research

Zacks Investment Research upgraded shares of CareDx (NASDAQ:CDNA) from a hold rating to a buy rating in a report published on Wednesday, January 10th. The firm currently has $7.75 target price on the stock.

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. “

Other research analysts have also issued reports about the stock. HC Wainwright began coverage on shares of CareDx in a report on Monday, November 27th. They issued a buy rating and a $12.00 target price on the stock. ValuEngine upgraded shares of CareDx from a strong sell rating to a sell rating in a report on Tuesday, September 26th. Piper Jaffray Companies reiterated an overweight rating and set a $7.00 price objective (up from $3.00) on shares of CareDx in a report on Tuesday, September 26th. Raymond James Financial upgraded shares of CareDx from a market perform rating to a buy rating and set a $6.50 price objective on the stock in a report on Wednesday, September 27th. Finally, Craig Hallum reissued a buy rating and set a $10.00 target price (up previously from $4.00) on shares of CareDx in a research report on Monday, October 9th. One analyst has rated the stock with a sell rating, one has issued a hold rating and four have assigned a buy rating to the company. The company presently has a consensus rating of Buy and an average target price of $8.65.

CareDx (NASDAQ:CDNA) opened at $6.31 on Wednesday. The company has a quick ratio of 0.35, a current ratio of 0.55 and a debt-to-equity ratio of -124.53. CareDx has a 12 month low of $0.76 and a 12 month high of $7.98.

CareDx (NASDAQ:CDNA) last posted its quarterly earnings results on Thursday, November 9th. The company reported ($0.15) earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.17) by $0.02. The business had revenue of $12.19 million for the quarter, compared to analysts’ expectations of $12.05 million. CareDx had a negative net margin of 84.14% and a negative return on equity of 157.00%. The firm’s revenue for the quarter was down 2.3% on a year-over-year basis. sell-side analysts expect that CareDx will post -0.83 EPS for the current year.

In other CareDx news, COO Mitchell J. Nelles sold 10,948 shares of the firm’s stock in a transaction on Thursday, November 30th. The stock was sold at an average price of $7.17, for a total value of $78,497.16. Following the sale, the chief operating officer now directly owns 84,225 shares in the company, valued at $603,893.25. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider James P. Yee sold 29,197 shares of the firm’s stock in a transaction on Friday, December 8th. The shares were sold at an average price of $7.00, for a total value of $204,379.00. Following the completion of the sale, the insider now owns 74,795 shares in the company, valued at $523,565. The disclosure for this sale can be found here. 5.40% of the stock is currently owned by company insiders.

Large investors have recently added to or reduced their stakes in the stock. Royce & Associates LP boosted its position in CareDx by 39.3% during the 2nd quarter. Royce & Associates LP now owns 733,287 shares of the company’s stock worth $814,000 after acquiring an additional 206,815 shares during the period. Stonepine Capital Management LLC acquired a new stake in CareDx during the 2nd quarter worth about $212,000. Trellus Management Company LLC acquired a new stake in shares of CareDx during the 3rd quarter valued at about $100,000. Thompson Davis & CO. Inc. lifted its holdings in shares of CareDx by 3,294.9% during the 3rd quarter. Thompson Davis & CO. Inc. now owns 203,692 shares of the company’s stock valued at $754,000 after buying an additional 197,692 shares during the last quarter. Finally, Perkins Capital Management Inc. acquired a new stake in shares of CareDx during the 3rd quarter valued at about $513,000. 23.14% of the stock is currently owned by hedge funds and other institutional investors.

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CareDx Company Profile

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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