CareDx (NASDAQ:CDNA) Sees Large Volume Increase - Time to Buy?

Shares of CareDx, Inc (NASDAQ:CDNA - Get Free Report) saw unusually-high trading volume on Monday . Approximately 456,999 shares traded hands during trading, a decline of 22% from the previous session's volume of 582,317 shares.The stock last traded at $23.55 and had previously closed at $23.63.

Wall Street Analysts Forecast Growth

CDNA has been the subject of a number of recent research reports. The Goldman Sachs Group boosted their price objective on shares of CareDx from $26.00 to $35.00 and gave the company a "buy" rating in a research report on Wednesday, October 16th. HC Wainwright reaffirmed a "neutral" rating on shares of CareDx in a report on Tuesday, October 22nd. StockNews.com raised shares of CareDx from a "hold" rating to a "buy" rating in a report on Thursday, October 17th. Finally, BTIG Research dropped their target price on shares of CareDx from $40.00 to $35.00 and set a "buy" rating for the company in a report on Tuesday, November 5th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and five have issued a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $29.60.

CareDx Trading Up 6.1 %

The firm has a market cap of $1.34 billion, a PE ratio of -9.29 and a beta of 1.86. The firm's 50 day simple moving average is $22.96 and its 200 day simple moving average is $24.32.

CareDx (NASDAQ:CDNA - Get Free Report) last announced its quarterly earnings results on Monday, November 4th. The company reported ($0.14) EPS for the quarter, topping the consensus estimate of ($0.25) by $0.11. The business had revenue of $82.88 million for the quarter, compared to analysts' expectations of $80.04 million. CareDx had a negative net margin of 45.90% and a negative return on equity of 53.70%. The business's quarterly revenue was up 23.4% compared to the same quarter last year. During the same quarter in the previous year, the company earned ($0.43) EPS. As a group, equities research analysts predict that CareDx, Inc will post -0.7 earnings per share for the current fiscal year.

Insider Activity

In related news, Director Peter Maag sold 5,000 shares of the stock in a transaction dated Tuesday, November 26th. The shares were sold at an average price of $25.00, for a total value of $125,000.00. Following the sale, the director now directly owns 330,024 shares of the company's stock, valued at $8,250,600. This represents a 1.49 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Corporate insiders own 4.90% of the company's stock.

Institutional Trading of CareDx

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Millennium Management LLC raised its position in CareDx by 1,085.4% in the 2nd quarter. Millennium Management LLC now owns 2,140,909 shares of the company's stock worth $33,248,000 after purchasing an additional 1,960,308 shares during the period. Renaissance Technologies LLC grew its stake in CareDx by 6.2% in the 2nd quarter. Renaissance Technologies LLC now owns 1,512,700 shares of the company's stock worth $23,492,000 after acquiring an additional 88,100 shares in the last quarter. Fred Alger Management LLC boosted its stake in shares of CareDx by 30.8% during the third quarter. Fred Alger Management LLC now owns 1,503,521 shares of the company's stock valued at $46,947,000 after purchasing an additional 353,919 shares in the last quarter. Geode Capital Management LLC boosted its stake in shares of CareDx by 2.7% during the third quarter. Geode Capital Management LLC now owns 1,227,724 shares of the company's stock valued at $38,343,000 after purchasing an additional 32,141 shares in the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. boosted its stake in shares of CareDx by 78.4% during the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 696,893 shares of the company's stock valued at $21,760,000 after purchasing an additional 306,222 shares in the last quarter.

CareDx Company Profile

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.