CareDx (NASDAQ:CDNA) Shares Down 7.9% on Analyst Downgrade

CareDx, Inc (NASDAQ:CDNA - Get Free Report) shares were down 7.9% on Tuesday after HC Wainwright lowered their price target on the stock from $26.00 to $25.00. HC Wainwright currently has a neutral rating on the stock. CareDx traded as low as $19.33 and last traded at $19.47. Approximately 424,308 shares traded hands during trading, a decline of 50% from the average daily volume of 841,406 shares. The stock had previously closed at $21.13.

CDNA has been the subject of a number of other reports. Stephens reissued an "overweight" rating and issued a $40.00 price target on shares of CareDx in a report on Thursday, February 27th. StockNews.com raised shares of CareDx from a "hold" rating to a "buy" rating in a report on Wednesday, February 26th. BTIG Research cut their price objective 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. Finally, Wells Fargo & Company upgraded shares of CareDx from an "underweight" rating to an "equal weight" rating and decreased their price objective for the stock from $28.00 to $24.00 in a research report on Wednesday, January 15th. Three equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to MarketBeat, CareDx currently has an average rating of "Moderate Buy" and a consensus target price of $31.83.

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Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the company. Quarry LP acquired a new stake in shares of CareDx in the third quarter valued at about $27,000. Sterling Capital Management LLC grew its stake in CareDx by 771.2% during the 4th quarter. Sterling Capital Management LLC now owns 1,272 shares of the company's stock valued at $27,000 after acquiring an additional 1,126 shares in the last quarter. Harvest Fund Management Co. Ltd acquired a new stake in CareDx in the 3rd quarter valued at about $52,000. KBC Group NV purchased a new position in CareDx in the 3rd quarter worth approximately $99,000. Finally, Tower Research Capital LLC TRC lifted its stake in CareDx by 553.7% in the 4th quarter. Tower Research Capital LLC TRC now owns 3,922 shares of the company's stock worth $84,000 after purchasing an additional 3,322 shares in the last quarter.

CareDx Trading Up 0.1 %

The company has a fifty day moving average price of $22.56 and a two-hundred day moving average price of $24.87. The firm has a market capitalization of $1.01 billion, a price-to-earnings ratio of -7.01 and a beta of 1.87.

CareDx (NASDAQ:CDNA - Get Free Report) last issued its earnings results on Wednesday, February 26th. The company reported $1.51 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.05 by $1.46. CareDx had a negative return on equity of 53.70% and a negative net margin of 45.90%. The company had revenue of $86.58 million during the quarter, compared to analysts' expectations of $84.56 million. As a group, equities research analysts expect that CareDx, Inc will post -0.9 earnings per share for the current year.

About CareDx

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.