CareDx (NASDAQ:CDNA) Shares Gap Down on Analyst Downgrade

CareDx, Inc (NASDAQ:CDNA - Get Free Report) gapped down prior to trading on Tuesday after BTIG Research lowered their price target on the stock from $40.00 to $35.00. The stock had previously closed at $22.93, but opened at $21.31. BTIG Research currently has a buy rating on the stock. CareDx shares last traded at $22.43, with a volume of 252,549 shares changing hands.

A number of other analysts also recently weighed in on the stock. The Goldman Sachs Group raised their price target on shares of CareDx from $26.00 to $35.00 and gave the stock a "buy" rating in a research report on Wednesday, October 16th. Craig Hallum raised their price target on shares of CareDx from $22.00 to $32.00 and gave the stock a "buy" rating in a research report on Thursday, August 1st. StockNews.com raised shares of CareDx from a "hold" rating to a "buy" rating in a research report on Thursday, October 17th. Wells Fargo & Company began coverage on shares of CareDx in a research report on Tuesday, August 27th. They set an "underweight" rating and a $28.00 price target for the company. Finally, HC Wainwright reissued a "neutral" rating on shares of CareDx in a research report on Tuesday, October 22nd. One analyst has rated the stock with a sell rating, two have given a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat, CareDx currently has an average rating of "Moderate Buy" and a consensus target price of $29.60.

Insiders Place Their Bets

In other CareDx news, insider Alexander L. Johnson sold 21,557 shares of the firm's stock in a transaction on Wednesday, August 21st. The stock was sold at an average price of $32.58, for a total value of $702,327.06. Following the sale, the insider now directly owns 284,983 shares in the company, valued at approximately $9,284,746.14. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. In related news, insider Alexander L. Johnson sold 34,231 shares of CareDx stock in a transaction dated Monday, August 19th. The shares were sold at an average price of $33.55, for a total transaction of $1,148,450.05. Following the sale, the insider now directly owns 284,983 shares in the company, valued at $9,561,179.65. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Alexander L. Johnson sold 21,557 shares of CareDx stock in a transaction dated Wednesday, August 21st. The shares were sold at an average price of $32.58, for a total transaction of $702,327.06. Following the sale, the insider now owns 284,983 shares in the company, valued at approximately $9,284,746.14. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 91,340 shares of company stock valued at $3,025,415 over the last 90 days. 4.90% of the stock is owned by company insiders.

Institutional Investors Weigh In On CareDx

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. ClariVest Asset Management LLC raised its stake in shares of CareDx by 2.9% during the second quarter. ClariVest Asset Management LLC now owns 64,027 shares of the company's stock valued at $994,000 after purchasing an additional 1,810 shares in the last quarter. GAMMA Investing LLC raised its position in CareDx by 1,021.8% in the second quarter. GAMMA Investing LLC now owns 2,210 shares of the company's stock worth $34,000 after acquiring an additional 2,013 shares in the last quarter. nVerses Capital LLC raised its position in CareDx by 175.0% in the third quarter. nVerses Capital LLC now owns 3,300 shares of the company's stock worth $103,000 after acquiring an additional 2,100 shares in the last quarter. Price T Rowe Associates Inc. MD raised its position in CareDx by 8.7% in the first quarter. Price T Rowe Associates Inc. MD now owns 29,396 shares of the company's stock worth $312,000 after acquiring an additional 2,344 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC raised its position in CareDx by 13.4% in the second quarter. Allspring Global Investments Holdings LLC now owns 21,164 shares of the company's stock worth $329,000 after acquiring an additional 2,503 shares in the last quarter.

CareDx Stock Down 0.1 %

The firm's 50-day simple moving average is $27.88 and its 200 day simple moving average is $20.86. The stock has a market capitalization of $1.21 billion, a P/E ratio of -8.48 and a beta of 1.80.

CareDx (NASDAQ:CDNA - Get Free Report) last issued 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. CareDx had a negative net margin of 53.73% and a negative return on equity of 53.65%. The firm had revenue of $82.88 million for the quarter, compared to analysts' expectations of $80.04 million. During the same period in the previous year, the business earned ($0.43) earnings per share. CareDx's revenue for the quarter was up 23.4% compared to the same quarter last year. As a group, equities analysts anticipate that CareDx, Inc will post -0.83 EPS for the current fiscal 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.