CareDx (NASDAQ:CDNA) Shares Gap Up on Earnings Beat

CareDx, Inc (NASDAQ:CDNA - Get Free Report)'s stock price gapped up before the market opened on Thursday after the company announced better than expected quarterly earnings. The stock had previously closed at $21.10, but opened at $22.38. CareDx shares last traded at $21.61, with a volume of 178,298 shares traded.

The company reported $1.51 earnings per share for the quarter, topping analysts' consensus estimates of $0.05 by $1.46. CareDx had a negative net margin of 45.90% and a negative return on equity of 53.70%. The company had revenue of $86.58 million during the quarter, compared to analyst estimates of $84.56 million.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on the stock. Stephens reiterated an "overweight" rating and issued a $40.00 price target on shares of CareDx in a research report on Thursday. Wells Fargo & Company raised CareDx from an "underweight" rating to an "equal weight" rating and dropped their price target for the company from $28.00 to $24.00 in a report on Wednesday, January 15th. StockNews.com raised CareDx from a "hold" rating to a "buy" rating in a research note on Wednesday, February 26th. HC Wainwright decreased their target price on CareDx from $26.00 to $25.00 and set a "neutral" rating on the stock in a report on Monday. Finally, BTIG Research dropped their price target on CareDx from $40.00 to $35.00 and set a "buy" rating on the stock in a research note on Tuesday, November 5th. Three research analysts have rated the stock with a hold rating and five have given a buy rating to the company. Based on data from MarketBeat.com, CareDx presently has a consensus rating of "Moderate Buy" and a consensus price target of $31.83.

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Institutional Trading of CareDx

Several institutional investors have recently modified their holdings of CDNA. Quarry LP acquired a new stake in CareDx during the third quarter worth $27,000. Sterling Capital Management LLC raised its position in CareDx by 771.2% in the fourth quarter. Sterling Capital Management LLC now owns 1,272 shares of the company's stock worth $27,000 after purchasing an additional 1,126 shares in the last quarter. Harvest Fund Management Co. Ltd bought a new position in CareDx during the third quarter worth about $52,000. Tower Research Capital LLC TRC boosted its holdings in CareDx by 553.7% during the fourth quarter. Tower Research Capital LLC TRC now owns 3,922 shares of the company's stock valued at $84,000 after purchasing an additional 3,322 shares in the last quarter. Finally, State of Wyoming acquired a new stake in CareDx during the fourth quarter valued at approximately $91,000.

CareDx Stock Performance

The firm has a 50 day moving average price of $22.69 and a two-hundred day moving average price of $25.19. The company has a market capitalization of $1.13 billion, a P/E ratio of -7.83 and a beta of 1.87.

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.