CareDx (NASDAQ:CDNA) Shares Gap Up - Here's Why

Shares of CareDx, Inc (NASDAQ:CDNA - Get Free Report) gapped up before the market opened on Friday . The stock had previously closed at $17.37, but opened at $18.55. CareDx shares last traded at $16.92, with a volume of 69,691 shares changing hands.

Analyst Upgrades and Downgrades

CDNA has been the subject of several recent research reports. StockNews.com raised shares of CareDx from a "hold" rating to a "buy" rating in a research report on Wednesday, February 26th. Stephens reiterated an "overweight" rating and issued a $40.00 price target on shares of CareDx in a report on Thursday, February 27th. HC Wainwright cut their price objective on CareDx from $26.00 to $25.00 and set a "neutral" rating on the stock in a research report on Monday, March 3rd. Finally, Wells Fargo & Company raised CareDx from an "underweight" rating to an "equal weight" rating and decreased their target price 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 given a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $31.83.

CareDx Trading Up 12.3 %

The business's 50-day simple moving average is $20.57 and its two-hundred day simple moving average is $22.97. The company has a market capitalization of $1.06 billion, a PE ratio of -7.06 and a beta of 2.18.

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CareDx (NASDAQ:CDNA - Get Free Report) last issued its quarterly earnings results on Wednesday, February 26th. The company reported $1.51 EPS for the quarter, beating analysts' consensus estimates 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 firm had revenue of $86.58 million during the quarter, compared to the consensus estimate of $84.56 million. On average, analysts forecast that CareDx, Inc will post -0.9 EPS for the current year.

Institutional Trading of CareDx

A number of hedge funds have recently made changes to their positions in the stock. Quarry LP bought a new position in CareDx during the 3rd quarter valued at $27,000. Thompson Davis & CO. Inc. raised its stake in shares of CareDx by 6.3% in the 4th quarter. Thompson Davis & CO. Inc. now owns 16,050 shares of the company's stock valued at $344,000 after purchasing an additional 950 shares in the last quarter. Hsbc Holdings PLC lifted its position in shares of CareDx by 6.9% during the fourth quarter. Hsbc Holdings PLC now owns 17,131 shares of the company's stock worth $365,000 after purchasing an additional 1,109 shares during the last quarter. Legal & General Group Plc grew its stake in CareDx by 1.3% in the fourth quarter. Legal & General Group Plc now owns 89,751 shares of the company's stock worth $1,922,000 after purchasing an additional 1,118 shares in the last quarter. Finally, Sterling Capital Management LLC increased its holdings in CareDx by 771.2% in the fourth quarter. Sterling Capital Management LLC now owns 1,272 shares of the company's stock valued at $27,000 after buying an additional 1,126 shares during 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.