CareDx (NASDAQ:CDNA) Trading Down 3.5% - Here's What Happened

Shares of CareDx, Inc (NASDAQ:CDNA - Get Free Report) dropped 3.5% during trading on Wednesday . The company traded as low as $25.38 and last traded at $25.44. Approximately 309,872 shares were traded during trading, a decline of 66% from the average daily volume of 900,401 shares. The stock had previously closed at $26.35.

Analyst Ratings Changes

A number of research analysts recently weighed in on CDNA shares. Wells Fargo & Company began coverage on shares of CareDx in a research note on Tuesday, August 27th. They issued an "underweight" rating and a $28.00 price target on the stock. StockNews.com downgraded CareDx from a "buy" rating to a "hold" rating in a research report on Wednesday, October 2nd. BTIG Research upgraded CareDx from a "neutral" rating to a "buy" rating and set a $40.00 price target for the company in a research report on Monday, August 19th. The Goldman Sachs Group raised their price objective on CareDx from $26.00 to $35.00 and gave the company a "buy" rating in a report on Wednesday. Finally, Craig Hallum lifted their target price on shares of CareDx from $22.00 to $32.00 and gave the stock a "buy" rating in a research note on Thursday, August 1st. One analyst has rated the stock with a sell rating, three have given a hold rating and four have assigned a buy rating to the company's stock. Based on data from MarketBeat, the company has an average rating of "Hold" and a consensus price target of $30.60.

CareDx Price Performance

The stock has a 50 day simple moving average of $29.70 and a two-hundred day simple moving average of $19.47. The company has a market cap of $1.36 billion, a price-to-earnings ratio of -7.65 and a beta of 1.77.

CareDx (NASDAQ:CDNA - Get Free Report) last announced its quarterly earnings results on Wednesday, July 31st. The company reported ($0.03) earnings per share for the quarter, beating the consensus estimate of ($0.40) by $0.37. CareDx had a negative net margin of 53.73% and a negative return on equity of 53.65%. The firm had revenue of $92.27 million for the quarter, compared to analysts' expectations of $67.20 million. As a group, research analysts forecast that CareDx, Inc will post -0.84 EPS for the current year.

Insider Buying and Selling at CareDx

In other CareDx news, insider Alexander L. Johnson sold 34,231 shares of the firm's stock in a transaction on Monday, August 19th. The stock was sold at an average price of $33.55, for a total transaction of $1,148,450.05. Following the completion of the sale, the insider now owns 284,983 shares of the company's stock, valued at $9,561,179.65. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, Director Peter Maag sold 35,552 shares of CareDx stock in a transaction that occurred on Tuesday, August 20th. The shares were sold at an average price of $33.04, for a total value of $1,174,638.08. Following the completion of the sale, the director now owns 330,024 shares in the company, valued at approximately $10,903,992.96. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Alexander L. Johnson sold 34,231 shares of the business's stock in a transaction that occurred on Monday, August 19th. The shares were sold at an average price of $33.55, for a total value of $1,148,450.05. Following the completion of the sale, the insider now directly owns 284,983 shares in the company, valued at approximately $9,561,179.65. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 91,340 shares of company stock worth $3,025,415 in the last ninety days. 4.20% of the stock is owned by insiders.

Institutional Inflows and Outflows

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

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.