CareDx (NASDAQ:CDNA) Sees Large Volume Increase – Here’s Why

Shares of CareDx, Inc (NASDAQ:CDNA) saw unusually-high trading volume on Monday . Approximately 456,999 shares changed hands during mid-day trading, a decline of 22% from the previous session’s volume of 582,317 shares.The stock last traded at $23.55 and had previously closed at $23.63.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on the stock. BTIG Research lowered their price objective on shares of CareDx from $40.00 to $35.00 and set a “buy” rating on the stock in a research note on Tuesday, November 5th. StockNews.com raised CareDx from a “hold” rating to a “buy” rating in a research report on Thursday, October 17th. 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 research report on Wednesday, October 16th. HC Wainwright reissued a “neutral” rating and set a $26.00 target price on shares of CareDx in a report on Tuesday. Finally, Wells Fargo & Company raised CareDx from an “underweight” rating to an “equal weight” rating and cut their price target for the company from $28.00 to $24.00 in a report on Wednesday. Three analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $28.33.

CareDx Stock Performance

The company has a fifty day moving average of $22.99 and a two-hundred day moving average of $24.44. The firm has a market capitalization of $1.18 billion, a price-to-earnings ratio of -8.17 and a beta of 1.86.

CareDx (NASDAQ:CDNA) last announced its earnings results on Monday, November 4th. The company reported ($0.14) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.25) by $0.11. CareDx had a negative net margin of 45.90% and a negative return on equity of 53.70%. The company had revenue of $82.88 million during the quarter, compared to analysts’ expectations of $80.04 million. During the same quarter in the previous year, the business posted ($0.43) earnings per share. CareDx’s quarterly revenue was up 23.4% on a year-over-year basis. Equities analysts forecast that CareDx, Inc will post -0.7 EPS for the current year.

Insider Transactions at CareDx

In related news, Director Peter Maag sold 5,000 shares of the business’s stock in a transaction dated Tuesday, November 26th. The stock was sold at an average price of $25.00, for a total value of $125,000.00. Following the completion of the transaction, the director now owns 330,024 shares of the company’s stock, valued at $8,250,600. The trade was a 1.49 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Insiders own 4.90% of the company’s stock.

Institutional Trading of CareDx

Several large investors have recently made changes to their positions in the company. Quarry LP bought a new stake in CareDx during the third quarter worth $27,000. Harvest Fund Management Co. Ltd acquired a new stake in CareDx in the third quarter valued at about $52,000. Plato Investment Management Ltd bought a new position in CareDx in the second quarter valued at about $62,000. KBC Group NV acquired a new position in CareDx during the third quarter worth about $99,000. Finally, nVerses Capital LLC lifted its holdings in shares of 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 during 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.