CareDx (NASDAQ:CDNA) Shares Gap Up After Better-Than-Expected Earnings

CareDx, Inc (NASDAQ:CDNA) shares gapped up before the market opened on Thursday following a stronger than expected earnings report. 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 changing hands.

The company reported $1.51 EPS for the quarter, beating the consensus estimate of $0.05 by $1.46. The firm had revenue of $86.58 million during the quarter, compared to analyst estimates of $84.56 million. CareDx had a negative return on equity of 53.70% and a negative net margin of 45.90%.

Analyst Upgrades and Downgrades

CDNA has been the topic of a number of research analyst reports. HC Wainwright restated a “neutral” rating and set a $26.00 price target on shares of CareDx in a research note on Tuesday, January 14th. Stephens reissued an “overweight” rating and set a $40.00 target price on shares of CareDx in a research report on Thursday. Wells Fargo & Company raised shares of CareDx from an “underweight” rating to an “equal weight” rating and decreased their price target for the stock from $28.00 to $24.00 in a report on Wednesday, January 15th. StockNews.com raised shares of CareDx from a “hold” rating to a “buy” rating in a report on Wednesday. Finally, BTIG Research cut their target price on CareDx from $40.00 to $35.00 and set a “buy” rating on the stock in a research report on Tuesday, November 5th. Three equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $32.00.

Institutional Trading of CareDx

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Mackenzie Financial Corp purchased a new stake in CareDx in the fourth quarter valued at $631,000. Public Employees Retirement System of Ohio lifted its holdings in shares of CareDx by 6.5% in the 4th quarter. Public Employees Retirement System of Ohio now owns 53,672 shares of the company’s stock valued at $1,149,000 after buying an additional 3,287 shares during the period. Castleark Management LLC boosted its stake in shares of CareDx by 41.7% in the fourth quarter. Castleark Management LLC now owns 198,180 shares of the company’s stock worth $4,243,000 after buying an additional 58,300 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its holdings in CareDx by 124.9% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 120,347 shares of the company’s stock worth $2,577,000 after acquiring an additional 66,833 shares during the period. Finally, Squarepoint Ops LLC raised its position in CareDx by 7.7% during the fourth quarter. Squarepoint Ops LLC now owns 231,235 shares of the company’s stock valued at $4,951,000 after acquiring an additional 16,484 shares in the last quarter.

CareDx Price Performance

The stock has a fifty day simple moving average of $22.65 and a 200-day simple moving average of $25.29. The company has a market capitalization of $1.13 billion, a price-to-earnings ratio of -7.80 and a beta of 1.87.

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.