CareDx (NASDAQ:CDNA) Shares Gap Up – Here’s What Happened

Shares of CareDx, Inc (NASDAQ:CDNA) gapped up prior to trading 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 traded.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on CDNA shares. Wells Fargo & Company raised shares of CareDx from an “underweight” rating to an “equal weight” rating and lowered their target price for the company from $28.00 to $24.00 in a research note on Wednesday, January 15th. HC Wainwright dropped their price objective on shares of CareDx from $26.00 to $25.00 and set a “neutral” rating for the company in a report on Monday, March 3rd. Stephens reissued an “overweight” rating and issued a $40.00 target price on shares of CareDx in a research note on Thursday, February 27th. Finally, StockNews.com upgraded CareDx from a “hold” rating to a “buy” rating in a research report on Wednesday, February 26th. Three research analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to data from MarketBeat.com, CareDx has a consensus rating of “Moderate Buy” and an average price target of $31.83.

CareDx Price Performance

The stock has a market capitalization of $957.76 million, a P/E ratio of -6.40 and a beta of 2.17. The stock has a 50 day moving average price of $20.90 and a 200-day moving average price of $23.23.

CareDx (NASDAQ:CDNA) last announced its quarterly earnings results on Wednesday, February 26th. The company reported $1.51 EPS for the quarter, topping analysts’ consensus estimates of $0.05 by $1.46. The business had revenue of $86.58 million for the quarter, compared to analysts’ expectations of $84.56 million. CareDx had a negative return on equity of 53.70% and a negative net margin of 45.90%. Research analysts predict that CareDx, Inc will post -0.9 earnings per share for the current fiscal year.

Institutional Trading of CareDx

Several large investors have recently modified their holdings of the business. Quarry LP purchased a new stake in CareDx in the 3rd quarter worth approximately $27,000. Sterling Capital Management LLC boosted 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 acquiring an additional 1,126 shares in the last quarter. Tower Research Capital LLC TRC increased its position in CareDx by 553.7% during the 4th 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 during the period. State of Wyoming bought a new position in CareDx in the 4th quarter worth $91,000. Finally, Plato Investment Management Ltd lifted its position in shares of CareDx by 34.1% in the 4th quarter. Plato Investment Management Ltd now owns 5,390 shares of the company’s stock worth $116,000 after purchasing an additional 1,370 shares during the period.

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.