Zacks Investment Research Upgrades CareDx (NASDAQ:CDNA) to Buy

Zacks Investment Research upgraded shares of CareDx (NASDAQ:CDNA) from a hold rating to a buy rating in a research report report published on Wednesday, January 10th. Zacks Investment Research currently has $7.75 price target on the stock.

According to Zacks, “CareDx, Inc. is a commercial stage company. It develops, markets, and delivers a diagnostic surveillance solution for heart transplant recipients. The Company provides AlloMap, a noninvasive blood test used to aid in the identification of heart transplant recipients. It is also pursuing other areas of transplant surveillance, such as the use of cell-free DNA (cfDNA) as a biomarker for rejection. CareDx, Inc. is based in Brisbane, California. “

Several other research firms have also commented on CDNA. Craig Hallum reissued a buy rating and issued a $10.00 price objective (up previously from $4.00) on shares of CareDx in a research note on Monday, October 9th. Piper Jaffray Companies reissued an overweight rating and issued a $7.00 price objective (up previously from $3.00) on shares of CareDx in a research note on Tuesday, September 26th. Raymond James Financial raised shares of CareDx from a market perform rating to a buy rating and set a $6.50 price objective for the company in a research note on Wednesday, September 27th. HC Wainwright started coverage on shares of CareDx in a research note on Monday, November 27th. They issued a buy rating and a $12.00 price objective for the company. Finally, ValuEngine raised shares of CareDx from a strong sell rating to a sell rating in a research note on Tuesday, September 26th. Two investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. The stock currently has a consensus rating of Buy and a consensus target price of $8.65.

Shares of CareDx (CDNA) traded down $0.15 during mid-day trading on Wednesday, reaching $5.76. 156,863 shares of the company’s stock traded hands, compared to its average volume of 249,219. The company has a current ratio of 0.55, a quick ratio of 0.35 and a debt-to-equity ratio of -124.53. The stock has a market capitalization of $169.05, a price-to-earnings ratio of -3.18 and a beta of 0.70. CareDx has a one year low of $0.76 and a one year high of $7.98.

CareDx (NASDAQ:CDNA) last posted its quarterly earnings data on Thursday, November 9th. The company reported ($0.15) EPS for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.17) by $0.02. CareDx had a negative net margin of 84.14% and a negative return on equity of 157.00%. The business had revenue of $12.19 million during the quarter, compared to analyst estimates of $12.05 million. The company’s revenue was down 2.3% on a year-over-year basis. sell-side analysts anticipate that CareDx will post -0.83 EPS for the current fiscal year.

In related news, COO Mitchell J. Nelles sold 10,948 shares of CareDx stock in a transaction that occurred on Thursday, November 30th. The shares were sold at an average price of $7.17, for a total value of $78,497.16. Following the completion of the transaction, the chief operating officer now owns 84,225 shares in the company, valued at $603,893.25. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider James P. Yee sold 29,197 shares of CareDx stock in a transaction that occurred on Friday, December 8th. The stock was sold at an average price of $7.00, for a total transaction of $204,379.00. Following the completion of the transaction, the insider now owns 74,795 shares of the company’s stock, valued at approximately $523,565. The disclosure for this sale can be found here. 5.40% of the stock is owned by insiders.

A number of hedge funds have recently added to or reduced their stakes in the business. FNY Partners Fund LP acquired a new stake in CareDx during the fourth quarter worth approximately $102,000. Bank of Montreal Can acquired a new stake in CareDx during the fourth quarter worth approximately $130,000. Trellus Management Company LLC acquired a new stake in CareDx during the third quarter worth approximately $100,000. Cambridge Investment Research Advisors Inc. acquired a new stake in CareDx during the third quarter worth approximately $106,000. Finally, Perkins Capital Management Inc. raised its holdings in CareDx by 28.9% during the fourth quarter. Perkins Capital Management Inc. now owns 178,639 shares of the company’s stock worth $1,311,000 after purchasing an additional 40,089 shares in the last quarter. 23.36% of the stock is currently owned by institutional investors.

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About CareDx

CareDx, Inc is a molecular diagnostics company. The Company is focused on the discovery, development and commercialization of clinically differentiated diagnostic surveillance solutions for transplant patients. The Company’s commercialized testing solution, the AlloMap heart transplant molecular test (AlloMap), is a gene expression test that helps clinicians monitor and identify heart transplant recipients with stable graft function having a low probability of moderate/severe acute cellular rejection.

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