CareDx (CDNA) Downgraded by Zacks Investment Research to “Hold”

Zacks Investment Research lowered shares of CareDx (NASDAQ:CDNA) from a buy rating to a hold rating in a research note issued to investors on Thursday, January 11th.

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 equities analysts also recently weighed in on CDNA. ValuEngine downgraded CareDx from a hold rating to a sell rating in a research report on Wednesday, January 10th. HC Wainwright began coverage on CareDx in a research note on Monday, November 27th. They issued a buy rating and a $12.00 price objective on the stock. Craig Hallum reiterated a buy rating and issued a $10.00 price objective (up from $4.00) on shares of CareDx in a research note on Monday, October 9th. Raymond James Financial upgraded CareDx from a market perform rating to a buy rating and set a $6.50 price objective on the stock in a research note on Wednesday, September 27th. Finally, Piper Jaffray Companies reiterated an overweight rating and issued a $7.00 price objective (up from $3.00) on shares of CareDx in a research note on Tuesday, September 26th. Two research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. The company has a consensus rating of Buy and an average target price of $8.65.

CareDx (CDNA) traded up $0.07 during midday trading on Thursday, reaching $5.83. 57,950 shares of the company’s stock traded hands, compared to its average volume of 241,518. CareDx has a fifty-two week low of $0.76 and a fifty-two week high of $7.98. The company has a debt-to-equity ratio of -124.53, a quick ratio of 0.35 and a current ratio of 0.55.

CareDx (NASDAQ:CDNA) last issued its quarterly earnings results on Thursday, November 9th. The company reported ($0.15) EPS for the quarter, topping the Zacks’ consensus estimate of ($0.17) by $0.02. The firm had revenue of $12.19 million for the quarter, compared to analyst estimates of $12.05 million. CareDx had a negative net margin of 84.14% and a negative return on equity of 157.00%. The company’s revenue was down 2.3% compared to the same quarter last year. research analysts forecast that CareDx will post -0.83 EPS for the current fiscal year.

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

Several hedge funds have recently bought and sold shares of CDNA. Trellus Management Company LLC bought a new stake in shares of CareDx in the 3rd quarter valued at $100,000. FNY Partners Fund LP bought a new position in shares of CareDx in the 4th quarter valued at about $102,000. Cambridge Investment Research Advisors Inc. bought a new position in shares of CareDx in the 3rd quarter valued at about $106,000. Bank of Montreal Can bought a new position in shares of CareDx in the 4th quarter valued at about $130,000. Finally, Stonepine Capital Management LLC bought a new position in shares of CareDx in the 2nd quarter valued at about $212,000. 23.36% of the stock is currently owned by institutional investors.

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CareDx Company Profile

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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