CareDx (NASDAQ:CDNA) Cut to “Sell” at Zacks Investment Research

Zacks Investment Research cut shares of CareDx (NASDAQ:CDNA) from a hold rating to a sell rating in a report published on Friday, Zacks.com reports.

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 have also weighed in on CDNA. Craig Hallum set a $48.00 price objective on CareDx and gave the company a positive rating in a research note on Thursday, July 11th. Piper Jaffray Companies boosted their price target on Beigene to $180.00 and gave the stock an overweight rating in a research report on Thursday, May 9th. HC Wainwright boosted their price target on Palatin Technologies from $5.00 to $6.00 and gave the stock a buy rating in a research report on Thursday, May 9th. Raymond James reissued an outperform rating and set a C$28.00 price target on shares of Wheaton Precious Metals in a research report on Friday, March 22nd. Finally, BidaskClub lowered Xencor from a sell rating to a strong sell rating in a research report on Tuesday, June 11th. One research analyst has rated the stock with a sell rating, one has issued a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the company. CareDx currently has an average rating of Buy and an average price target of $41.50.

Shares of NASDAQ:CDNA opened at $37.40 on Friday. The stock has a 50-day simple moving average of $36.06. CareDx has a 12-month low of $11.85 and a 12-month high of $41.27. The firm has a market cap of $1.59 billion, a price-to-earnings ratio of -28.55 and a beta of 0.91.

CareDx (NASDAQ:CDNA) last issued its quarterly earnings results on Wednesday, May 8th. The company reported ($0.18) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.15) by ($0.03). The business had revenue of $25.98 million during the quarter, compared to analyst estimates of $24.27 million. CareDx had a negative return on equity of 52.93% and a negative net margin of 51.21%. Research analysts predict that CareDx will post -0.53 EPS for the current year.

In other CareDx news, CEO Peter Maag sold 80,000 shares of CareDx stock in a transaction that occurred on Monday, May 13th. The stock was sold at an average price of $31.11, for a total transaction of $2,488,800.00. Following the sale, the chief executive officer now directly owns 408,406 shares in the company, valued at approximately $12,705,510.66. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Sasha King sold 1,250 shares of CareDx stock in a transaction that occurred on Friday, May 3rd. The stock was sold at an average price of $29.50, for a total value of $36,875.00. Following the sale, the insider now owns 77,427 shares in the company, valued at $2,284,096.50. The disclosure for this sale can be found here. Insiders have sold a total of 188,430 shares of company stock worth $6,410,528 over the last 90 days. 3.20% of the stock is owned by company insiders.

A number of hedge funds have recently bought and sold shares of the business. Crawford Lake Capital Management LLC bought a new stake in shares of CareDx in the 4th quarter valued at approximately $3,146,000. Meeder Asset Management Inc. boosted its position in CareDx by 6.7% during the 1st quarter. Meeder Asset Management Inc. now owns 6,072 shares of the company’s stock valued at $191,000 after purchasing an additional 380 shares during the period. QS Investors LLC acquired a new position in CareDx during the 4th quarter valued at approximately $1,709,000. Qtron Investments LLC acquired a new position in CareDx during the 1st quarter valued at approximately $215,000. Finally, MUFG Securities EMEA plc acquired a new position in CareDx during the 4th quarter valued at approximately $6,388,000. Institutional investors own 88.87% of the company’s stock.

About CareDx

CareDx, Inc operates as a transplant diagnostics company,which discovers, develops, and commercializes diagnostic solutions. Its product includes AlloMap, AlloSure, and Laboratory products. The company was founded on December 21, 1998 and is headquartered in Brisbane, CA.

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