CareDx, Inc (NASDAQ:CDNA) Sees Large Drop in Short Interest

CareDx, Inc (NASDAQ:CDNA) was the target of a large decline in short interest in the month of November. As of November 15th, there was short interest totalling 3,070,000 shares, a decline of 11.0% from the October 31st total of 3,450,000 shares. Based on an average daily volume of 850,000 shares, the days-to-cover ratio is presently 3.6 days. Approximately 6.1% of the company’s stock are sold short.

Analyst Ratings Changes

Several brokerages have commented on CDNA. The Goldman Sachs Group raised their target price on shares of CareDx from $26.00 to $35.00 and gave the stock a “buy” rating in a report on Wednesday, October 16th. StockNews.com upgraded shares of CareDx from a “hold” rating to a “buy” rating in a report on Thursday, October 17th. HC Wainwright reaffirmed a “neutral” rating on shares of CareDx in a research note on Tuesday, October 22nd. Wells Fargo & Company began coverage on CareDx in a research note on Tuesday, August 27th. They issued an “underweight” rating and a $28.00 price target on the stock. Finally, BTIG Research reduced their price objective on CareDx from $40.00 to $35.00 and set a “buy” rating for the company in a research report on Tuesday, November 5th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and five have issued a buy rating to the company. According to MarketBeat, CareDx currently has a consensus rating of “Moderate Buy” and a consensus target price of $29.60.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Quarry LP acquired a new stake in CareDx during the 3rd quarter valued at $27,000. GAMMA Investing LLC raised its position in shares of CareDx by 1,021.8% in the second quarter. GAMMA Investing LLC now owns 2,210 shares of the company’s stock valued at $34,000 after purchasing an additional 2,013 shares during the period. Harvest Fund Management Co. Ltd acquired a new stake in shares of CareDx during the 3rd quarter worth about $52,000. Plato Investment Management Ltd bought a new stake in shares of CareDx during the 2nd quarter worth about $62,000. Finally, KBC Group NV bought a new stake in shares of CareDx during the 3rd quarter worth about $99,000.

CareDx Stock Performance

CDNA traded down $0.37 on Friday, hitting $24.54. 274,852 shares of the company were exchanged, compared to its average volume of 832,657. The stock’s fifty day moving average is $25.55 and its 200-day moving average is $22.54. CareDx has a 12 month low of $7.42 and a 12 month high of $34.84.

CareDx (NASDAQ:CDNA) last issued its earnings results on Monday, November 4th. The company reported ($0.14) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.25) by $0.11. CareDx had a negative net margin of 45.90% and a negative return on equity of 53.70%. The company had revenue of $82.88 million for the quarter, compared to analysts’ expectations of $80.04 million. During the same period in the prior year, the firm earned ($0.43) EPS. CareDx’s quarterly revenue was up 23.4% compared to the same quarter last year. As a group, sell-side analysts expect that CareDx will post -0.7 earnings per share for the current fiscal year.

About CareDx

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.