CareDx (NASDAQ:CDNA) Shares Gap Up After Better-Than-Expected Earnings

CareDx, Inc (NASDAQ:CDNA)’s share price gapped up prior to trading on Thursday after the company announced better than expected quarterly earnings. The stock had previously closed at $21.10, but opened at $22.38. CareDx shares last traded at $21.61, with a volume of 178,298 shares trading hands.

The company reported $1.51 EPS for the quarter, beating analysts’ consensus estimates of $0.05 by $1.46. CareDx had a negative net margin of 45.90% and a negative return on equity of 53.70%. The firm had revenue of $86.58 million during the quarter, compared to the consensus estimate of $84.56 million.

Analyst Ratings Changes

Several brokerages have issued reports on CDNA. Stephens reissued an “overweight” rating and issued a $40.00 price objective on shares of CareDx in a research note on Thursday. BTIG Research decreased their price objective on shares of CareDx from $40.00 to $35.00 and set a “buy” rating for the company in a research note on Tuesday, November 5th. Wells Fargo & Company raised shares of CareDx from an “underweight” rating to an “equal weight” rating and reduced their target price for the stock from $28.00 to $24.00 in a research report on Wednesday, January 15th. StockNews.com raised shares of CareDx from a “hold” rating to a “buy” rating in a report on Wednesday. Finally, HC Wainwright reissued a “neutral” rating and set a $26.00 price objective on shares of CareDx in a report on Tuesday, January 14th. Three investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat, CareDx has a consensus rating of “Moderate Buy” and a consensus price target of $32.00.

Hedge Funds Weigh In On CareDx

Several institutional investors and hedge funds have recently bought and sold shares of the company. Quarry LP purchased a new position in CareDx in the third quarter worth $27,000. Thompson Davis & CO. Inc. lifted its stake in shares of CareDx by 6.3% during the fourth quarter. Thompson Davis & CO. Inc. now owns 16,050 shares of the company’s stock worth $344,000 after buying an additional 950 shares during the period. Royce & Associates LP lifted its stake in shares of CareDx by 0.3% during the third quarter. Royce & Associates LP now owns 393,286 shares of the company’s stock worth $12,280,000 after buying an additional 1,000 shares during the period. Hsbc Holdings PLC lifted its stake in shares of CareDx by 6.9% during the fourth quarter. Hsbc Holdings PLC now owns 17,131 shares of the company’s stock worth $365,000 after buying an additional 1,109 shares during the period. Finally, Legal & General Group Plc lifted its stake in shares of CareDx by 1.3% during the fourth quarter. Legal & General Group Plc now owns 89,751 shares of the company’s stock worth $1,922,000 after buying an additional 1,118 shares during the period.

CareDx Stock Up 3.3 %

The company’s 50 day moving average price is $22.64 and its 200 day moving average price is $25.32. The firm has a market capitalization of $1.17 billion, a price-to-earnings ratio of -7.96 and a beta of 1.87.

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.