CareDx (NASDAQ:CDNA) Shares Gap Down – What’s Next?

Shares of CareDx, Inc (NASDAQ:CDNA) gapped down before the market opened on Tuesday . The stock had previously closed at $31.31, but opened at $28.73. CareDx shares last traded at $25.92, with a volume of 478,529 shares changing hands.

Analysts Set New Price Targets

CDNA has been the topic of a number of analyst reports. Craig Hallum raised their price objective on shares of CareDx from $22.00 to $32.00 and gave the stock a “buy” rating in a research note on Thursday, August 1st. HC Wainwright reiterated a “neutral” rating on shares of CareDx in a research report on Thursday, August 1st. Wells Fargo & Company assumed coverage on shares of CareDx in a report on Tuesday, August 27th. They set an “underweight” rating and a $28.00 price objective on the stock. BTIG Research raised shares of CareDx from a “neutral” rating to a “buy” rating and set a $40.00 target price for the company in a research note on Monday, August 19th. Finally, The Goldman Sachs Group boosted their price objective on CareDx from $26.00 to $35.00 and gave the stock a “buy” rating in a research note on Wednesday. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $30.60.

CareDx Stock Performance

The firm’s 50 day moving average is $29.74 and its 200-day moving average is $19.51. The company has a market cap of $1.36 billion, a PE ratio of -7.65 and a beta of 1.77.

CareDx (NASDAQ:CDNA) last posted its quarterly earnings results on Wednesday, July 31st. The company reported ($0.03) EPS for the quarter, beating the consensus estimate of ($0.40) by $0.37. CareDx had a negative return on equity of 53.65% and a negative net margin of 53.73%. The firm had revenue of $92.27 million during the quarter, compared to analysts’ expectations of $67.20 million. On average, analysts predict that CareDx, Inc will post -0.84 EPS for the current year.

Insider Activity at CareDx

In other news, Director Peter Maag sold 35,552 shares of the company’s stock in a transaction on Tuesday, August 20th. The stock was sold at an average price of $33.04, for a total transaction of $1,174,638.08. Following the sale, the director now owns 330,024 shares of the company’s stock, valued at approximately $10,903,992.96. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other CareDx news, insider Alexander L. Johnson sold 34,231 shares of the stock in a transaction that occurred on Monday, August 19th. The shares were sold at an average price of $33.55, for a total value of $1,148,450.05. Following the sale, the insider now directly owns 284,983 shares of the company’s stock, valued at approximately $9,561,179.65. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, Director Peter Maag sold 35,552 shares of the business’s stock in a transaction on Tuesday, August 20th. The stock was sold at an average price of $33.04, for a total transaction of $1,174,638.08. Following the transaction, the director now owns 330,024 shares of the company’s stock, valued at approximately $10,903,992.96. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 91,340 shares of company stock valued at $3,025,415. 4.20% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the business. Vanguard Group Inc. increased its holdings in shares of CareDx by 4.4% in the 1st quarter. Vanguard Group Inc. now owns 4,300,016 shares of the company’s stock valued at $45,537,000 after acquiring an additional 180,334 shares during the last quarter. Gagnon Securities LLC increased its holdings in shares of CareDx by 7.1% in the 1st quarter. Gagnon Securities LLC now owns 2,245,529 shares of the company’s stock valued at $23,780,000 after acquiring an additional 149,485 shares during the last quarter. Millennium Management LLC increased its holdings in shares of CareDx by 1,085.4% in the 2nd quarter. Millennium Management LLC now owns 2,140,909 shares of the company’s stock valued at $33,248,000 after acquiring an additional 1,960,308 shares during the last quarter. Renaissance Technologies LLC increased its holdings in shares of CareDx by 6.2% in the 2nd quarter. Renaissance Technologies LLC now owns 1,512,700 shares of the company’s stock valued at $23,492,000 after acquiring an additional 88,100 shares during the last quarter. Finally, Bamco Inc. NY purchased a new position in shares of CareDx in the 1st quarter valued at about $13,025,000.

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.