CareDx (CDNA) Upgraded to “Buy” by Zacks Investment Research

Zacks Investment Research upgraded shares of CareDx (NASDAQ:CDNA) from a hold rating to a buy rating in a research note published on Wednesday. They currently have $7.75 price objective on the stock.

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. “

A number of other equities research analysts have also issued reports on CDNA. Craig Hallum reissued a buy rating and issued a $10.00 target price (up previously from $4.00) on shares of CareDx in a research report on Monday, October 9th. Raymond James Financial raised CareDx from a market perform rating to a buy rating and set a $6.50 target price on the stock in a research report on Wednesday, September 27th. ValuEngine raised CareDx from a strong sell rating to a sell rating in a research report on Tuesday, September 26th. Piper Jaffray Companies reissued an overweight rating and issued a $7.00 target price (up previously from $3.00) on shares of CareDx in a research report on Tuesday, September 26th. Finally, HC Wainwright began coverage on CareDx in a research report on Monday, November 27th. They issued a buy rating and a $12.00 target price on the stock. One research analyst has rated the stock with a sell rating, one has given a hold rating and four have assigned a buy rating to the company. The company currently has a consensus rating of Buy and a consensus target price of $8.65.

CareDx (NASDAQ:CDNA) opened at $6.48 on Wednesday. CareDx has a 1-year low of $0.76 and a 1-year 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 released its quarterly earnings data on Thursday, November 9th. The company reported ($0.15) earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.17) by $0.02. CareDx had a negative return on equity of 157.00% and a negative net margin of 84.14%. The business had revenue of $12.19 million for the quarter, compared to analysts’ expectations of $12.05 million. The business’s revenue for the quarter was down 2.3% compared to the same quarter last year. sell-side analysts anticipate that CareDx will post -0.83 earnings per share for the current year.

In other CareDx news, COO Mitchell J. Nelles sold 10,948 shares of the business’s stock in a transaction that occurred 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 legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider James P. Yee sold 29,197 shares of the business’s stock in a transaction that occurred 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 currently owned by company insiders.

Several large investors have recently bought and sold shares of the business. Trellus Management Company LLC acquired a new position in shares of CareDx during the 3rd quarter worth approximately $100,000. Cambridge Investment Research Advisors Inc. acquired a new position in shares of CareDx during the 3rd quarter worth approximately $106,000. Royce & Associates LP increased its position in shares of CareDx by 8.1% during the 3rd quarter. Royce & Associates LP now owns 792,787 shares of the company’s stock worth $2,933,000 after purchasing an additional 59,500 shares during the last quarter. Gagnon Securities LLC increased its position in shares of CareDx by 3.9% during the 3rd quarter. Gagnon Securities LLC now owns 2,166,403 shares of the company’s stock worth $8,016,000 after purchasing an additional 82,111 shares during the last quarter. Finally, Perkins Capital Management Inc. acquired a new position in shares of CareDx during the 3rd quarter worth approximately $513,000. 23.14% of the stock is currently owned by hedge funds and other institutional investors.

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About CareDx

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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