Zacks Investment Research Lowers CareDx (CDNA) to Hold
CareDx (NASDAQ:CDNA) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued to investors on Thursday.
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 research analysts also recently weighed in on CDNA. ValuEngine downgraded shares of CareDx from a “hold” rating to a “sell” rating in a research report on Wednesday. HC Wainwright started coverage on shares of CareDx in a research report on Monday, November 27th. They issued a “buy” rating and a $12.00 price objective for the company. Craig Hallum reiterated a “buy” rating and issued a $10.00 price objective (up previously from $4.00) on shares of CareDx in a research report on Monday, October 9th. Raymond James Financial upgraded shares of CareDx from a “market perform” rating to a “buy” rating and set a $6.50 price objective for the company in a research report on Wednesday, September 27th. Finally, Piper Jaffray Companies reiterated an “overweight” rating and issued a $7.00 price objective (up previously from $3.00) on shares of CareDx in a research report on Tuesday, September 26th. One analyst has rated the stock with a sell rating, one has given a hold rating and four have given a buy rating to the company. The company presently has a consensus rating of “Buy” and an average target price of $8.65.
CareDx (NASDAQ:CDNA) last posted its quarterly earnings results on Thursday, November 9th. The company reported ($0.15) EPS for the quarter, beating the consensus estimate of ($0.17) by $0.02. CareDx had a negative net margin of 84.14% and a negative return on equity of 157.00%. The company had revenue of $12.19 million for the quarter, compared to analyst estimates of $12.05 million. CareDx’s revenue was down 2.3% on a year-over-year basis. research analysts predict that CareDx will post -0.83 EPS for the current year.
In other CareDx news, COO Mitchell J. Nelles sold 10,948 shares of the company’s stock in a transaction dated Thursday, November 30th. The shares were sold at an average price of $7.17, for a total value of $78,497.16. Following the completion of the transaction, the chief operating officer now owns 84,225 shares in the company, valued at $603,893.25. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider James P. Yee sold 29,197 shares of the company’s stock in a transaction dated Friday, December 8th. The stock was sold at an average price of $7.00, for a total transaction of $204,379.00. Following the completion of the transaction, the insider now owns 74,795 shares of the company’s stock, valued at approximately $523,565. The disclosure for this sale can be found here. Corporate insiders own 5.40% of the company’s stock.
Several institutional investors and hedge funds have recently added to or reduced their stakes in CDNA. Royce & Associates LP raised its position in shares of CareDx by 39.3% during the 2nd quarter. Royce & Associates LP now owns 733,287 shares of the company’s stock worth $814,000 after purchasing an additional 206,815 shares during the last quarter. Stonepine Capital Management LLC acquired a new position in shares of CareDx during the 2nd quarter worth about $212,000. Trellus Management Company LLC acquired a new position in shares of CareDx during the 3rd quarter worth about $100,000. Thompson Davis & CO. Inc. raised its position in shares of CareDx by 3,294.9% during the 3rd quarter. Thompson Davis & CO. Inc. now owns 203,692 shares of the company’s stock worth $754,000 after purchasing an additional 197,692 shares during the last quarter. Finally, Perkins Capital Management Inc. acquired a new position in shares of CareDx during the 3rd quarter worth about $513,000. Hedge funds and other institutional investors own 23.14% of the company’s stock.
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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