CareDx (NASDAQ:CDNA) Shares Gap Down on Disappointing Earnings

CareDx, Inc (NASDAQ:CDNAGet Rating)’s share price gapped down prior to trading on Friday following a dissappointing earnings announcement. The stock had previously closed at $24.30, but opened at $21.57. CareDx shares last traded at $24.02, with a volume of 13,813 shares.

The company reported ($0.13) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.08) by ($0.05). The firm had revenue of $80.63 million for the quarter, compared to analysts’ expectations of $81.85 million. CareDx had a negative net margin of 16.09% and a negative return on equity of 10.58%. The company’s revenue for the quarter was up 8.7% on a year-over-year basis. During the same quarter in the previous year, the business earned ($0.04) EPS.

Analyst Upgrades and Downgrades

A number of research analysts have recently weighed in on the company. Stephens assumed coverage on CareDx in a research report on Monday, April 25th. They set an “overweight” rating and a $50.00 price objective for the company. StockNews.com lowered CareDx from a “hold” rating to a “sell” rating in a research report on Friday, April 8th. One analyst has rated the stock with a sell rating, two have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, CareDx currently has a consensus rating of “Moderate Buy” and a consensus target price of $63.50.

Insider Activity at CareDx

In related news, Director Grace Colon sold 5,179 shares of the stock in a transaction dated Wednesday, May 11th. The shares were sold at an average price of $23.01, for a total value of $119,168.79. Following the completion of the transaction, the director now owns 2,522 shares of the company’s stock, valued at approximately $58,031.22. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 4.60% of the stock is owned by insiders.

Institutional Trading of CareDx

Several institutional investors have recently added to or reduced their stakes in the company. M&T Bank Corp lifted its stake in CareDx by 36.4% in the second quarter. M&T Bank Corp now owns 30,340 shares of the company’s stock worth $652,000 after purchasing an additional 8,104 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. bought a new stake in CareDx in the second quarter worth about $498,000. Thompson Davis & CO. Inc. bought a new stake in CareDx in the second quarter worth about $258,000. State of New Jersey Common Pension Fund D lifted its stake in CareDx by 27.0% in the second quarter. State of New Jersey Common Pension Fund D now owns 87,847 shares of the company’s stock worth $1,887,000 after purchasing an additional 18,666 shares during the last quarter. Finally, Nikko Asset Management Americas Inc. raised its stake in shares of CareDx by 10.5% during the second quarter. Nikko Asset Management Americas Inc. now owns 2,173,025 shares of the company’s stock valued at $30,422,000 after acquiring an additional 205,791 shares in the last quarter.

CareDx Stock Up 8.6 %

The company’s 50 day moving average price is $23.66 and its two-hundred day moving average price is $30.94. The stock has a market cap of $1.40 billion, a P/E ratio of -27.78 and a beta of 0.89.

CareDx Company Profile

(Get Rating)

CareDx, Inc discovers, develops, and commercializes diagnostic solutions for transplant patients and caregivers worldwide. It 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.

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