CareDx, Inc (NASDAQ:CDNA) Sees Large Increase in Short Interest

CareDx, Inc (NASDAQ:CDNA) was the recipient of a significant increase in short interest in the month of November. As of November 30th, there was short interest totalling 3,340,000 shares, an increase of 8.8% from the November 15th total of 3,070,000 shares. Currently, 6.7% of the company’s shares are sold short. Based on an average trading volume of 824,400 shares, the short-interest ratio is currently 4.1 days.

CareDx Stock Down 1.5 %

Shares of CDNA traded down $0.34 during mid-day trading on Monday, hitting $22.52. 528,328 shares of the company’s stock were exchanged, compared to its average volume of 882,901. CareDx has a 52 week low of $7.42 and a 52 week high of $34.84. The stock’s 50-day simple moving average is $24.48 and its 200-day simple moving average is $23.24. The firm has a market cap of $1.21 billion, a price-to-earnings ratio of -8.35 and a beta of 1.84.

CareDx (NASDAQ:CDNA) last announced its quarterly earnings data on Monday, November 4th. The company reported ($0.14) earnings per share for the quarter, beating the consensus estimate of ($0.25) by $0.11. CareDx had a negative return on equity of 53.70% and a negative net margin of 45.90%. The firm had revenue of $82.88 million during the quarter, compared to analysts’ expectations of $80.04 million. During the same period in the previous year, the firm earned ($0.43) EPS. The company’s quarterly revenue was up 23.4% compared to the same quarter last year. Analysts forecast that CareDx will post -0.7 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of analysts have commented on the stock. Wells Fargo & Company started coverage on shares of CareDx in a research note on Tuesday, August 27th. They issued an “underweight” rating and a $28.00 price target for the company. The Goldman Sachs Group upped their price objective on shares of CareDx from $26.00 to $35.00 and gave the company a “buy” rating in a report on Wednesday, October 16th. BTIG Research reduced their target price on shares of CareDx from $40.00 to $35.00 and set a “buy” rating for the company in a report on Tuesday, November 5th. HC Wainwright reissued a “neutral” rating on shares of CareDx in a report on Tuesday, October 22nd. Finally, StockNews.com raised CareDx from a “hold” rating to a “buy” rating in a research report on Thursday, October 17th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $29.60.

Insider Buying and Selling at CareDx

In related news, Director Peter Maag sold 5,000 shares of the stock in a transaction on Tuesday, November 26th. The shares were sold at an average price of $25.00, for a total transaction of $125,000.00. Following the completion of the transaction, the director now owns 330,024 shares in the company, valued at approximately $8,250,600. This represents a 1.49 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders own 4.90% of the company’s stock.

Institutional Investors Weigh In On CareDx

A number of large investors have recently bought and sold shares of CDNA. Quarry LP bought a new stake in shares of CareDx during the 3rd quarter worth approximately $27,000. Royce & Associates LP raised its position in CareDx by 0.3% during the third quarter. Royce & Associates LP now owns 393,286 shares of the company’s stock valued at $12,280,000 after purchasing an additional 1,000 shares in the last quarter. Quest Partners LLC lifted its stake in CareDx by 37.8% during the third quarter. Quest Partners LLC now owns 5,611 shares of the company’s stock worth $175,000 after purchasing an additional 1,540 shares during the last quarter. Harvest Fund Management Co. Ltd acquired a new stake in shares of CareDx in the 3rd quarter valued at $52,000. Finally, ClariVest Asset Management LLC increased its stake in shares of CareDx by 2.9% in the 2nd quarter. ClariVest Asset Management LLC now owns 64,027 shares of the company’s stock valued at $994,000 after purchasing an additional 1,810 shares during the last quarter.

CareDx Company Profile

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.