Short Interest in CareDx, Inc (NASDAQ:CDNA) Grows By 27.2%

CareDx, Inc (NASDAQ:CDNA) saw a large increase in short interest in the month of December. As of December 31st, there was short interest totalling 3,970,000 shares, an increase of 27.2% from the December 15th total of 3,120,000 shares. Approximately 7.9% of the company’s shares are sold short. Based on an average trading volume of 811,600 shares, the days-to-cover ratio is presently 4.9 days.

Analyst Ratings Changes

CDNA has been the subject of a number of research reports. BTIG Research lowered their price objective on shares of CareDx from $40.00 to $35.00 and set a “buy” rating for the company in a research note on Tuesday, November 5th. StockNews.com raised shares of CareDx from a “hold” rating to a “buy” rating in a research report on Thursday, October 17th. The Goldman Sachs Group lifted 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. Wells Fargo & Company raised shares of CareDx from an “underweight” rating to an “equal weight” rating and reduced their price objective for the stock from $28.00 to $24.00 in a research note on Wednesday. Finally, HC Wainwright reaffirmed a “neutral” rating and set a $26.00 target price on shares of CareDx in a research report on Tuesday. Three investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $28.33.

Insider Activity at CareDx

In other news, Director Peter Maag sold 5,000 shares of the firm’s stock in a transaction that occurred 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 transaction, the director now directly owns 330,024 shares of the company’s stock, valued at approximately $8,250,600. This trade represents a 1.49 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 4.90% of the stock is owned by company insiders.

Hedge Funds Weigh In On CareDx

A number of institutional investors have recently modified their holdings of CDNA. Quarry LP purchased a new stake in shares of CareDx in the third quarter worth about $27,000. Harvest Fund Management Co. Ltd purchased a new stake in CareDx in the 3rd quarter worth approximately $52,000. KBC Group NV purchased a new position in shares of CareDx during the 3rd quarter valued at approximately $99,000. nVerses Capital LLC increased its holdings in shares of CareDx by 175.0% during the 3rd quarter. nVerses Capital LLC now owns 3,300 shares of the company’s stock valued at $103,000 after purchasing an additional 2,100 shares in the last quarter. Finally, Quest Partners LLC lifted its stake in shares of CareDx by 37.8% in the 3rd quarter. Quest Partners LLC now owns 5,611 shares of the company’s stock valued at $175,000 after purchasing an additional 1,540 shares during the period.

CareDx Stock Performance

CDNA stock traded down $0.62 during midday trading on Friday, reaching $21.44. The stock had a trading volume of 872,198 shares, compared to its average volume of 594,464. The firm has a fifty day simple moving average of $22.90 and a two-hundred day simple moving average of $24.52. The stock has a market cap of $1.15 billion, a PE ratio of -7.94 and a beta of 1.86. CareDx has a 52-week low of $7.42 and a 52-week high of $34.84.

CareDx (NASDAQ:CDNA) last issued its earnings results on Monday, November 4th. The company reported ($0.14) EPS for the quarter, beating analysts’ consensus estimates 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 for the quarter, compared to analyst estimates of $80.04 million. During the same quarter in the prior year, the firm earned ($0.43) earnings per share. CareDx’s revenue for the quarter was up 23.4% on a year-over-year basis. On average, sell-side analysts predict that CareDx will post -0.7 EPS for the current fiscal year.

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.