CareDx, Inc (NASDAQ:CDNA) Sees Significant Growth in Short Interest

CareDx, Inc (NASDAQ:CDNA) was the recipient of a large 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. Approximately 6.7% of the company’s shares are sold short. Based on an average trading volume of 824,400 shares, the days-to-cover ratio is currently 4.1 days.

Wall Street Analysts Forecast Growth

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

CareDx Stock Performance

CareDx stock traded down $0.32 during midday trading on Monday, hitting $22.54. 353,777 shares of the company’s stock were exchanged, compared to its average volume of 882,161. CareDx has a 52-week low of $7.42 and a 52-week high of $34.84. The stock has a 50-day moving average price of $24.48 and a two-hundred day moving average price of $23.24. The company has a market cap of $1.21 billion, a P/E ratio of -8.47 and a beta of 1.84.

CareDx (NASDAQ:CDNA) last announced its earnings results on Monday, November 4th. The company reported ($0.14) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.25) by $0.11. The firm had revenue of $82.88 million for the quarter, compared to analyst estimates of $80.04 million. CareDx had a negative net margin of 45.90% and a negative return on equity of 53.70%. The company’s revenue for the quarter was up 23.4% compared to the same quarter last year. During the same quarter in the previous year, the firm posted ($0.43) EPS. As a group, sell-side analysts expect that CareDx will post -0.7 earnings per share for the current year.

Insider Buying and Selling at CareDx

In other news, Director Peter Maag sold 5,000 shares of CareDx stock in a transaction dated 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 directly owns 330,024 shares in the company, valued at $8,250,600. This trade represents a 1.49 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 4.90% of the company’s stock.

Institutional Investors Weigh In On CareDx

Several institutional investors and hedge funds have recently made changes to their positions in CDNA. Quarry LP bought a new stake in CareDx in the 3rd quarter worth about $27,000. Harvest Fund Management Co. Ltd purchased a new stake in shares of CareDx in the 3rd quarter worth $52,000. KBC Group NV bought a new position in CareDx in the 3rd quarter worth $99,000. nVerses Capital LLC grew its holdings in CareDx by 175.0% during the third 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 during the period. Finally, Plato Investment Management Ltd purchased a new position in shares of CareDx during the 2nd quarter valued at about $62,000.

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.