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

CareDx, Inc (NASDAQ:CDNA) was the target of a significant decline in short interest in July. As of July 31st, there was short interest totalling 3,480,000 shares, a decline of 11.2% from the July 15th total of 3,920,000 shares. Currently, 7.1% of the company’s shares are sold short. Based on an average daily trading volume, of 917,000 shares, the days-to-cover ratio is currently 3.8 days.

CareDx Trading Up 16.4 %

NASDAQ:CDNA opened at $33.00 on Monday. The firm has a market cap of $1.72 billion, a PE ratio of -9.65 and a beta of 1.78. The stock has a fifty day moving average price of $18.54 and a 200 day moving average price of $13.45. CareDx has a 12-month low of $4.80 and a 12-month high of $33.13.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of CDNA. Vanguard Group Inc. increased its holdings in shares of CareDx by 4.4% in the 1st quarter. Vanguard Group Inc. now owns 4,300,016 shares of the company’s stock valued at $45,537,000 after acquiring an additional 180,334 shares during the last quarter. Bellevue Group AG boosted its holdings in CareDx by 0.4% in the fourth quarter. Bellevue Group AG now owns 3,954,792 shares of the company’s stock valued at $47,458,000 after purchasing an additional 13,994 shares in the last quarter. Gagnon Securities LLC boosted its holdings in CareDx by 7.1% in the first quarter. Gagnon Securities LLC now owns 2,245,529 shares of the company’s stock valued at $23,780,000 after purchasing an additional 149,485 shares in the last quarter. Millennium Management LLC boosted its holdings in CareDx by 1,085.4% in the second quarter. Millennium Management LLC now owns 2,140,909 shares of the company’s stock valued at $33,248,000 after purchasing an additional 1,960,308 shares in the last quarter. Finally, Renaissance Technologies LLC boosted its holdings in CareDx by 6.2% in the second quarter. Renaissance Technologies LLC now owns 1,512,700 shares of the company’s stock valued at $23,492,000 after purchasing an additional 88,100 shares in the last quarter.

Analyst Upgrades and Downgrades

CDNA has been the subject of a number of research reports. Craig Hallum lifted their price objective on CareDx from $22.00 to $32.00 and gave the company a “buy” rating in a research note on Thursday, August 1st. StockNews.com raised CareDx from a “hold” rating to a “buy” rating in a research note on Monday, August 5th. HC Wainwright reiterated a “neutral” rating on shares of CareDx in a report on Thursday, August 1st. Stephens lifted their target price on CareDx from $15.00 to $18.00 and gave the company an “overweight” rating in a report on Monday, May 13th. Finally, Raymond James lowered CareDx from an “outperform” rating to a “market perform” rating in a report on Monday, May 13th. Two research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to MarketBeat.com, CareDx currently has a consensus rating of “Moderate Buy” and a consensus target price of $25.33.

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.