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

CareDx, Inc (NASDAQ:CDNA) was the target of a significant growth in short interest in the month of September. As of September 15th, there was short interest totalling 3,660,000 shares, a growth of 10.6% from the August 31st total of 3,310,000 shares. Currently, 7.4% of the shares of the company are sold short. Based on an average daily volume of 876,300 shares, the short-interest ratio is currently 4.2 days.

Insider Buying and Selling

In other CareDx news, insider Alexander L. Johnson sold 21,557 shares of the firm’s stock in a transaction that occurred on Wednesday, August 21st. The shares were sold at an average price of $32.58, for a total transaction of $702,327.06. Following the completion of the sale, the insider now directly owns 284,983 shares in the company, valued at $9,284,746.14. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In other news, insider Alexander L. Johnson sold 21,557 shares of CareDx stock in a transaction that occurred on Wednesday, August 21st. The shares were sold at an average price of $32.58, for a total value of $702,327.06. Following the completion of the sale, the insider now directly owns 284,983 shares in the company, valued at $9,284,746.14. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, insider Alexander L. Johnson sold 34,231 shares of CareDx stock in a transaction that occurred on Monday, August 19th. The shares were sold at an average price of $33.55, for a total transaction of $1,148,450.05. Following the completion of the sale, the insider now owns 284,983 shares of the company’s stock, valued at $9,561,179.65. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 91,340 shares of company stock worth $3,025,415. Company insiders own 4.20% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the business. ClariVest Asset Management LLC lifted its holdings 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 worth $994,000 after buying an additional 1,810 shares during the period. GAMMA Investing LLC increased its holdings in shares of CareDx by 1,021.8% in the second quarter. GAMMA Investing LLC now owns 2,210 shares of the company’s stock valued at $34,000 after purchasing an additional 2,013 shares during the last quarter. Price T Rowe Associates Inc. MD grew its position in CareDx by 8.7% in the first quarter. Price T Rowe Associates Inc. MD now owns 29,396 shares of the company’s stock worth $312,000 after acquiring an additional 2,344 shares during the period. Allspring Global Investments Holdings LLC lifted its position in shares of CareDx by 13.4% during the second quarter. Allspring Global Investments Holdings LLC now owns 21,164 shares of the company’s stock worth $329,000 after purchasing an additional 2,503 shares in the last quarter. Finally, Federated Hermes Inc. increased its holdings in CareDx by 7.4% during the 2nd quarter. Federated Hermes Inc. now owns 37,003 shares of the company’s stock worth $575,000 after purchasing an additional 2,536 shares during the period.

CareDx Price Performance

NASDAQ:CDNA traded up $1.53 during mid-day trading on Monday, hitting $31.23. 1,075,780 shares of the company’s stock were exchanged, compared to its average volume of 896,409. CareDx has a one year low of $4.80 and a one year high of $34.84. The business has a fifty day moving average price of $27.31 and a 200 day moving average price of $17.74. The company has a market cap of $1.63 billion, a PE ratio of -9.09 and a beta of 1.77.

CareDx (NASDAQ:CDNA) last issued its quarterly earnings data on Wednesday, July 31st. The company reported ($0.03) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.40) by $0.37. CareDx had a negative net margin of 53.73% and a negative return on equity of 53.65%. The company had revenue of $92.27 million for the quarter, compared to the consensus estimate of $67.20 million. On average, equities analysts forecast that CareDx will post -0.84 EPS for the current fiscal year.

Analyst Ratings Changes

Several equities analysts have recently weighed in on the stock. Craig Hallum upped their price objective on shares of CareDx from $22.00 to $32.00 and gave the company a “buy” rating in a report on Thursday, August 1st. The Goldman Sachs Group upped their target price on shares of CareDx from $16.00 to $26.00 and gave the stock a “buy” rating in a report on Thursday, August 1st. StockNews.com upgraded shares of CareDx from a “hold” rating to a “buy” rating in a report on Tuesday, September 24th. BTIG Research upgraded shares of CareDx from a “neutral” rating to a “buy” rating and set a $40.00 price objective for the company in a research note on Monday, August 19th. Finally, HC Wainwright reissued a “neutral” rating on shares of CareDx in a research report on Thursday, August 1st. One 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.com, the company currently has an average rating of “Moderate Buy” and an average price target of $28.80.

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.