CareDx, Inc (NASDAQ:CDNA) Short Interest Up 27.2% in December

CareDx, Inc (NASDAQ:CDNA) saw a significant 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. Based on an average daily volume of 811,600 shares, the short-interest ratio is currently 4.9 days. Approximately 7.9% of the company’s shares are sold short.

CareDx Trading Down 2.8 %

CareDx stock traded down $0.62 during midday trading on Friday, reaching $21.44. 872,198 shares of the stock traded hands, compared to its average volume of 594,464. The firm has a fifty day moving average price of $22.90 and a two-hundred day moving average price of $24.46. The firm has a market cap of $1.15 billion, a price-to-earnings ratio of -7.94 and a beta of 1.86. CareDx has a fifty-two week low of $7.42 and a fifty-two week high of $34.84.

CareDx (NASDAQ:CDNA) last posted its earnings results on Monday, November 4th. The company reported ($0.14) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.25) by $0.11. The firm had revenue of $82.88 million during 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%. CareDx’s revenue was up 23.4% on a year-over-year basis. During the same period in the previous year, the business posted ($0.43) EPS. Analysts anticipate that CareDx will post -0.7 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on CDNA. HC Wainwright reissued a “neutral” rating and issued a $26.00 target price on shares of CareDx in a research note on Tuesday. StockNews.com raised shares of CareDx from a “hold” rating to a “buy” rating in a research note on Thursday, October 17th. The Goldman Sachs Group lifted their price target on shares of CareDx from $26.00 to $35.00 and gave the stock a “buy” rating in a research note on Wednesday, October 16th. BTIG Research dropped their price target on shares of CareDx from $40.00 to $35.00 and set a “buy” rating on the stock in a research note on Tuesday, November 5th. Finally, Wells Fargo & Company raised shares of CareDx from an “underweight” rating to an “equal weight” rating and dropped their price target for the stock from $28.00 to $24.00 in a research note on Wednesday. Three analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $28.33.

Insiders Place Their Bets

In other news, Director Peter Maag sold 5,000 shares of the firm’s stock in a transaction on Tuesday, November 26th. The shares were sold at an average price of $25.00, for a total value of $125,000.00. Following the transaction, the director now owns 330,024 shares of the company’s stock, valued at approximately $8,250,600. This trade represents a 1.49 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. 4.90% of the stock is currently owned by insiders.

Institutional Trading of CareDx

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Millennium Management LLC raised its position in shares of CareDx by 1,085.4% during the 2nd quarter. Millennium Management LLC now owns 2,140,909 shares of the company’s stock worth $33,248,000 after buying an additional 1,960,308 shares in the last quarter. Renaissance Technologies LLC raised its position in shares of CareDx by 6.2% during the 2nd quarter. Renaissance Technologies LLC now owns 1,512,700 shares of the company’s stock worth $23,492,000 after buying an additional 88,100 shares in the last quarter. Fred Alger Management LLC raised its holdings in shares of CareDx by 30.8% in the 3rd quarter. Fred Alger Management LLC now owns 1,503,521 shares of the company’s stock worth $46,947,000 after purchasing an additional 353,919 shares in the last quarter. Geode Capital Management LLC raised its holdings in shares of CareDx by 2.7% in the 3rd quarter. Geode Capital Management LLC now owns 1,227,724 shares of the company’s stock worth $38,343,000 after purchasing an additional 32,141 shares in the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. raised its holdings in shares of CareDx by 78.4% in the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 696,893 shares of the company’s stock worth $21,760,000 after purchasing an additional 306,222 shares in the last quarter.

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.