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

CareDx, Inc (NASDAQ:CDNA) was the target of a large decline in short interest in November. As of November 15th, there was short interest totalling 3,070,000 shares, a decline of 11.0% from the October 31st total of 3,450,000 shares. Approximately 6.1% of the shares of the stock are short sold. Based on an average trading volume of 850,000 shares, the days-to-cover ratio is presently 3.6 days.

Wall Street Analysts Forecast Growth

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

Institutional Investors Weigh In On CareDx

A number of institutional investors and hedge funds have recently added to or reduced their stakes in CDNA. Renaissance Technologies LLC grew 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 during the period. Allspring Global Investments Holdings LLC grew its holdings in CareDx by 868.6% during the third quarter. Allspring Global Investments Holdings LLC now owns 204,987 shares of the company’s stock valued at $6,401,000 after purchasing an additional 183,823 shares during the period. Vanguard Group Inc. increased its stake in CareDx by 4.4% in the first quarter. Vanguard Group Inc. now owns 4,300,016 shares of the company’s stock valued at $45,537,000 after purchasing an additional 180,334 shares in the last quarter. Driehaus Capital Management LLC acquired a new stake in CareDx in the second quarter worth $2,852,000. Finally, Hanseatic Management Services Inc. bought a new position in shares of CareDx during the third quarter worth $781,000.

CareDx Stock Down 1.5 %

Shares of NASDAQ CDNA traded down $0.37 during mid-day trading on Friday, hitting $24.54. The company’s stock had a trading volume of 274,852 shares, compared to its average volume of 832,657. CareDx has a one year low of $7.42 and a one year high of $34.84. The company’s fifty day simple moving average is $25.55 and its 200-day simple moving average is $22.54.

CareDx (NASDAQ:CDNA) last announced its quarterly earnings data 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 for the quarter, compared to analysts’ expectations of $80.04 million. CareDx had a negative net margin of 45.90% and a negative return on equity of 53.70%. The business’s revenue for the quarter was up 23.4% on a year-over-year basis. During the same period last year, the firm earned ($0.43) earnings per share. Equities analysts expect that CareDx will post -0.7 EPS for the current year.

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.