CareDx (CDNA) Downgraded by Zacks Investment Research

Zacks Investment Research lowered shares of CareDx (NASDAQ:CDNA) from a buy rating to a hold rating in a report issued on Tuesday morning.

According to Zacks, “CareDx, Inc. is a commercial stage company. It develops, markets, and delivers a diagnostic surveillance solution for heart transplant recipients. The Company provides AlloMap, a noninvasive blood test used to aid in the identification of heart transplant recipients. It is also pursuing other areas of transplant surveillance, such as the use of cell-free DNA (cfDNA) as a biomarker for rejection. CareDx, Inc. is based in Brisbane, California. “

A number of other research analysts have also recently issued reports on the company. HC Wainwright initiated coverage on CareDx in a research note on Monday, November 27th. They set a buy rating and a $12.00 price objective on the stock. Craig Hallum reaffirmed a buy rating and set a $10.00 price objective (up from $4.00) on shares of CareDx in a research note on Monday, October 9th. Raymond James Financial raised CareDx from a market perform rating to a buy rating and set a $6.50 price objective on the stock in a research note on Wednesday, September 27th. Piper Jaffray Companies reaffirmed an overweight rating and set a $7.00 price objective (up from $3.00) on shares of CareDx in a research note on Tuesday, September 26th. Finally, ValuEngine raised CareDx from a strong sell rating to a sell rating in a research note on Tuesday, September 26th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and four have assigned a buy rating to the stock. The stock has an average rating of Buy and a consensus target price of $7.75.

CareDx (NASDAQ CDNA) traded down $0.13 during midday trading on Tuesday, reaching $6.97. The company’s stock had a trading volume of 87,530 shares, compared to its average volume of 167,050. CareDx has a twelve month low of $0.76 and a twelve month high of $7.98. The company has a quick ratio of 0.35, a current ratio of 0.55 and a debt-to-equity ratio of -124.53. The stock has a market capitalization of $200.23, a P/E ratio of -3.85 and a beta of 1.05.

CareDx (NASDAQ:CDNA) last announced its quarterly earnings data on Thursday, November 9th. The company reported ($0.15) earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of ($0.17) by $0.02. CareDx had a negative return on equity of 157.00% and a negative net margin of 84.14%. The firm had revenue of $12.19 million for the quarter, compared to analysts’ expectations of $12.05 million. CareDx’s revenue for the quarter was down 2.3% compared to the same quarter last year. analysts expect that CareDx will post -0.83 earnings per share for the current year.

In other news, COO Mitchell J. Nelles sold 10,948 shares of the firm’s stock in a transaction dated Thursday, November 30th. The stock was sold at an average price of $7.17, for a total transaction of $78,497.16. Following the transaction, the chief operating officer now directly owns 84,225 shares of the company’s stock, valued at $603,893.25. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider James P. Yee sold 29,197 shares of the firm’s stock in a transaction dated Friday, December 8th. The stock was sold at an average price of $7.00, for a total value of $204,379.00. Following the completion of the sale, the insider now directly owns 74,795 shares in the company, valued at $523,565. The disclosure for this sale can be found here. 5.40% of the stock is currently owned by company insiders.

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Trellus Management Company LLC bought a new stake in shares of CareDx in the third quarter worth about $100,000. Cambridge Investment Research Advisors Inc. bought a new stake in shares of CareDx in the third quarter worth about $106,000. Stonepine Capital Management LLC bought a new stake in shares of CareDx in the second quarter worth about $212,000. Perkins Capital Management Inc. bought a new stake in shares of CareDx in the third quarter worth about $513,000. Finally, Thompson Davis & CO. Inc. grew its stake in shares of CareDx by 3,294.9% in the third quarter. Thompson Davis & CO. Inc. now owns 203,692 shares of the company’s stock worth $754,000 after purchasing an additional 197,692 shares during the last quarter. 23.14% of the stock is currently owned by institutional investors.

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About CareDx

CareDx, Inc is a molecular diagnostics company. The Company is focused on the discovery, development and commercialization of clinically differentiated diagnostic surveillance solutions for transplant patients. The Company’s commercialized testing solution, the AlloMap heart transplant molecular test (AlloMap), is a gene expression test that helps clinicians monitor and identify heart transplant recipients with stable graft function having a low probability of moderate/severe acute cellular rejection.

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