Wall Street brokerages predict that CareDx Inc (NASDAQ:CDNA) will announce $12.09 million in sales for the current quarter, Zacks reports. Two analysts have made estimates for CareDx’s earnings, with the lowest sales estimate coming in at $11.77 million and the highest estimate coming in at $12.40 million. CareDx posted sales of $10.86 million during the same quarter last year, which suggests a positive year over year growth rate of 11.3%. The business is expected to announce its next earnings results after the market closes on Thursday, March 22nd.
According to Zacks, analysts expect that CareDx will report full-year sales of $12.09 million for the current fiscal year, with estimates ranging from $47.59 million to $48.20 million. For the next fiscal year, analysts anticipate that the business will report sales of $61.33 million per share, with estimates ranging from $59.80 million to $62.90 million. Zacks’ sales calculations are a mean average based on a survey of analysts that cover CareDx.
CDNA has been the subject of several research analyst reports. Zacks Investment Research lowered CareDx from a “buy” rating to a “hold” rating in a report on Thursday, January 11th. ValuEngine lowered CareDx from a “hold” rating to a “sell” rating in a report on Wednesday, January 10th. Finally, HC Wainwright initiated coverage on CareDx in a report on Monday, November 27th. They issued a “buy” rating and a $12.00 price objective for the company. Two investment analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and a consensus target price of $8.65.
Several hedge funds and other institutional investors have recently made changes to their positions in the company. Gagnon Securities LLC lifted its holdings in shares of CareDx by 3.9% during the third quarter. Gagnon Securities LLC now owns 2,166,403 shares of the company’s stock valued at $8,016,000 after purchasing an additional 82,111 shares during the last quarter. Fred Alger Management Inc. purchased a new stake in shares of CareDx during the fourth quarter valued at $9,089,000. Perceptive Advisors LLC purchased a new stake in shares of CareDx during the fourth quarter valued at $7,639,000. Royce & Associates LP lifted its holdings in shares of CareDx by 22.7% during the fourth quarter. Royce & Associates LP now owns 973,087 shares of the company’s stock valued at $7,142,000 after purchasing an additional 180,300 shares during the last quarter. Finally, Gagnon Advisors LLC lifted its stake in CareDx by 26,929.4% in the 4th quarter. Gagnon Advisors LLC now owns 955,758 shares of the company’s stock worth $7,015,000 after acquiring an additional 952,222 shares in the last quarter. 52.35% of the stock is owned by institutional investors and hedge funds.
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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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