An interesting stock that came up in some of our conversations today is CareDx, Inc (NASDAQ:CDNA). At current price of $25.71, the shares have already added 0.75 points (3% higher) from its previous close of $24.96. Should you buy or avoid them? The stock sets an active trading volume day with a reported 102047 contracts so far this session. CDNA shares had a relatively better volume day versus average trading capacity of 721.85 thousand shares, but with a 40.31 million float and a -1.81% run over a week, it’s definitely worth keeping an eye on. The one year price forecast for CDNA stock indicates that the average analyst price target is $49.2 per share. This means the stock has a potential increase of 91.37% from where the CDNA share price has been trading recently.
During the recent trading session for CareDx, Inc (NASDAQ:CDNA), the company witnessed their stock rise $1.43 over a week and surge $2.05 from the price 20 days ago. When compared to their established 52-week high of $41.27, the high they recorded in their recent session happens to be higher. Their established 52-week high was attained by the company on 11/07/19. The recent low of $18.75 stood for a -37.7% since 11/21/19, a data which is good for most investors who are looking to take advantage of the stock’s recent rise. A beta of 0.92 is also allocated to the stock. Since the beta is less than one, it implies that the stock is more volatile than the market, a data that traders are keeping close attention to.
Looking at the current readings for CareDx, Inc, the two-week RSI stands at 65.13. This figure suggests that CDNA stock, for now, is neutral, meaning that the shares are stable in terms of price movement. The stochastic readings, on the other hand, based on the current CDNA readings is similarly very revealing as it has a stochastic reading of 87.68% at this stage. This figure means that CDNA share price today is being oversold.
Technical chart claims that CareDx, Inc (CDNA) would settle between $25.25/share to $25.53/share level. However, if the stock price goes below the $24.69 mark, then the market for CareDx, Inc becomes much weaker. If that happens, the stock price might even plunge as low as $24.41 for its downside target. The stock is currently in the green zone of MACD, with the indicator reading 0.28. Traders are always alerted for the move of a stock above or below the zero line due to the fact that the reading is an indicator of the position of the short-term average relative to the long-term average. If the MACD is above the zero line, then the short-term average relative is above that of the long-term average, thus implying an upward momentum. Vice versa is the case if the MACD is below the zero line.
Analysts at Craig Hallum, assumed coverage of CDNA assigning Buy rating, according to their opinion released on October 01. H.C. Wainwright analysts bumped their rating on CareDx, Inc (NASDAQ:CDNA) stock from Neutral to Buy in a separate flash note issued to investors on May 09. Analysts at Jefferies, made their first call for the equity with a Buy recommendation, according to a research note that dated back to February 15.
CDNA equity has an average rating of 1.6, with the figure leaning towards a bullish end. 5 analysts who tracked the company were contacted by Reuters. Amongst them, 0 rated the stock as a hold while the remaining 5 were split even though not equally. Some analysts rate the stock as a buy or a strong buy while no rated it as a sell. 5 analysts rated CareDx, Inc (NASDAQ:CDNA) as a buy or a strong buy while not a single analyst advised that investors should desist from purchasing the stock or sell them if they already own the company’s stock.
Moving on, CDNA stock price is currently trading at 61.18X forward 12-month Consensus EPS estimates, and its P/E ratio is 0 while for the average stock in the same group, the multiple is 49.6. CareDx, Inc current P/B ratio of 10.9 means it is trading at a premium against its industry’s 5.