CDNA - CareDx Inc Stock Price, Fair Value and News

15.52USD+0.74 (+5.01%)Delayed

Market Summary

USD15.52+0.74

Delayed

5.01%

CDNA Alerts

Losses in recent quarter

CDNA Stock Price

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CDNA RSI Chart

CDNA Valuation

Market Cap

808.3M

Price/Earnings (Trailing)

-4.41

Price/Sales (Trailing)

2.94

EV/EBITDA

-4.24

Price/Free Cashflow

-23.52

CDNA Price/Sales (Trailing)

CDNA Profitability

Operating Margin

81.23%

EBT Margin

-66.61%

Return on Equity

-71.5%

Return on Assets

-40.49%

Free Cashflow Yield

-4.25%

CDNA Fundamentals

CDNA Revenue

Revenue (TTM)

275.1M

Rev. Growth (Yr)

-6.75%

Rev. Growth (Qtr)

9.88%

CDNA Earnings

Earnings (TTM)

-183.2M

Earnings Growth (Yr)

29.85%

Earnings Growth (Qtr)

85.89%

Breaking Down CDNA Revenue

Last 7 days

4.7%

Last 30 days

87.4%

Last 90 days

90.9%

Trailing 12 Months

103.9%

How does CDNA drawdown profile look like?

CDNA Financial Health

Current Ratio

4.32

CDNA Investor Care

Buy Backs (1Y)

3.18%

Diluted EPS (TTM)

-3.42

Historical Charts for Stock Metrics

Get all data in R, Python etc through our Historical Stock Data APIs

Net sales

Year	Q1	Q2	Q3	Q4
2024	275.1M	0	0	0
2023	319.6M	309.3M	297.1M	280.3M
2022	308.4M	314.9M	318.6M	321.8M
2021	221.2M	253.6M	275.8M	296.4M
2020	139.5M	149.8M	169.4M	192.2M
2019	88.5M	102.1M	114.8M	127.1M
2018	50.8M	56.6M	65.6M	76.6M
2017	45.7M	47.0M	46.7M	48.3M
2016	27.5M	31.1M	36.4M	40.6M
2015	28.6M	29.0M	29.4M	28.1M
2014	23.0M	24.4M	25.2M	27.3M
2013	20.9M	21.3M	21.7M	22.1M
2012	0	0	0	20.5M

Get all data in R, Python etc through our Historical Stock Data APIs

GRUFITY'S FAIR VALUE MODEL

Stocks Marked 'Very Cheap' by Grufity's Fair Value Model Have Outperformed Russell 2000 Index

Small Caps and Mid Caps are mostly overlooked by investors as all the focus goes to Magnificent 7. These stocks that are not part of the beauty contest require a deeper look. However, all large cap stocks were once small caps. Grufity's Fair Value model opens up this unverse as it separates high-performing, rewarding stocks from low-performing risky stocks. <b>Russell 2000 stocks that were marked 'Very Cheap' by the model doubled in three years while the index was flat.</b>

Returns of $10,000 invested in:

Very Cheap Stocks: $21,859
Russell 2000 Index: $10,334
Very Expensive Stocks: $8,224

Russell 2000 stocks considered 'Very Cheap' by the model greatly outperformed Russell 2000 index and the 'Very Expensive' bucket over past three years.

Russell 2000 Index

Very Expensive Stocks

Very Cheap Stocks

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Tracking the Latest Insider Buys and Sells of CareDx Inc

Filter Transactions

Datesorted ascending	Name	Buy/Sell	$ Value	Avg. Price	# Shares	Title
May 01, 2024	jain abhishek	sold (taxes)	-67,665	9.18	-7,371	chief financial officer
May 01, 2024	novack jeffrey adam	sold (taxes)	-17,487	9.18	-1,905	secretary and general counsel
May 01, 2024	johnson alexander l	sold (taxes)	-67,665	9.18	-7,371	see remarks
Apr 29, 2024	maag peter	acquired	69,990	5.27	13,281	-
Apr 18, 2024	jain abhishek	sold (taxes)	-2,606	8.07	-323	chief financial officer
Apr 08, 2024	jain abhishek	sold (taxes)	-2,239	9.53	-235	chief financial officer
Apr 04, 2024	goldberg michael	acquired	-	-	3,686	-
Apr 04, 2024	maag peter	acquired	-	-	1,249	-
Feb 05, 2024	johnson alexander l	sold (taxes)	-9,587	8.56	-1,120	see remarks

Which funds bought or sold CDNA recently?

View All Details

Datesorted ascending	Fund Name	Type	% Chg	$ Change	$ Held	% Portfolio
May 16, 2024	JANE STREET GROUP, LLC	sold off	-100	-956,796	-	-%
May 16, 2024	COMERICA BANK	unchanged	-	-1,121	8,419	-%
May 16, 2024	Virtus Investment Advisers, Inc.	unchanged	-	-53,784	403,956	0.29%
May 16, 2024	CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM	reduced	-38.9	-47,377	55,439	-%
May 15, 2024	CITADEL ADVISORS LLC	reduced	-48.99	-1,035,510	847,846	-%
May 15, 2024	BAMCO INC /NY/	new	-	13,024,600	13,024,600	0.04%
May 15, 2024	GOLDMAN SACHS GROUP INC	added	13.03	-14,175	5,615,520	-%
May 15, 2024	Quarry LP	new	-	1,197	1,197	-%
May 15, 2024	Corton Capital Inc.	new	-	108,908	108,908	0.04%
May 15, 2024	Kent Lake Capital LLC	sold off	-100	-7,419,610	-	-%

Are Funds Buying or Selling CDNA?

Are funds buying CDNA calls or puts?

Calls

Puts

No. of funds holding Calls - Puts

Net Call Options

No. of funds that own CDNA

No. of Funds

CDNA Alerts

Losses in recent quarter

Unveiling CareDx Inc's Major ShareHolders

Date Filed	Name of Filer	Percent of Class	No. of Shares	Form Type
Feb 14, 2024	arrowmark colorado holdings llc	0%	0	SC 13G/A
Feb 13, 2024	bellevue asset management (uk) ltd.	7.3%	3,954,792	SC 13G/A
Feb 13, 2024	gagnon securities llc	4.7%	2,518,484	SC 13G/A
Feb 13, 2024	vanguard group inc	7.62%	4,119,682	SC 13G/A
Feb 12, 2024	nikko asset management americas, inc.	5.31%	2,874,899	SC 13G
Feb 05, 2024	sumitomo mitsui trust holdings, inc.	5.31%	2,874,899	SC 13G
Jan 29, 2024	ark investment management llc	13.30%	7,194,722	SC 13G/A
Jan 24, 2024	blackrock inc.	10.2%	5,543,666	SC 13G/A
Jan 10, 2024	state street corp	5.17%	2,796,267	SC 13G/A
Jul 07, 2023	blackrock inc.	10.1%	5,439,512	SC 13G/A

Recent SEC filings of CareDx Inc

View All Filings

Date Filed	Form Type	Document
May 16, 2024	4	Insider Trading
May 09, 2024	10-Q	Quarterly Report
May 09, 2024	8-K	Current Report
May 09, 2024	POS AM	POS AM
May 03, 2024	3	Insider Trading
May 03, 2024	4	Insider Trading
May 03, 2024	4	Insider Trading
May 03, 2024	4	Insider Trading
May 01, 2024	4	Insider Trading
Apr 30, 2024	ARS	ARS

Peers (Alternatives to CareDx Inc)

Name	Mkt Capsorted ascending	Revenue	Price %, 1M	Returns, 1Y	P/E	P/S	Rev 1-Yr	Inc 1-Yr
LARGE-CAP
DHR	196.9B	23.7B	11.04%	17.40%	44.73	8.29	-8.94%	-35.91%
A	45.2B	6.7B	14.64%	19.44%	36.57	6.71	-2.81%	-6.58%
IDXX	44.9B	3.7B	13.71%	10.52%	51.83	12.06	8.57%	23.94%
DGX	16.0B	9.3B	13.66%	10.24%	18.95	1.73	-3.29%	6.68%
NTRA	13.1B	1.2B	17.80%	114.36%	-35.76	10.81	39.26%	33.08%
MEDP	12.2B	2.0B	2.71%	87.82%	38.94	6.2	25.57%	21.62%
CRL	11.4B	4.1B	-3.66%	11.24%	26.02	2.78	0.49%	-11.59%
EXAS	9.3B	2.5B	-20.33%	-38.03%	-38.69	3.67	15.21%	53.51%
MID-CAP
GH	3.1B	603.7M	54.73%	-14.09%	-6.73	5.14	25.21%	30.68%
NEOG	2.9B	929.2M	11.70%	-18.80%	1.9K	3.16	28.93%	111.61%
SMALL-CAP
CDNA	808.3M	275.1M	87.44%	103.94%	-4.41	2.94	-13.93%	-126.97%
ACRS	84.8M	31.1M	-3.25%	-85.34%	-1.1	2.73	0.95%	19.75%
AWH	33.0M	9.2M	-24.07%	-37.65%	-2.24	3.6	11.85%	45.80%
APDN	2.5M	5.5M	-62.31%	120.18%	-0.2	0.45	-68.52%	-141.15%
BIOC	183.8K	25.9M	-50.00%	-94.83%	-0.01	0.01	-57.78%	-93.11%

CareDx Inc News

Latest updates

CareDx Inc Earnings Report: Key Takeaways & Analysis

Income Statement (Last 12 Months)

Income Statement (Quarterly)
Description	(%) Q/Q	2024Q1	2023Q4	2023Q3	2023Q2	2023Q1	2022Q4	2022Q3	2022Q2	2022Q1	2021Q4	2021Q3	2021Q2	2021Q1	2020Q4	2020Q3	2020Q2	2020Q1	2019Q4	2019Q3	2019Q2	2019Q1
Revenue	9.9%	72,049,000	65,569,000	67,192,000	70,301,000	77,262,000	82,384,000	79,359,000	80,634,000	79,416,000	79,220,000	75,589,000	74,188,000	67,400,000	58,644,000	53,369,000	41,801,000	38,380,000	35,821,000	33,811,000	31,454,000	25,982,000
Cost Of Revenue	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	15,025,000	12,392,000	12,716,000	11,494,000	11,512,000	9,733,000
Gross Profit	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	26,776,000	25,988,000	23,105,000	22,317,000	19,942,000	16,249,000
Operating Expenses	-51.4%	91,386,000	188,201,000	95,975,000	97,925,000	101,586,000	101,504,000	96,698,000	102,353,000	98,469,000	94,619,000	84,316,000	78,930,000	68,258,000	61,711,000	56,276,000	52,604,000	44,131,000	51,988,500	40,558,000	26,786,000	21,645,000
S&GA Expenses	-0.8%	19,830,000	19,999,000	18,474,000	21,630,000	23,231,000	23,668,000	22,261,000	26,950,000	23,148,000	20,824,000	21,370,000	19,599,000	15,452,000	16,131,000	13,870,000	12,134,000	11,723,000	10,267,000	11,058,000	10,644,000	6,925,000
R&D Expenses	2.4%	18,711,000	18,276,000	19,000,000	20,233,000	24,357,000	23,570,000	22,306,000	22,632,000	21,880,000	22,046,000	19,439,000	19,036,000	16,004,000	13,325,000	12,474,000	13,129,000	10,013,000	8,946,000	8,521,000	7,630,000	5,614,000
EBITDA Margin	2.3%	-0.61	-0.63	-0.26	-0.23	-0.21	-0.20	-0.20	-0.19	-0.13	-0.08	-0.04	-0.01	-	-	-	-	-	-	-	-	-
Income Taxes	-160.6%	-100,000	165,000	-80,000	-68,000	124,000	173,000	267,000	-49,000	-12,000	-894,500	-200,000	-100,000	-263,000	-203,500	-200,000	-300,000	-300,000	-228,500	-900,000	-220,000	-606,000
Earnings Before Taxes	85.8%	-16,742,000	-117,932,000	-23,565,000	-25,021,000	-23,625,000	-18,156,000	-16,672,000	-21,746,000	-19,660,000	-17,052,000	-12,059,000	-2,027,000	-950,000	-3,686,000	-3,053,000	-6,888,000	-6,123,000	-4,981,000	-2,762,000	-8,067,000	-8,137,000
EBT Margin	1.8%	-0.67	-0.68	-0.30	-0.27	-0.25	-0.24	-0.24	-0.22	-0.16	-0.11	-0.07	-0.04	-	-	-	-	-	-	-	-	-
Net Income	85.9%	-16,659,000	-118,097,000	-23,485,000	-24,953,000	-23,749,000	-18,329,000	-16,939,000	-21,697,000	-19,648,000	-16,151,000	-11,897,000	-1,927,000	-687,000	-3,515,000	-2,818,000	-6,558,000	-5,823,000	-4,777,000	-1,813,000	-7,847,000	-7,531,000
Net Income Margin	1.9%	-0.67	-0.68	-0.30	-0.27	-0.25	-0.24	-0.23	-0.22	-0.16	-0.10	-0.07	-0.04	-	-	-	-	-	-	-	-	-
Free Cashflow	-82.7%	-15,312,000	-8,381,000	-13,802,000	-4,122,000	-2,952,000	3,562,000	-10,702,000	-7,500,000	-25,091,000	543,000	-3,241,000	6,950,000	-	-	-	-	-	-	-	-	-

Balance Sheet

(In Millions)

(*) denotes actual numbers (not divided by Millions)
Balance Sheet																					(In Millions)
Description	(%) Q/Q	2024Q1	2023Q4	2023Q3	2023Q2	2023Q1	2022Q4	2022Q3	2022Q2	2022Q1	2021Q4	2021Q3	2021Q2	2021Q1	2020Q4	2020Q3	2020Q2	2020Q1	2019Q4	2019Q3	2019Q2	2019Q1
Assets	-3.1%	452	467	501	515	528	543	545	541	547	567	563	557	541	369	354	345	157	152	145	143	128
Current Assets	-3.4%	303	314	345	361	371	388	388	404	411	433	445	441	439	273	259	252	66.00	72.00	68.00	68.00	78.00
Cash Equivalents	14.2%	94.00	82.00	76.00	88.00	75.00	90.00	83.00	167	172	348	353	336	309	135	214	211	32.00	38.00	41.00	44.00	58.00
Inventory	3.4%	20.00	19.00	18.00	19.00	18.00	19.00	18.00	19.00	18.00	17.00	19.00	15.00	14.00	10.00	10.00	9.00	7.00	6.00	6.00	5.00	5.00
Net PPE	-2.4%	34.00	35.00	-	-	-	-	-	-	-	-	19.00	14.00	11.00	11.00	10.00	7.00	6.00	4.00	4.00	4.00	4.00
Goodwill	-0.1%	40.00	40.00	40.00	40.00	40.00	38.00	38.00	37.00	37.00	37.00	26.00	26.00	26.00	24.00	24.00	24.00	24.00	24.00	24.00	-	-
Liabilities	-4.5%	196	205	107	110	108	112	108	98.00	89.00	101	91.00	78.00	70.00	91.00	85.00	84.00	55.00	53.00	47.00	50.00	32.00
Current Liabilities	-10.1%	70.00	78.00	73.00	74.00	72.00	76.00	70.00	78.00	67.00	77.00	70.00	56.00	46.00	69.00	62.00	57.00	28.00	35.00	31.00	29.00	16.00
Shareholder's Equity	-2.0%	256	261	394	405	420	431	437	444	458	466	472	480	472	278	269	261	101	99.00	98.00	93.00	96.00
Retained Earnings	-2.5%	-695	-678	-534	-509	-484	-460	-441	-424	-402	-383	-367	-355	-353	-352	-349	-346	-339	-333	-329	-327	-319
Additional Paid-In Capital	1.4%	960	947	937	924	912	899	887	875	865	854	843	838	828	632	622	612	448	438	432	425	420
Shares Outstanding	0.5%	52.00	52.00	54.00	54.00	54.00	54.00	53.00	53.00	53.00	52.00	53.00	52.00	-	-	-	-	-	-	-	-	-
Float	-	-	-	-	437	-	-	-	1,100	-	-	-	4,600	-	-	-	1,700	-	-	-	1,502	-

Cashflow (Last 12 Months)

(In Thousands)

(*) denotes actual numbers (not divided by Thousands)
Cashflow (Quarterly)																					(In Thousands)
Description	(%) Q/Q	2024Q1	2023Q4	2023Q3	2023Q2	2023Q1	2022Q4	2022Q3	2022Q2	2022Q1	2021Q4	2021Q3	2021Q2	2021Q1	2020Q4	2020Q3	2020Q2	2020Q1	2019Q4	2019Q3	2019Q2	2019Q1
Cashflow From Operations	-82.7%	-15,312	-8,381	-10,179	-499	671	7,185	-7,079	-3,877	-21,468	4,166	382	9,788	-33,630	7,181	5,207	24,098	-3,055	-1,083	605	3,576	-5,867
Share Based Compensation	34.0%	13,344	9,961	12,671	12,700	13,754	12,126	11,200	12,593	10,634	9,498	10,638	9,398	6,547	5,977	6,748	6,417	4,259	5,407	5,965	4,992	6,053
Cashflow From Investing	-33.1%	27,660	41,367	-1,498	15,348	-14,771	2,475	-75,735	790	-156,032	-7,782	20,202	16,213	19,079	-90,474	-4,236	-3,980	-1,704	-1,342	-3,515	-17,179	-543
Cashflow From Financing	95.3%	-1,275	-26,877	-25.00	-1,566	-1,138	-2,372	-1,031	-1,997	865	-834	-3,133	381	189,228	3,964	1,224	158,696	-735	82.00	746	-272	-688
Buy Backs	-98.0%	522	25,970	814	67.00	690	642	-	-	-	-	-	-	-	-698	-	-	-	-	-	-	-

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CDNA Income Statement

2024-03-31

Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Revenue:
Total revenue	$ 72,049	$ 77,262
Operating expenses:
Research and development	18,711	24,357
Sales and marketing	19,830	23,231
General and administrative	26,911	28,032
Total operating expenses	91,386	101,586
Loss from operations	(19,337)	(24,324)
Other income:
Interest income, net	2,885	2,666
Change in estimated fair value of common stock warrant liability	0	7
Other expense, net	(290)	(1,974)
Total other income	2,595	699
Loss before income taxes	(16,742)	(23,625)
Income tax benefit (expense)	83	(124)
Net loss	$ (16,659)	$ (23,749)
Net loss per share
Basic (in dollars per share)	$ (0.32)	$ (0.44)
Diluted (in dollars per share)	$ (0.32)	$ (0.44)
Weighted-average shares used to compute net loss per share:
Basic (in shares)	51,692,358	53,643,216
Diluted (in shares)	51,692,358	53,643,216
Testing services revenue
Revenue:
Total revenue	$ 53,837	$ 61,784
Operating expenses:
Cost of testing services, product, digital, and other	13,632	15,296
Product revenue
Revenue:
Total revenue	8,594	6,861
Operating expenses:
Cost of testing services, product, digital, and other	5,344	4,066
Patient and digital solutions revenue
Revenue:
Total revenue	9,618	8,617
Operating expenses:
Cost of testing services, product, digital, and other	$ 6,958	$ 6,604

CDNA Balance Sheet

2024-03-31

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 93,299	$ 82,197
Marketable securities	122,622	153,221
Accounts receivable	60,149	51,061
Inventory	20,130	19,471
Prepaid and other current assets	6,895	7,763
Total current assets	303,095	313,713
Property and equipment, net	34,411	35,246
Operating leases right-of-use assets	28,591	29,891
Intangible assets, net	43,330	45,701
Goodwill	40,336	40,336
Restricted cash	583	586
Other assets	2,060	1,353
Total assets	452,406	466,826
Current liabilities:
Accounts payable	9,976	12,872
Accrued compensation	14,565	19,703
Accrued and other liabilities	45,670	45,497
Total current liabilities	70,211	78,072
Deferred tax liability	43	136
Deferred payments for intangible assets	1,348	2,461
Operating lease liability, less current portion	26,893	28,278
Other liabilities	97,686	96,551
Total liabilities	196,181	205,498
Commitments and contingencies (Note 9)
Stockholders’ equity:
Preferred stock: $0.001 par value; 10,000,000 shares authorized at March 31, 2024 and December 31, 2023; no shares issued and outstanding at March 31, 2024 and December 31, 2023	0	0
Common stock: $0.001 par value; 100,000,000 shares authorized at March 31, 2024 and December 31, 2023; 51,782,612 and 51,503,377 shares issued and outstanding at March 31, 2024 and December 31, 2023, respectively	49	49
Additional paid-in capital	959,734	946,511
Accumulated other comprehensive loss	(8,108)	(6,963)
Accumulated deficit	(695,450)	(678,269)
Total stockholders’ equity	256,225	261,328
Total liabilities and stockholders’ equity	$ 452,406	$ 466,826

About CareDx Inc

CareDx, Inc. discovers, develops, and commercializes diagnostic solutions for transplant patients and caregivers. 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. The company offers Olerup SSP, which is used to type human leukocyte antigen (HLA) alleles based on sequence specific primer technology; QTYPE that enables precision in HLA typing; and Ottr, a transplant patient management software. In addition, it provides AlloSeq Tx, a high-resolution HLA typing solution; AlloSeq cfDNA, a surveillance solution to measure dd-cfDNA in blood; AlloSeq HCT, a solution for chimerism testing for stem cell transplant recipients; and XynQAPI transplant quality tracking and waitlist management solutions, as well as AlloCare, a mobile app that offers a patient-centric resource for transplant recipients. The company offers its products directly to customers, as well as through third-party distributors and sub-distributors. It has a license agreement with Illumina, Inc. for the distribution, development, and commercialization of NGS products and technologies; and Cibiltech SAS to commercialize iBox, a software for the predictive analysis of post-transplantation kidney allograft loss. The company was formerly known as XDx, Inc. and changed its name to CareDx, Inc. in March 2014. The company was incorporated in 1998 and is headquartered in South San Francisco, California.

CEO	Dr. Reginald Seeto M.D., MBBS
WEBSITE	caredx.com
INDUSTRY	Diagnostics & Research
EMPLOYEES	727

CareDx Inc Frequently Asked Questions

What is the ticker symbol for CareDx Inc? What does CDNA stand for in stocks?

CDNA is the stock ticker symbol of CareDx Inc. Every public company that trades on a stock exchange gets a ticker symbol.

What is the market capital of CareDx Inc (CDNA)?

As of Fri May 17 2024, market cap of CareDx Inc is 808.34 Million. The market capitalization is calculated by multiplying the stock price with the number of shares outstanding.

What is the fair value of CDNA stock?

You can check CDNA's fair value in chart for subscribers.

What is the fair value of CDNA stock?

You can check CDNA's fair value in chart for subscribers. The fair value of CareDx Inc is provided for various growth and macro-economic scenarios from very pessimiatic to very optimistic assumptions. These fair values are estimates from Grufity's Fair Value model based on company's past performance. However, past performance of CareDx Inc is no guarantee of future performance. These fairvalue estimates should only be used as one of the inputs in your stock analysis. We provide model's historical fair value estimates for CDNA so that you know how good or bad the model has been in the past so you can discard it if needed. There are others that provide fair values of stocks such as wallmine, finbox, gurufocus and finviz. Most provide point in time estimates. We provide a history of our models fair value estimates so that you can get a sense of it's usefulness. Otherwise this data point is of little use.

Is CareDx Inc a good stock to buy?

The fair value guage provides a quick view whether CDNA is over valued or under valued. Whether CareDx Inc is cheap or expensive depends on the assumptions which impact CareDx Inc's fair value. We provide several scenarios of inflation and growth to encompass these range of assumptions for CDNA.

What is CareDx Inc's Price to Earnings (PE) and Price to sales (PS) ratio?

As of Fri May 17 2024, CDNA's PE ratio (Price to Earnings) is -4.41 and Price to Sales (PS) ratio is 2.94. The price to earnings and price to sales ratio are two most important valuation metrics for any company. PE ratio tell us the number of years of earnings investors are ready to pay for owning the company. Historically, S&P500 price to earnings ratio has fallen below 12 during periods of gloom and gone past 30 during periods of euphoria. CDNA PE ratio will change depending on the future growth rate expectations of investors.