NEW YORK – CareDx on Tuesday announced a program to repurchase up to $50 million of its common stock over a 24 month period.
The Brisbane, California-based company may purchase these shares on a discretionary basis through open market repurchase, privately negotiated transactions, or other means, including through Rule 10b5-1 trading plans, or via other techniques, it said.
CareDx will fund purchases from its existing cash and cash equivalents or future cash flow and is not obligated to acquire a specified number of shares. The company may also modify, suspend, or discontinue the program at its discretion.
CareDx recently announced third quarter cash and cash equivalents of $83.0 million and $208.3 million in marketable securities.
In Tuesday morning trading on the Nasdaq, CareDx shares were up approximately 8 percent, to $13.55 per share.