171,014 Shares in CareDx, Inc. $CDNA Bought by Bank of New York Mellon Corp

Key Points

• Bank of New York Mellon initiated a CareDx position, purchasing 171,014 shares worth approximately $4.9 million, or about 0.33% of the company. Other institutional investors, including Bank of America and Janus Henderson, also increased or initiated holdings.
• CareDx reported strong quarterly results, with EPS of $0.37 versus the $0.23 consensus estimate and revenue of $131.95 million, up 52.2% year over year. Analysts hold a “Moderate Buy” consensus rating with an average price target of $51.20.
• Insiders sold 110,101 shares worth approximately $3.65 million over the past three months, while CareDx shares recently traded at $50.88—near the company’s 52-week high of $53.67.

Bank of New York Mellon Corp purchased a new position in CareDx, Inc. (NASDAQ:CDNA - Free Report) in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 171,014 shares of the company's stock, valued at approximately $4,874,000. Bank of New York Mellon Corp owned about 0.33% of CareDx at the end of the most recent quarter.

Several other large investors have also modified their holdings of CDNA. State of Wyoming bought a new stake in CareDx in the second quarter valued at $227,000. GSA Capital Partners LLP acquired a new stake in CareDx in the second quarter worth approximately $725,000. Bank of America Corp DE raised its position in CareDx by 44.9% in the first quarter. Bank of America Corp DE now owns 470,665 shares of the company's stock worth $8,171,000 after acquiring an additional 145,840 shares in the last quarter. Janus Henderson Group PLC boosted its position in shares of CareDx by 10.1% during the 1st quarter. Janus Henderson Group PLC now owns 316,519 shares of the company's stock valued at $5,495,000 after purchasing an additional 28,958 shares in the last quarter. Finally, Amundi purchased a new stake in shares of CareDx during the first quarter valued at $206,000.

Insider Activity at CareDx

In other news, Director Hannah Valantine sold 12,103 shares of the company's stock in a transaction that occurred on Monday, June 15th. The stock was sold at an average price of $23.11, for a total transaction of $279,700.33. Following the transaction, the director directly owned 36,686 shares of the company's stock, valued at $847,813.46. This represents a 24.81% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Christine Cournoyer sold 16,000 shares of the business's stock in a transaction that occurred on Tuesday, August 4th. The stock was sold at an average price of $46.94, for a total value of $751,040.00. Following the sale, the director directly owned 42,943 shares of the company's stock, valued at $2,015,744.42. This represents a 27.14% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders have sold 110,101 shares of company stock valued at $3,654,308. Company insiders own 2.40% of the company's stock.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on CDNA shares. Weiss Ratings upgraded CareDx from a "sell (d+)" rating to a "hold (c)" rating in a report on Thursday, August 13th. HC Wainwright restated a "neutral" rating and issued a $46.00 target price on shares of CareDx in a report on Friday, July 31st. Zacks Research raised CareDx from a "hold" rating to a "strong-buy" rating in a research report on Thursday, August 6th. William Blair upgraded CareDx to a "hold" rating in a report on Thursday, July 16th. Finally, BTIG Research upped their price objective on shares of CareDx from $45.00 to $60.00 and gave the stock a "buy" rating in a report on Thursday, August 6th. One research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and four have given a Hold rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $51.20.

CareDx Stock Performance

Shares of CareDx stock opened at $50.88 on Friday. The business's 50 day simple moving average is $40.72 and its 200 day simple moving average is $27.49. CareDx, Inc. has a 52-week low of $13.12 and a 52-week high of $53.67. The firm has a market cap of $2.63 billion, a PE ratio of 24.58 and a beta of 2.43.

CareDx (NASDAQ:CDNA - Get Free Report) last released its quarterly earnings results on Thursday, July 30th. The company reported $0.37 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.23 by $0.14. CareDx had a return on equity of 2.87% and a net margin of 24.23%.The business had revenue of $131.95 million during the quarter, compared to the consensus estimate of $114.05 million. During the same period in the previous year, the company posted ($0.16) EPS. The firm's quarterly revenue was up 52.2% on a year-over-year basis. As a group, equities research analysts predict that CareDx, Inc. will post 0.47 EPS for the current year.

CareDx Profile

CareDx, Inc NASDAQ: CDNA is a precision diagnostics company focused on the care of transplant patients. The firm develops and commercializes non‐invasive tests designed to detect organ transplant rejection and infection risk, helping physicians make informed management decisions throughout the post‐transplant journey.

The company's core product portfolio includes AlloMap®, a gene expression profiling test for heart transplant recipients, and AlloSure®, a donor‐derived cell‐free DNA assay used primarily in kidney transplant monitoring.

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