571,808 Shares in CareDx, Inc. $CDNA Purchased by Bank of America Corp DE

Key Points

• Bank of America acquired 571,808 CareDx shares worth approximately $16.3 million, representing about 1.11% of the company. Other institutions, including BlackRock, also initiated or increased positions.
• CareDx reported quarterly results above expectations, with adjusted EPS of $0.37 versus a $0.23 consensus estimate and revenue of $131.95 million, up 52.2% year over year.
• Analyst sentiment is favorable, with a consensus “Moderate Buy” rating and an average price target of $54.00; however, insiders sold 75,900 shares worth $2.84 million over the past 90 days.

Bank of America Corp DE purchased a new stake in shares of CareDx, Inc. (NASDAQ:CDNA - Free Report) during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund purchased 571,808 shares of the company's stock, valued at approximately $16,297,000. Bank of America Corp DE owned approximately 1.11% of CareDx as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of the stock. BlackRock Inc. purchased a new stake in shares of CareDx during the 2nd quarter worth about $137,219,000. Jupiter Topco LLC bought a new position in CareDx during the second quarter valued at about $9,673,000. BNP Paribas Financial Markets lifted its position in shares of CareDx by 151.8% in the fourth quarter. BNP Paribas Financial Markets now owns 487,050 shares of the company's stock worth $9,176,000 after buying an additional 293,614 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. acquired a new stake in shares of CareDx in the second quarter worth about $7,644,000. Finally, Legal & General Group Plc bought a new stake in shares of CareDx during the 2nd quarter worth about $6,041,000.

CareDx Price Performance

Shares of CDNA stock opened at $61.37 on Friday. The stock has a market cap of $3.17 billion, a P/E ratio of 29.65 and a beta of 2.43. CareDx, Inc. has a one year low of $13.95 and a one year high of $63.09. The stock has a fifty day moving average price of $47.30 and a 200 day moving average price of $30.92.

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

Analysts Set New Price Targets

CDNA has been the topic of a number of recent analyst reports. Weiss Ratings raised CareDx from a "sell (d+)" rating to a "hold (c)" rating in a research note on Thursday, August 13th. William Blair upgraded shares of CareDx to a "hold" rating in a report on Thursday, July 16th. Craig Hallum raised CareDx from a "hold" rating to a "buy" rating and set a $64.00 price objective for the company in a research report on Monday, August 3rd. Zacks Research upgraded CareDx from a "hold" rating to a "strong-buy" rating in a research note on Thursday, August 6th. Finally, BTIG Research raised their target price on CareDx from $60.00 to $74.00 and gave the company a "buy" rating in a report on Thursday. One equities research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and four have issued a Hold rating to the company's stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $54.00.

Insider Activity at CareDx

In other CareDx news, CEO Walter Jr sold 39,900 shares of the business's stock in a transaction dated Monday, June 29th. The shares were sold at an average price of $29.24, for a total value of $1,166,676.00. Following the transaction, the chief executive officer directly owned 661,959 shares in the company, valued at $19,355,681.16. The trade was a 5.68% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Christine Cournoyer sold 16,000 shares of the company's stock in a transaction dated Tuesday, August 4th. The stock was sold at an average price of $46.94, for a total transaction of $751,040.00. Following the sale, the director directly owned 42,943 shares in the company, valued at $2,015,744.42. This represents a 27.14% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 75,900 shares of company stock valued at $2,843,316 in the last ninety days. Insiders own 2.40% of the company's stock.

CareDx Profile

CareDx, Inc is a precision medicine company focused on improving outcomes for transplant patients. The company develops and commercializes diagnostic tests, monitoring solutions and digital health services designed to help clinicians assess organ health, identify potential rejection and support the long-term management of transplant recipients.

Its portfolio includes AlloMap, a gene-expression blood test used in heart-transplant monitoring, and AlloSure, a donor-derived cell-free DNA test used to assess kidney-transplant health.

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