ARK Investment Management LLC Has $41.67 Million Holdings in CareDx, Inc. (NASDAQ:CDNA)

Key Points

• ARK Investment Management LLC has reduced its stake in CareDx, Inc. by 2.6%, now holding approximately $41.67 million in the company's stock.
• Wall Street analysts have mixed views on CareDx, with price targets ranging from $25.00 to $40.00, while maintaining an average rating of "Moderate Buy."
• CareDx reported a 17.6% increase in revenue year-over-year, with a quarterly earnings per share (EPS) of $0.09, exceeding expectations.

ARK Investment Management LLC decreased its stake in CareDx, Inc. (NASDAQ:CDNA - Free Report) by 2.6% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,347,382 shares of the company's stock after selling 61,718 shares during the period. ARK Investment Management LLC owned 4.22% of CareDx worth $41,666,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Principal Financial Group Inc. grew its holdings in CareDx by 3.4% during the first quarter. Principal Financial Group Inc. now owns 19,624 shares of the company's stock worth $348,000 after purchasing an additional 640 shares during the period. Hsbc Holdings PLC boosted its holdings in shares of CareDx by 6.9% during the fourth quarter. Hsbc Holdings PLC now owns 17,131 shares of the company's stock worth $365,000 after acquiring an additional 1,109 shares during the period. Legal & General Group Plc boosted its holdings in shares of CareDx by 1.3% during the fourth quarter. Legal & General Group Plc now owns 89,751 shares of the company's stock worth $1,922,000 after acquiring an additional 1,118 shares during the period. Sterling Capital Management LLC boosted its holdings in shares of CareDx by 771.2% during the fourth quarter. Sterling Capital Management LLC now owns 1,272 shares of the company's stock worth $27,000 after acquiring an additional 1,126 shares during the period. Finally, Swiss National Bank boosted its holdings in shares of CareDx by 1.9% during the fourth quarter. Swiss National Bank now owns 98,600 shares of the company's stock worth $2,111,000 after acquiring an additional 1,800 shares during the period.

Insider Activity

In other news, Director Hannah Valantine sold 10,570 shares of the company's stock in a transaction dated Wednesday, June 18th. The shares were sold at an average price of $19.16, for a total transaction of $202,521.20. Following the transaction, the director owned 38,994 shares in the company, valued at approximately $747,125.04. This represents a 21.33% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Christine Cournoyer sold 29,136 shares of the company's stock in a transaction dated Monday, May 12th. The shares were sold at an average price of $15.96, for a total transaction of $465,010.56. Following the transaction, the director owned 37,045 shares in the company, valued at $591,238.20. This represents a 44.02% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 125,797 shares of company stock worth $2,191,084. 4.40% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on CDNA. Craig Hallum reduced their price objective on CareDx from $40.00 to $26.00 and set a "buy" rating for the company in a report on Friday, July 18th. Wall Street Zen downgraded shares of CareDx from a "buy" rating to a "hold" rating in a research report on Monday, May 5th. Stephens reiterated an "overweight" rating and issued a $40.00 price target on shares of CareDx in a research report on Monday, May 5th. HC Wainwright reiterated a "neutral" rating and issued a $25.00 price target on shares of CareDx in a research report on Monday, May 5th. Finally, The Goldman Sachs Group dropped their price target on shares of CareDx from $34.00 to $26.00 and set a "buy" rating for the company in a research report on Thursday, April 17th. Three equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $29.33.

CareDx Price Performance

Shares of CareDx stock traded up $0.46 during trading on Wednesday, hitting $13.18. The company's stock had a trading volume of 609,156 shares, compared to its average volume of 1,138,734. CareDx, Inc. has a 52 week low of $10.96 and a 52 week high of $34.84. The stock has a market cap of $733.86 million, a price-to-earnings ratio of 11.43 and a beta of 2.19. The stock has a 50-day moving average price of $17.68 and a two-hundred day moving average price of $19.02.

CareDx (NASDAQ:CDNA - Get Free Report) last issued its quarterly earnings results on Wednesday, April 30th. The company reported $0.09 EPS for the quarter, beating analysts' consensus estimates of $0.06 by $0.03. The business had revenue of $84.69 million for the quarter, compared to analysts' expectations of $84.56 million. CareDx had a net margin of 19.79% and a return on equity of 21.16%. The business's quarterly revenue was up 17.6% compared to the same quarter last year. During the same quarter in the prior year, the firm posted ($0.03) earnings per share. On average, equities analysts predict that CareDx, Inc. will post -0.9 EPS for the current fiscal year.

CareDx Profile

CareDx, Inc engages in the discovery, development, and commercialization of diagnostic solutions for transplant patients and caregivers in the United States and internationally. 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.