ARK Investment Management LLC Reduces Stock Position in CareDx, Inc. $CDNA

Key Points

• ARK Investment Management LLC has reduced its stake in CareDx, Inc. by 10.5%, now owning 2,100,157 shares worth approximately $41 million.
• Recent analyst ratings for CareDx show a mix of sentiments: four analysts rated it as a Buy, three as Hold, and two as Sell, with a consensus price target of $25.50.
• CareDx reported a net revenue of $90.51 million for the last quarter, which was below expectations, and its earnings per share missed consensus estimates significantly by ($0.28).

ARK Investment Management LLC lowered its stake in shares of CareDx, Inc. (NASDAQ:CDNA - Free Report) by 10.5% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 2,100,157 shares of the company's stock after selling 247,225 shares during the period. ARK Investment Management LLC owned 3.77% of CareDx worth $41,037,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in the stock. Janney Montgomery Scott LLC purchased a new stake in shares of CareDx in the first quarter worth $375,000. Acadian Asset Management LLC raised its position in shares of CareDx by 6.1% in the first quarter. Acadian Asset Management LLC now owns 359,303 shares of the company's stock worth $6,373,000 after buying an additional 20,806 shares in the last quarter. Dynamic Technology Lab Private Ltd raised its position in shares of CareDx by 67.8% in the first quarter. Dynamic Technology Lab Private Ltd now owns 53,527 shares of the company's stock worth $950,000 after buying an additional 21,627 shares in the last quarter. Strs Ohio purchased a new stake in shares of CareDx in the first quarter worth $462,000. Finally, US Bancorp DE raised its position in shares of CareDx by 7.2% in the first quarter. US Bancorp DE now owns 18,403 shares of the company's stock worth $327,000 after buying an additional 1,235 shares in the last quarter.

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on CDNA shares. Wall Street Zen upgraded CareDx from a "sell" rating to a "hold" rating in a research report on Monday. BTIG Research reiterated a "buy" rating and issued a $22.00 price objective on shares of CareDx in a research report on Tuesday, September 23rd. Craig Hallum lowered their price objective on CareDx from $40.00 to $26.00 and set a "buy" rating on the stock in a research report on Friday, July 18th. Wells Fargo & Company lowered their price objective on CareDx from $19.00 to $14.00 and set an "equal weight" rating on the stock in a research report on Friday, August 8th. Finally, Weiss Ratings restated a "sell (d+)" rating on shares of CareDx in a research report on Wednesday, October 8th. Four investment analysts have rated the stock with a Buy rating, three have assigned a Hold rating and two have given a Sell rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus price target of $25.50.

CareDx Trading Down 0.2%

Shares of NASDAQ:CDNA opened at $15.19 on Wednesday. The stock's 50-day moving average price is $13.91 and its 200-day moving average price is $15.89. CareDx, Inc. has a 12-month low of $10.96 and a 12-month high of $26.37. The stock has a market capitalization of $808.52 million, a P/E ratio of 14.89 and a beta of 2.37.

CareDx (NASDAQ:CDNA - Get Free Report) last announced its quarterly earnings data on Wednesday, August 6th. The company reported ($0.16) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.12 by ($0.28). CareDx had a net margin of 17.97% and a return on equity of 18.03%. The company had revenue of $90.51 million for the quarter, compared to the consensus estimate of $90.72 million. During the same period last year, the business posted $0.25 earnings per share. The firm's quarterly revenue was down 6.1% compared to the same quarter last year. As a group, research analysts predict that CareDx, Inc. will post -0.9 EPS for the current 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.

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