Bamco Inc. NY Makes New $55.21 Million Investment in CareDx, Inc. $CDNA

Key Points

• Bamco Inc. NY acquired 1.94 million CareDx shares worth approximately $55.2 million, representing about 3.75% of the company. Other major institutions, including BlackRock and Deerfield Management, also established or increased positions.
• Analysts have become more positive on CareDx, with BTIG Research raising its price target to $60 and Craig Hallum setting a $64 target. The stock carries a “Moderate Buy” consensus rating and an average price target of $47.75.
• CareDx reported stronger-than-expected quarterly results, posting $0.37 in adjusted EPS and $131.95 million in revenue, up 52.2% year over year. Shares opened at $50.96, near their 52-week high of $51.13, while insiders have sold $3.77 million of stock over the past three months.

Bamco Inc. NY bought a new stake in CareDx, Inc. (NASDAQ:CDNA - Free Report) in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 1,937,326 shares of the company's stock, valued at approximately $55,214,000. Bamco Inc. NY owned approximately 3.75% of CareDx as of its most recent SEC filing.

Other hedge funds and other institutional investors have also modified their holdings of the company. BlackRock Inc. purchased a new stake in shares of CareDx in the 2nd quarter valued at approximately $137,219,000. State Street Corp raised its position in CareDx by 6.7% in the fourth quarter. State Street Corp now owns 2,737,752 shares of the company's stock valued at $51,579,000 after purchasing an additional 171,303 shares during the period. Deerfield Management Company L.P. acquired a new position in shares of CareDx in the 3rd quarter valued at $31,857,000. Gagnon Securities LLC lifted its stake in shares of CareDx by 2.6% in the 4th quarter. Gagnon Securities LLC now owns 1,774,890 shares of the company's stock valued at $33,439,000 after purchasing an additional 45,465 shares during the last quarter. Finally, Sumitomo Mitsui Trust Group Inc. grew its holdings in shares of CareDx by 2.0% during the 1st quarter. Sumitomo Mitsui Trust Group Inc. now owns 1,475,126 shares of the company's stock worth $25,608,000 after purchasing an additional 28,510 shares during the period.

Insider Activity

In related news, CEO John Walter Hanna, Jr. sold 39,900 shares of the business's stock in a transaction on Monday, June 29th. The shares were sold at an average price of $29.24, for a total transaction of $1,166,676.00. Following the completion of the transaction, the chief executive officer owned 661,959 shares in the company, valued at approximately $19,355,681.16. The trade was a 5.68% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Hannah Valantine sold 12,103 shares of the business's stock in a transaction 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 owned 36,686 shares of the company's stock, valued at approximately $847,813.46. The trade was a 24.81% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 114,936 shares of company stock valued at $3,770,348 over the last three months. 2.40% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

Several brokerages recently issued reports on CDNA. Weiss Ratings upgraded shares of CareDx from a "sell (d+)" rating to a "hold (c)" rating in a report on Thursday, August 13th. BTIG Research boosted their price target on shares of CareDx from $45.00 to $60.00 and gave the company a "buy" rating in a research note on Thursday, August 6th. William Blair upgraded shares of CareDx to a "hold" rating in a report on Thursday, July 16th. HC Wainwright reaffirmed a "neutral" rating and set a $46.00 price objective on shares of CareDx in a research report on Friday, July 31st. Finally, Craig Hallum upgraded shares of CareDx from a "hold" rating to a "buy" rating and set a $64.00 target price for the company in a report on Monday, August 3rd. One analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and four have assigned a Hold rating to the company. Based on data from MarketBeat.com, CareDx currently has an average rating of "Moderate Buy" and an average price target of $47.75.

CareDx Stock Up 0.3%

Shares of CDNA opened at $50.96 on Thursday. CareDx, Inc. has a fifty-two week low of $12.37 and a fifty-two week high of $51.13. The firm's 50 day moving average price is $37.41 and its 200 day moving average price is $26.04. The company has a market cap of $2.64 billion, a P/E ratio of 24.62 and a beta of 2.39.

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