Bank of America Corp DE Sells 300,261 Shares of CareDx, Inc (NASDAQ:CDNA)

Bank of America Corp DE lessened its position in CareDx, Inc (NASDAQ:CDNA - Free Report) by 88.2% during the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 40,065 shares of the company's stock after selling 300,261 shares during the period. Bank of America Corp DE owned about 0.07% of CareDx worth $858,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in the company. Sterling Capital Management LLC lifted its position in CareDx by 771.2% in the 4th quarter. Sterling Capital Management LLC now owns 1,272 shares of the company's stock valued at $27,000 after acquiring an additional 1,126 shares in the last quarter. Tower Research Capital LLC TRC raised its stake in shares of CareDx by 553.7% in the fourth quarter. Tower Research Capital LLC TRC now owns 3,922 shares of the company's stock worth $84,000 after purchasing an additional 3,322 shares during the last quarter. Plato Investment Management Ltd lifted its holdings in shares of CareDx by 34.1% during the fourth quarter. Plato Investment Management Ltd now owns 5,390 shares of the company's stock valued at $116,000 after purchasing an additional 1,370 shares in the last quarter. IQ EQ FUND MANAGEMENT IRELAND Ltd lifted its holdings in shares of CareDx by 41.5% during the fourth quarter. IQ EQ FUND MANAGEMENT IRELAND Ltd now owns 9,343 shares of the company's stock valued at $200,000 after purchasing an additional 2,742 shares in the last quarter. Finally, KLP Kapitalforvaltning AS purchased a new stake in shares of CareDx during the fourth quarter valued at $208,000.

CareDx Trading Up 4.1%

CDNA opened at $19.52 on Monday. The company has a market cap of $1.09 billion, a price-to-earnings ratio of -7.23 and a beta of 2.18. The company's 50 day moving average is $17.32 and its 200 day moving average is $20.39. CareDx, Inc has a 12-month low of $13.18 and a 12-month high of $34.84.

CareDx (NASDAQ:CDNA - Get Free Report) last released its quarterly earnings results on Wednesday, April 30th. The company reported $0.09 earnings per share for the quarter, topping the consensus estimate of $0.06 by $0.03. The business had revenue of $84.69 million for the quarter, compared to the consensus estimate of $84.56 million. CareDx had a negative net margin of 45.90% and a negative return on equity of 53.70%. The company's quarterly revenue was up 17.6% on a year-over-year basis. During the same period last year, the firm earned ($0.03) earnings per share. As a group, analysts predict that CareDx, Inc will post -0.9 EPS for the current fiscal year.

Insiders Place Their Bets

In other CareDx news, Director William A. Hagstrom sold 30,000 shares of the firm's stock in a transaction dated Wednesday, May 28th. The stock was sold at an average price of $17.45, for a total transaction of $523,500.00. Following the sale, the director now directly owns 53,979 shares of the company's stock, valued at $941,933.55. This trade represents a 35.72% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Christine Cournoyer sold 16,700 shares of the business's stock in a transaction dated Tuesday, May 6th. The shares were sold at an average price of $14.13, for a total value of $235,971.00. Following the completion of the transaction, the director now owns 37,045 shares in the company, valued at $523,445.85. The trade was a 31.07% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 89,382 shares of company stock worth $1,458,009 over the last quarter. 4.40% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

A number of brokerages have weighed in on CDNA. The Goldman Sachs Group decreased their target price on CareDx from $34.00 to $26.00 and set a "buy" rating for the company in a research report on Thursday, April 17th. HC Wainwright restated a "neutral" rating and set a $25.00 price objective on shares of CareDx in a research report on Monday, May 5th. Wall Street Zen cut shares of CareDx from a "buy" rating to a "hold" rating in a report on Monday, May 5th. Finally, Stephens reiterated an "overweight" rating and set a $40.00 target price on shares of CareDx in a research note on Monday, May 5th. Three analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat.com, CareDx has a consensus rating of "Moderate Buy" and a consensus target price of $30.33.

About CareDx

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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