BlackRock Inc. Invests $137.22 Million in CareDx, Inc. $CDNA

Key Points

• BlackRock acquired 4.81 million CareDx shares worth approximately $137.2 million, giving it a 9.31% stake in the transplant diagnostics company.
• CareDx reported strong quarterly results, with EPS of $0.37 versus the $0.23 consensus estimate and revenue of $131.95 million, up 52.2% year over year.
• Analysts maintain a “Moderate Buy” consensus rating with an average price target of $47.75, while CDNA recently traded at $49.79 after reaching a one-year high of $53.67.

BlackRock Inc. bought a new position in shares of CareDx, Inc. (NASDAQ:CDNA - Free Report) in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 4,814,709 shares of the company's stock, valued at approximately $137,219,000. BlackRock Inc. owned about 9.31% of CareDx as of its most recent SEC filing.

A number of other institutional investors have also bought and sold shares of CDNA. Globeflex Capital L P grew its stake in CareDx by 49.4% during the 1st quarter. Globeflex Capital L P now owns 119,252 shares of the company's stock valued at $2,070,000 after purchasing an additional 39,457 shares during the last quarter. Janus Henderson Group PLC raised its stake in shares of CareDx by 10.1% in the first quarter. Janus Henderson Group PLC now owns 316,519 shares of the company's stock worth $5,495,000 after purchasing an additional 28,958 shares during the last quarter. Fidelis Capital Partners LLC acquired a new stake in shares of CareDx during the fourth quarter worth about $420,000. Renaissance Technologies LLC lifted its holdings in shares of CareDx by 7.2% during the first quarter. Renaissance Technologies LLC now owns 1,184,398 shares of the company's stock worth $20,561,000 after purchasing an additional 79,200 shares during the period. Finally, Amova Asset Management Americas Inc. boosted its position in CareDx by 2.0% in the first quarter. Amova Asset Management Americas Inc. now owns 1,475,126 shares of the company's stock valued at $25,608,000 after buying an additional 28,510 shares during the last quarter.

CareDx Price Performance

NASDAQ:CDNA opened at $49.79 on Friday. The firm's 50-day moving average price is $38.41 and its 200-day moving average price is $26.44. The company has a market capitalization of $2.58 billion, a PE ratio of 24.05 and a beta of 2.39. CareDx, Inc. has a 1-year low of $12.37 and a 1-year high of $53.67.

CareDx (NASDAQ:CDNA - Get Free Report) last issued its earnings results on Thursday, July 30th. The company reported $0.37 earnings per share (EPS) for the quarter, topping 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 business had revenue of $131.95 million during the quarter, compared to analysts' expectations of $114.05 million. During the same period in the previous year, the company earned ($0.16) earnings per share. The business's revenue for the quarter was up 52.2% compared to the same quarter last year. Equities analysts anticipate that CareDx, Inc. will post 0.47 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on the stock. Weiss Ratings raised shares of CareDx from a "sell (d+)" rating to a "hold (c)" rating in a report on Thursday, August 13th. BTIG Research upped their target price on CareDx from $45.00 to $60.00 and gave the stock a "buy" rating in a research note on Thursday, August 6th. Wall Street Zen upgraded CareDx from a "buy" rating to a "strong-buy" rating in a research report on Sunday, May 3rd. HC Wainwright restated a "neutral" rating and issued a $46.00 price objective on shares of CareDx in a research report on Friday, July 31st. Finally, Zacks Research upgraded shares of CareDx from a "hold" rating to a "strong-buy" rating in a research note on Thursday, August 6th. One investment analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and four have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $47.75.

Insiders Place Their Bets

In other news, Director George Bickerstaff sold 20,000 shares of the business's stock in a transaction on Wednesday, August 5th. The stock was sold at an average price of $46.28, for a total value of $925,600.00. Following the completion of the transaction, the director owned 134,061 shares in the company, valued at $6,204,343.08. The trade was a 12.98% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO John Walter Hanna, Jr. sold 39,900 shares of the company's stock in a transaction on 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 approximately $19,355,681.16. The trade was a 5.68% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders sold 114,936 shares of company stock valued at $3,770,348. Insiders own 2.40% of the company's stock.

CareDx Company 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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