Canada Pension Plan Investment Board Takes Position in CareDx, Inc. $CDNA

Key Points

• Canada Pension Plan Investment Board acquired 52,800 CareDx shares worth approximately $1.5 million, representing a 0.10% stake. Several other institutional investors also increased their holdings.
• CareDx exceeded quarterly expectations, reporting $0.37 EPS versus a $0.23 consensus estimate and $131.95 million in revenue, up 52.2% year over year. Analysts maintain a “Moderate Buy” consensus with an average price target of $47.75.
• CareDx shares opened at $50.11, near their 12-month high of $53.67, while insiders have sold 114,936 shares worth $3.77 million over the past three months.

Canada Pension Plan Investment Board purchased a new position in shares of CareDx, Inc. (NASDAQ:CDNA - Free Report) in the second quarter, according to the company in its most recent disclosure with the SEC. The institutional investor purchased 52,800 shares of the company's stock, valued at approximately $1,505,000. Canada Pension Plan Investment Board owned 0.10% of CareDx at the end of the most recent quarter.

Other large investors have also made changes to their positions in the company. Price T Rowe Associates Inc. MD raised its position in CareDx by 1.8% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 39,218 shares of the company's stock valued at $739,000 after purchasing an additional 711 shares in the last quarter. The Manufacturers Life Insurance Company boosted its holdings in shares of CareDx by 4.8% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 27,742 shares of the company's stock valued at $542,000 after purchasing an additional 1,280 shares in the last quarter. Quarry LP bought a new position in shares of CareDx in the 4th quarter valued at $25,000. Allspring Global Investments Holdings LLC increased its stake in shares of CareDx by 11.3% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 21,242 shares of the company's stock valued at $380,000 after purchasing an additional 2,151 shares during the last quarter. Finally, SG Americas Securities LLC increased its stake in shares of CareDx by 8.3% in the 1st quarter. SG Americas Securities LLC now owns 29,949 shares of the company's stock valued at $520,000 after purchasing an additional 2,292 shares during the last quarter.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on CDNA shares. BTIG Research upped their price objective on CareDx from $45.00 to $60.00 and gave the stock a "buy" rating in a research report on Thursday, August 6th. HC Wainwright reiterated a "neutral" rating and issued a $46.00 target price on shares of CareDx in a research report on Friday, July 31st. Weiss Ratings raised CareDx from a "sell (d+)" rating to a "hold (c)" rating in a research note on Thursday, August 13th. William Blair upgraded shares of CareDx to a "hold" rating in a research note on Thursday, July 16th. Finally, Zacks Research raised shares of CareDx from a "hold" rating to a "strong-buy" rating in a report on Thursday, August 6th. One research 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's stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $47.75.

Insider Transactions at CareDx

In related news, Director Christine Cournoyer sold 16,000 shares of CareDx stock in a transaction that occurred on Tuesday, August 4th. The shares were sold at an average price of $46.94, for a total transaction of $751,040.00. Following the sale, the director directly owned 42,943 shares in the company, valued at $2,015,744.42. This trade represents a 27.14% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 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 that occurred 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 sale, the director directly owned 36,686 shares in the company, valued at $847,813.46. The trade was a 24.81% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders have sold 114,936 shares of company stock valued at $3,770,348. 2.40% of the stock is currently owned by company insiders.

CareDx Stock Up 0.6%

NASDAQ CDNA opened at $50.11 on Tuesday. The company has a market cap of $2.59 billion, a price-to-earnings ratio of 24.21 and a beta of 2.38. CareDx, Inc. has a twelve month low of $12.37 and a twelve month high of $53.67. The business's fifty day moving average is $38.91 and its 200 day moving average is $26.69.

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 analysts' consensus estimates of $0.23 by $0.14. The business had revenue of $131.95 million during the quarter, compared to analysts' expectations of $114.05 million. CareDx had a return on equity of 2.87% and a net margin of 24.23%.The business's revenue for the quarter was up 52.2% compared to the same quarter last year. During the same quarter in the prior year, the firm earned ($0.16) EPS. On average, research analysts anticipate that CareDx, Inc. will post 0.47 earnings per share for the current fiscal year.

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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