CareDx, Inc. $CDNA Stock: Gagnon Securities LLC Trims Position

Key Points

• Gagnon Securities cut its CareDx stake by 39.3% in the third quarter, selling 696,336 shares. It still held 1.07 million shares, worth about $69.8 million, and CareDx remained its largest portfolio position.
• CareDx reported quarterly EPS of $0.70, beating the $0.25 consensus estimate, while revenue of $139.36 million topped forecasts and rose 39.3% year over year.
• CFO Keith Kennedy sold 61,961 shares under a pre-arranged Rule 10b5-1 plan, reducing his position by 23.73%. Analysts’ average rating was “Moderate Buy,” with an average price target of $70.33.

Gagnon Securities LLC reduced its position in shares of CareDx, Inc. (NASDAQ:CDNA - Free Report) by 39.3% during the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 1,074,399 shares of the company's stock after selling 696,336 shares during the quarter. CareDx comprises about 12.1% of Gagnon Securities LLC's portfolio, making the stock its biggest position. Gagnon Securities LLC owned 2.04% of CareDx worth $69,836,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also bought and sold shares of the company. Lisanti Capital Growth LLC bought a new stake in shares of CareDx in the third quarter valued at about $8,463,000. Allspring Global Investments Holdings LLC lifted its stake in CareDx by 4.4% in the third quarter. Allspring Global Investments Holdings LLC now owns 23,000 shares of the company's stock worth $1,523,000 after acquiring an additional 961 shares during the period. Ethic Inc. bought a new position in CareDx during the 3rd quarter worth about $379,000. Alps Advisors Inc. bought a new position in CareDx during the 3rd quarter worth about $720,000. Finally, Calamos Advisors LLC bought a new position in CareDx during the 3rd quarter worth about $225,000.

Insider Activity

In other news, CFO Keith Kennedy sold 61,961 shares of CareDx stock in a transaction that occurred on Thursday, November 5th. The shares were sold at an average price of $77.82, for a total value of $4,821,805.02. Following the transaction, the chief financial officer owned 199,147 shares of the company's stock, valued at $15,497,619.54. The trade was a 23.73% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 2.40% of the stock is currently owned by insiders.

CareDx Price Performance

Shares of NASDAQ CDNA opened at $81.17 on Thursday. The stock has a market capitalization of $4.26 billion, a P/E ratio of 33.96 and a beta of 2.51. CareDx, Inc. has a 1-year low of $15.15 and a 1-year high of $90.87. The business has a fifty day moving average price of $65.18 and a 200 day moving average price of $36.12.

CareDx (NASDAQ:CDNA - Get Free Report) last posted its earnings results on Thursday, October 29th. The company reported $0.70 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.25 by $0.45. The company had revenue of $139.36 million for the quarter, compared to analyst estimates of $121.96 million. CareDx had a return on equity of 9.74% and a net margin of 25.86%. The firm's quarterly revenue was up 39.3% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.03 earnings per share. As a group, equities research analysts anticipate that CareDx, Inc. will post 0.99 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several equities research analysts have recently commented on CDNA shares. Piper Sandler started coverage on shares of CareDx in a report on Wednesday. They issued an "overweight" rating and a $100.00 price target for the company. Canaccord Genuity Group set a $99.00 price objective on shares of CareDx in a research note on Friday, October 30th. Craig Hallum upgraded shares of CareDx from a "hold" rating to a "buy" rating and set a $64.00 price objective on the stock in a research note on Monday, August 3rd. HC Wainwright reissued a "neutral" rating and set a $46.00 price objective on shares of CareDx in a report on Friday, July 31st. Finally, William Blair raised shares of CareDx to a "hold" rating in a research note on Thursday, July 16th. One investment analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and four have assigned a Hold rating to the company's stock. Based on data from MarketBeat, CareDx has an average rating of "Moderate Buy" and an average price target of $70.33.

About CareDx

CareDx, Inc. is a precision medicine company focused on organ transplantation. It develops and provides diagnostic tests and related services to help clinicians assess transplant recipients and monitor their health over time. Its offerings include AlloSure, a donor-derived cell-free DNA test used to help monitor for organ rejection, and AlloMap, a gene-expression test used in heart transplant care. CareDx also provides histocompatibility testing, clinical tools, and services designed to support patients and transplant care teams.

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