CareDx, Inc. $CDNA Stock Position Lessened by Allspring Global Investments Holdings LLC

Key Points

• Allspring Global Investments Holdings LLC has reduced its stake in CareDx, Inc. by 20.3%, now holding 344,451 shares valued at approximately $6.73 million.
• Analysts have mixed views on CareDx, with a consensus rating of "Hold" and an average target price of $25.50, following recent price target adjustments from various brokerages.
• CareDx's recent earnings report revealed a loss of ($0.16) EPS, missing estimates, with year-over-year revenue decline of 6.1%.

Allspring Global Investments Holdings LLC decreased its holdings in CareDx, Inc. (NASDAQ:CDNA - Free Report) by 20.3% in the 2nd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 344,451 shares of the company's stock after selling 87,584 shares during the quarter. Allspring Global Investments Holdings LLC owned 0.62% of CareDx worth $6,731,000 as of its most recent filing with the SEC.

Several other hedge funds also recently modified their holdings of the company. Invesco Ltd. increased its position in shares of CareDx by 76.1% during the 1st quarter. Invesco Ltd. now owns 2,667,861 shares of the company's stock valued at $47,355,000 after purchasing an additional 1,153,011 shares during the period. Gagnon Securities LLC increased its position in shares of CareDx by 8.9% during the 2nd quarter. Gagnon Securities LLC now owns 1,548,912 shares of the company's stock valued at $30,266,000 after purchasing an additional 127,223 shares during the period. Goldman Sachs Group Inc. increased its position in shares of CareDx by 18.1% during the 1st quarter. Goldman Sachs Group Inc. now owns 1,110,014 shares of the company's stock valued at $19,703,000 after purchasing an additional 170,504 shares during the period. Connor Clark & Lunn Investment Management Ltd. increased its position in shares of CareDx by 14.7% during the 1st quarter. Connor Clark & Lunn Investment Management Ltd. now owns 1,003,580 shares of the company's stock valued at $17,814,000 after purchasing an additional 128,383 shares during the period. Finally, Russell Investments Group Ltd. increased its position in shares of CareDx by 89.9% during the 1st quarter. Russell Investments Group Ltd. now owns 594,851 shares of the company's stock valued at $10,559,000 after purchasing an additional 281,592 shares during the period.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on CDNA. Craig Hallum lowered their price target on CareDx from $40.00 to $26.00 and set a "buy" rating on the stock in a research report on Friday, July 18th. Wall Street Zen upgraded CareDx from a "sell" rating to a "hold" rating in a report on Monday. Wells Fargo & Company decreased their target price on CareDx from $19.00 to $14.00 and set an "equal weight" rating on the stock in a report on Friday, August 8th. BTIG Research restated a "buy" rating and issued a $22.00 target price on shares of CareDx in a report on Tuesday, September 23rd. Finally, William Blair initiated coverage on CareDx in a report on Tuesday, August 26th. They issued a "market perform" rating on the stock. Four investment analysts have rated the stock with a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat, CareDx presently has a consensus rating of "Hold" and an average target price of $25.50.

CareDx Trading Down 3.9%

CDNA opened at $14.41 on Monday. The stock has a market cap of $767.04 million, a price-to-earnings ratio of 14.13 and a beta of 2.37. CareDx, Inc. has a 1 year low of $10.96 and a 1 year high of $26.37. The stock has a fifty day moving average price of $13.79 and a 200 day moving average price of $15.91.

CareDx (NASDAQ:CDNA - Get Free Report) last released its quarterly earnings data on Wednesday, August 6th. The company reported ($0.16) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.12 by ($0.28). CareDx had a net margin of 17.97% and a return on equity of 18.03%. The firm had revenue of $90.51 million for the quarter, compared to analyst estimates of $90.72 million. During the same period in the previous year, the business posted $0.25 EPS. CareDx's revenue for the quarter was down 6.1% on a year-over-year basis. As a group, sell-side analysts forecast that CareDx, Inc. will post -0.9 earnings per share for the current fiscal year.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.