Federated Hermes Inc. Purchases 30,284 Shares of CareDx, Inc. (NASDAQ:CDNA)

Key Points

• Federated Hermes Inc. increased its stake in CareDx, Inc. by 29.8%, holding 131,861 shares worth approximately $2.34 million as of the last SEC filing.
• Despite some analyst ratings remaining optimistic, CareDx's stock price target has been downgraded by Goldman Sachs from $34 to $26, while maintaining a "buy" rating.
• Insider trading activity has seen significant sales, with directors selling a combined total of over $1.9 million worth of shares in the last three months.

Federated Hermes Inc. boosted its holdings in CareDx, Inc. (NASDAQ:CDNA - Free Report) by 29.8% during the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 131,861 shares of the company's stock after acquiring an additional 30,284 shares during the quarter. Federated Hermes Inc. owned 0.24% of CareDx worth $2,341,000 at the end of the most recent reporting period.

A number of other large investors have also recently modified their holdings of CDNA. Sei Investments Co. raised its position in shares of CareDx by 13.6% during the 4th quarter. Sei Investments Co. now owns 47,105 shares of the company's stock valued at $1,009,000 after buying an additional 5,649 shares in the last quarter. KLP Kapitalforvaltning AS bought a new position in shares of CareDx during the 4th quarter valued at about $208,000. Vanguard Group Inc. lifted its position in CareDx by 7.1% in the 4th quarter. Vanguard Group Inc. now owns 4,859,732 shares of the company's stock worth $104,047,000 after buying an additional 323,554 shares during the last quarter. JPMorgan Chase & Co. grew its position in CareDx by 720.0% during the fourth quarter. JPMorgan Chase & Co. now owns 197,912 shares of the company's stock valued at $4,237,000 after acquiring an additional 173,776 shares during the last quarter. Finally, Arrowstreet Capital Limited Partnership bought a new stake in shares of CareDx in the 4th quarter worth approximately $731,000.

Analyst Ratings Changes

Several research firms have recently commented on CDNA. Stephens reiterated an "overweight" rating and issued a $40.00 price objective on shares of CareDx in a report on Monday, May 5th. The Goldman Sachs Group decreased their target price on shares of CareDx from $34.00 to $26.00 and set a "buy" rating on the stock in a research note on Thursday, April 17th. Craig Hallum dropped their price target on shares of CareDx from $40.00 to $26.00 and set a "buy" rating for the company in a research report on Friday, July 18th. Wall Street Zen cut shares of CareDx from a "hold" rating to a "sell" rating in a research report on Saturday, August 2nd. Finally, HC Wainwright reiterated a "neutral" rating and set a $25.00 target price on shares of CareDx in a report on Monday, May 5th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and four have assigned a buy rating to the company's stock. Based on data from MarketBeat, the company presently has a consensus rating of "Hold" and an average target price of $29.33.

CareDx Stock Performance

Shares of NASDAQ:CDNA traded down $1.03 during midday trading on Thursday, reaching $12.07. 2,710,771 shares of the company's stock traded hands, compared to its average volume of 2,317,179. CareDx, Inc. has a one year low of $10.96 and a one year high of $34.84. The company has a market cap of $672.06 million, a price-to-earnings ratio of 12.84 and a beta of 2.22. The stock has a 50 day moving average of $17.04 and a 200 day moving average of $18.57.

CareDx (NASDAQ:CDNA - Get Free Report) last released its quarterly earnings results 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 return on equity of 17.82% and a net margin of 17.97%. The firm had revenue of $90.51 million during the quarter, compared to analysts' expectations of $90.72 million. During the same quarter last year, the business earned $0.25 earnings per share. The business's quarterly revenue was down 6.1% on a year-over-year basis. Sell-side analysts predict that CareDx, Inc. will post -0.9 EPS for the current fiscal year.

Insider Activity

In related news, Director Christine Cournoyer sold 29,136 shares of CareDx stock in a transaction on Monday, May 12th. The shares were sold at an average price of $15.96, for a total transaction of $465,010.56. Following the transaction, the director owned 37,045 shares in the company, valued at approximately $591,238.20. The trade was a 44.02% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director William A. Hagstrom sold 19,391 shares of the business's stock in a transaction dated Wednesday, June 11th. The shares were sold at an average price of $19.90, for a total value of $385,880.90. Following the completion of the transaction, the director owned 53,979 shares in the company, valued at $1,074,182.10. The trade was a 26.43% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 109,097 shares of company stock valued at $1,955,113. 4.40% of the stock is owned by insiders.

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.