Connor Clark & Lunn Investment Management Ltd. Increases Stock Holdings in CareDx, Inc. (NASDAQ:CDNA)

Key Points

• Connor Clark & Lunn Investment Management Ltd. increased its stake in CareDx, Inc. by 14.7% during Q1, now owning approximately 1.80% of the company, valued at $17.8 million.
• Several analysts have revised their target prices for CareDx, with Goldman Sachs lowering it from $34 to $26, and the stock currently has an average rating of "Hold" and a consensus target price of $27.67.
• CareDx reported a quarterly loss of ($0.16) EPS, missing estimates, with revenue down 6.1% year-on-year at $90.51 million.

Connor Clark & Lunn Investment Management Ltd. increased its holdings in shares of CareDx, Inc. (NASDAQ:CDNA - Free Report) by 14.7% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 1,003,580 shares of the company's stock after purchasing an additional 128,383 shares during the quarter. Connor Clark & Lunn Investment Management Ltd. owned approximately 1.80% of CareDx worth $17,814,000 at the end of the most recent quarter.

Several other institutional investors have also recently added to or reduced their stakes in CDNA. JPMorgan Chase & Co. lifted its stake in CareDx by 720.0% in the fourth quarter. JPMorgan Chase & Co. now owns 197,912 shares of the company's stock valued at $4,237,000 after buying an additional 173,776 shares during the last quarter. Arrowstreet Capital Limited Partnership acquired a new position in shares of CareDx in the fourth quarter valued at approximately $731,000. Franklin Resources Inc. increased its holdings in shares of CareDx by 91.4% in the fourth quarter. Franklin Resources Inc. now owns 113,859 shares of the company's stock valued at $2,438,000 after purchasing an additional 54,385 shares during the period. Geode Capital Management LLC increased its holdings in shares of CareDx by 0.5% in the fourth quarter. Geode Capital Management LLC now owns 1,234,263 shares of the company's stock valued at $26,432,000 after purchasing an additional 6,539 shares during the period. Finally, Wells Fargo & Company MN increased its holdings in shares of CareDx by 31.2% in the fourth quarter. Wells Fargo & Company MN now owns 29,760 shares of the company's stock valued at $637,000 after purchasing an additional 7,085 shares during the period.

Analyst Upgrades and Downgrades

A number of research firms have recently issued reports on CDNA. Stephens reissued an "overweight" rating and issued a $40.00 target price on shares of CareDx in a report on Monday, May 5th. HC Wainwright reaffirmed a "neutral" rating and set a $25.00 price objective on shares of CareDx in a report on Monday, May 5th. The Goldman Sachs Group dropped their price objective on CareDx from $34.00 to $26.00 and set a "buy" rating on the stock in a report on Thursday, April 17th. Wall Street Zen lowered CareDx from a "hold" rating to a "sell" rating in a report on Saturday, August 2nd. Finally, Craig Hallum lowered their target price on CareDx from $40.00 to $26.00 and set a "buy" rating on the stock in a report on Friday, July 18th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of "Hold" and a consensus target price of $27.67.

CareDx Stock Performance

NASDAQ CDNA traded up $0.12 during trading hours on Friday, hitting $11.94. 388,095 shares of the company's stock were exchanged, compared to its average volume of 1,161,451. The business's 50 day moving average is $16.46 and its 200-day moving average is $18.20. CareDx, Inc. has a 12-month low of $10.96 and a 12-month high of $34.84. The firm has a market capitalization of $635.51 million, a P/E ratio of 11.70 and a beta of 2.22.

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

Insider Transactions at CareDx

In other news, Director Hannah Valantine sold 10,570 shares of the firm's stock in a transaction dated Wednesday, June 18th. The stock was sold at an average price of $19.16, for a total value of $202,521.20. Following the transaction, the director directly owned 38,994 shares in the company, valued at $747,125.04. This trade represents a 21.33% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Peter Maag sold 10,000 shares of the firm's stock in a transaction dated Monday, July 7th. The shares were sold at an average price of $18.58, for a total value of $185,800.00. Following the sale, the director owned 308,846 shares in the company, valued at approximately $5,738,358.68. The trade was a 3.14% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 79,961 shares of company stock worth $1,490,102 in the last three months. 4.40% of the stock is currently owned by company 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.