Corient Private Wealth LP Acquires New Stake in CareDx, Inc. $CDNA

Key Points

• Corient Private Wealth acquired 24,450 CareDx shares worth approximately $697,000, while BlackRock and Bamco also initiated sizable positions during the second quarter.
• CareDx reported quarterly EPS of $0.37 versus a $0.23 consensus estimate, with revenue rising 52.2% year over year to $131.95 million.
• Shares opened at $64.60, near their 12-month high, while analysts maintained a generally positive outlook with a consensus “Moderate Buy” rating and an average price target of $54.

Corient Private Wealth LP bought a new stake in shares of CareDx, Inc. (NASDAQ:CDNA - Free Report) during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The fund bought 24,450 shares of the company's stock, valued at approximately $697,000.

Other hedge funds also recently modified their holdings of the company. BlackRock Inc. acquired a new stake in CareDx during the 2nd quarter worth about $137,219,000. Bamco Inc. NY acquired a new position in CareDx in the 2nd quarter valued at approximately $55,214,000. Gagnon Securities LLC lifted its position in CareDx by 2.6% in the 4th quarter. Gagnon Securities LLC now owns 1,774,890 shares of the company's stock worth $33,439,000 after buying an additional 45,465 shares in the last quarter. Amova Asset Management Americas Inc. lifted its position in CareDx by 2.0% in the 1st quarter. Amova Asset Management Americas Inc. now owns 1,475,126 shares of the company's stock worth $25,608,000 after buying an additional 28,510 shares in the last quarter. Finally, Sumitomo Mitsui Trust Group Inc. boosted its stake in shares of CareDx by 2.0% during the 1st quarter. Sumitomo Mitsui Trust Group Inc. now owns 1,475,126 shares of the company's stock valued at $25,608,000 after buying an additional 28,510 shares during the period.

CareDx Stock Up 1.4%

Shares of CDNA opened at $64.60 on Tuesday. The company's fifty day moving average is $48.30 and its 200-day moving average is $31.58. CareDx, Inc. has a 12 month low of $13.95 and a 12 month high of $65.50. The firm has a market cap of $3.34 billion, a price-to-earnings ratio of 31.21 and a beta of 2.43.

CareDx (NASDAQ:CDNA - Get Free Report) last released its quarterly earnings data on Thursday, July 30th. The company reported $0.37 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.23 by $0.14. The business had revenue of $131.95 million during the quarter, compared to analyst estimates of $114.05 million. CareDx had a net margin of 24.23% and a return on equity of 2.87%. CareDx's quarterly revenue was up 52.2% compared to the same quarter last year. During the same quarter in the previous year, the business earned ($0.16) EPS. As a group, research analysts predict that CareDx, Inc. will post 0.47 earnings per share for the current fiscal year.

Insider Activity

In other news, Director George Bickerstaff, III sold 20,000 shares of the stock in a transaction dated Wednesday, August 5th. The stock was sold at an average price of $46.28, for a total transaction of $925,600.00. Following the transaction, the director owned 134,061 shares of the company's stock, valued at approximately $6,204,343.08. This represents a 12.98% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Christine Cournoyer sold 16,000 shares of the firm's stock in a transaction that occurred on Tuesday, August 4th. The shares were sold at an average price of $46.94, for a total value of $751,040.00. Following the completion of the transaction, the director directly owned 42,943 shares in the company, valued at $2,015,744.42. The trade was a 27.14% 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. 2.40% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on CDNA. HC Wainwright restated a "neutral" rating and set a $46.00 price target on shares of CareDx in a report on Friday, July 31st. Weiss Ratings upgraded CareDx from a "sell (d+)" rating to a "hold (c)" rating in a report on Thursday, August 13th. Zacks Research raised CareDx from a "hold" rating to a "strong-buy" rating in a research report on Thursday, August 6th. Craig Hallum upgraded CareDx from a "hold" rating to a "buy" rating and set a $64.00 target price on the stock in a research note on Monday, August 3rd. Finally, Canaccord Genuity Group began coverage on CareDx in a research report on Wednesday, September 2nd. They issued a "buy" rating and a $65.00 target price on the stock. One investment analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and four have given a Hold rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $54.00.

CareDx Company Profile

CareDx, Inc is a precision medicine company focused on improving outcomes for transplant patients. The company develops and commercializes diagnostic tests, monitoring solutions and digital health services designed to help clinicians assess organ health, identify potential rejection and support the long-term management of transplant recipients.

Its portfolio includes AlloMap, a gene-expression blood test used in heart-transplant monitoring, and AlloSure, a donor-derived cell-free DNA test used to assess kidney-transplant health.

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