Dynamic Technology Lab Private Ltd Buys 21,627 Shares of CareDx, Inc. $CDNA

Key Points

• Dynamic Technology Lab Private Ltd increased its stake in CareDx, Inc. by 67.8% during the first quarter, holding a total of 53,527 shares valued at approximately $950,000.
• Multiple hedge funds also significantly boosted their positions in CareDx, with Invesco Ltd. increasing its stake by 76.1%, now owning over 2.67 million shares valued at about $47.35 million.
• CareDx's recent quarterly earnings missed expectations, reporting an EPS of ($0.16) compared to the consensus estimate of $0.12, with a 6.1% fall in revenue compared to the previous year.

Dynamic Technology Lab Private Ltd lifted its holdings in CareDx, Inc. (NASDAQ:CDNA - Free Report) by 67.8% in the 1st quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 53,527 shares of the company's stock after purchasing an additional 21,627 shares during the quarter. Dynamic Technology Lab Private Ltd owned 0.10% of CareDx worth $950,000 as of its most recent filing with the SEC.

Other institutional investors have also modified their holdings of the company. PNC Financial Services Group Inc. lifted its holdings in shares of CareDx by 20,200.0% in the first quarter. PNC Financial Services Group Inc. now owns 4,466 shares of the company's stock valued at $79,000 after buying an additional 4,444 shares during the period. State of Wyoming purchased a new stake in shares of CareDx during the fourth quarter valued at $91,000. Morse Asset Management Inc purchased a new stake in shares of CareDx during the first quarter valued at $103,000. Balance Wealth LLC purchased a new stake in shares of CareDx during the first quarter valued at $189,000. Finally, Moors & Cabot Inc. purchased a new stake in shares of CareDx during the first quarter valued at $201,000.

CareDx Price Performance

Shares of CDNA stock remained flat at $13.53 during trading on Friday. The company had a trading volume of 859,641 shares, compared to its average volume of 1,434,210. The stock has a 50 day moving average price of $13.83 and a 200 day moving average price of $16.70. CareDx, Inc. has a 1-year low of $10.96 and a 1-year high of $32.97. The firm has a market cap of $720.20 million, a P/E ratio of 13.26 and a beta of 2.28.

CareDx (NASDAQ:CDNA - Get Free Report) last released its 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). The business had revenue of $90.51 million during the quarter, compared to analyst estimates of $90.72 million. CareDx had a net margin of 17.97% and a return on equity of 18.03%. The business's quarterly revenue was down 6.1% compared to the same quarter last year. During the same period last year, the business earned $0.25 EPS. As a group, sell-side analysts anticipate that CareDx, Inc. will post -0.9 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on CDNA. Wells Fargo & Company reduced their price objective on CareDx from $19.00 to $14.00 and set an "equal weight" rating for the company in a research note on Friday, August 8th. Craig Hallum reduced their price objective on CareDx from $40.00 to $26.00 and set a "buy" rating for the company in a research note on Friday, July 18th. William Blair started coverage on CareDx in a research note on Tuesday, August 26th. They issued a "market perform" rating for the company. Wall Street Zen downgraded CareDx from a "hold" rating to a "sell" rating in a research note on Saturday, August 2nd. Finally, BTIG Research reaffirmed a "buy" rating and set a $22.00 price target on shares of CareDx in a research note on Friday. Four investment analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat.com, CareDx presently has an average rating of "Moderate Buy" and a consensus target price of $25.50.

Insider Buying and Selling

In other CareDx news, Director Hannah Valantine sold 10,570 shares of the firm's stock in a transaction that occurred on Wednesday, June 18th. The stock was sold at an average price of $19.16, for a total value of $202,521.20. Following the sale, the director owned 38,994 shares of the company's stock, valued at $747,125.04. This trade represents a 21.33% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, Director Peter Maag sold 10,000 shares of the firm's stock in a transaction that occurred on Monday, July 7th. The shares were sold at an average price of $18.58, for a total value of $185,800.00. Following the completion of the sale, the director directly owned 308,846 shares in the company, valued at $5,738,358.68. This trade represents a 3.14% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 30,570 shares of company stock worth $580,721 in the last ninety days. Insiders own 4.40% of the company's stock.

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.