Engineers Gate Manager LP Has $871,000 Stock Holdings in CareDx, Inc. $CDNA

Key Points

• Engineers Gate Manager LP cut its CareDx stake by 73.5% in the second quarter, selling 84,657 shares and retaining 30,550 shares valued at approximately $871,000.
• Analyst sentiment remains positive, with CareDx receiving a “Moderate Buy” consensus rating and an average price target of $51.20; individual targets range from $46 to $65.
• CareDx reported quarterly EPS of $0.37, exceeding the $0.23 consensus estimate, while revenue rose 52.2% year over year to $131.95 million. The stock opened at $53.83 and has traded between $13.95 and $55.16 over the past year.

Engineers Gate Manager LP decreased its stake in CareDx, Inc. (NASDAQ:CDNA - Free Report) by 73.5% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 30,550 shares of the company's stock after selling 84,657 shares during the period. Engineers Gate Manager LP owned about 0.06% of CareDx worth $871,000 at the end of the most recent quarter.

A number of other hedge funds have also recently added to or reduced their stakes in the stock. BlackRock Inc. bought a new position in shares of CareDx in the 2nd quarter valued at $137,219,000. Bamco Inc. NY acquired a new stake in shares of CareDx during the second quarter valued at about $55,214,000. Gagnon Securities LLC grew its holdings in shares of CareDx by 2.6% during the fourth quarter. Gagnon Securities LLC now owns 1,774,890 shares of the company's stock worth $33,439,000 after purchasing an additional 45,465 shares during the last quarter. Sumitomo Mitsui Trust Group Inc. grew its holdings in shares of CareDx by 2.0% during the first quarter. Sumitomo Mitsui Trust Group Inc. now owns 1,475,126 shares of the company's stock worth $25,608,000 after purchasing an additional 28,510 shares during the last quarter. Finally, Amova Asset Management Americas Inc. increased its stake in shares of CareDx by 2.0% in the first quarter. Amova Asset Management Americas 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.

Wall Street Analyst Weigh In

CDNA has been the subject of a number of research reports. Zacks Research upgraded shares of CareDx from a "hold" rating to a "strong-buy" rating in a report on Thursday, August 6th. HC Wainwright reissued a "neutral" rating and set a $46.00 target price on shares of CareDx in a report on Friday, July 31st. Canaccord Genuity Group assumed coverage on shares of CareDx in a report on Wednesday, September 2nd. They set a "buy" rating and a $65.00 target price on the stock. Craig Hallum upgraded shares of CareDx from a "hold" rating to a "buy" rating and set a $64.00 price target for the company in a research report on Monday, August 3rd. Finally, Weiss Ratings raised shares of CareDx from a "sell (d+)" rating to a "hold (c)" rating in a research note on Thursday, August 13th. One equities research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and four have assigned a Hold rating to the stock. According to data from MarketBeat, CareDx presently has an average rating of "Moderate Buy" and an average target price of $51.20.

Insider Activity

In other news, Director Christine Cournoyer sold 16,000 shares of the firm's stock in a transaction dated Tuesday, August 4th. The stock was sold at an average price of $46.94, for a total value of $751,040.00. Following the completion of the sale, the director directly owned 42,943 shares in the company, valued at $2,015,744.42. This trade represents a 27.14% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO John Walter Hanna, Jr. sold 39,900 shares of the business's stock in a transaction dated Monday, June 29th. The shares were sold at an average price of $29.24, for a total value of $1,166,676.00. Following the completion of the sale, the chief executive officer directly owned 661,959 shares of the company's stock, valued at $19,355,681.16. The trade was a 5.68% 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. Insiders sold 76,000 shares of company stock worth $2,846,216 in the last quarter. 2.40% of the stock is owned by corporate insiders.

CareDx Stock Performance

CDNA stock opened at $53.83 on Monday. The firm has a market cap of $2.78 billion, a PE ratio of 26.00 and a beta of 2.43. The stock has a 50-day moving average price of $45.32 and a 200-day moving average price of $29.85. CareDx, Inc. has a 1-year low of $13.95 and a 1-year high of $55.16.

CareDx (NASDAQ:CDNA - Get Free Report) last issued its quarterly earnings results 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 firm had revenue of $131.95 million for the quarter, compared to analyst estimates of $114.05 million. CareDx had a return on equity of 2.87% and a net margin of 24.23%.The company's revenue was up 52.2% compared to the same quarter last year. During the same period in the previous year, the firm earned ($0.16) earnings per share. On average, analysts forecast that CareDx, Inc. will post 0.47 earnings per share for the current year.

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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