Fred Alger Management LLC Has $25.46 Million Stake in CareDx, Inc. $CDNA

Key Points

• Fred Alger Management LLC has reduced its stake in CareDx, Inc. by 11.1%, owning 1,434,607 shares now valued at approximately $25.46 million.
• Several other investors, including PNC Financial Services Group Inc. and Morse Asset Management Inc., have recently initiated or increased their positions in CareDx.
• Analysts have varied opinions on CareDx, with a consensus rating of "Moderate Buy" and a target price of $27.67, as well as a recent earnings miss reported at -$0.16 EPS.

Fred Alger Management LLC decreased its position in shares of CareDx, Inc. (NASDAQ:CDNA - Free Report) by 11.1% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,434,607 shares of the company's stock after selling 179,385 shares during the quarter. Fred Alger Management LLC owned approximately 2.58% of CareDx worth $25,464,000 at the end of the most recent reporting period.

Other hedge funds also recently modified their holdings of the company. State of Wyoming acquired a new stake in shares of CareDx during the 4th quarter valued at $91,000. PNC Financial Services Group Inc. raised its position in CareDx by 20,200.0% during the 1st quarter. PNC Financial Services Group Inc. now owns 4,466 shares of the company's stock worth $79,000 after purchasing an additional 4,444 shares during the last quarter. Morse Asset Management Inc bought a new position in CareDx during the 1st quarter worth $103,000. Wealth Enhancement Advisory Services LLC bought a new position in CareDx during the 4th quarter worth $210,000. Finally, Balance Wealth LLC bought a new position in CareDx during the 1st quarter worth $189,000.

Insider Transactions at CareDx

In related news, Director Hannah Valantine sold 10,570 shares of the business'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 completion of the sale, the director directly owned 38,994 shares of the company's stock, valued at $747,125.04. The trade was a 21.33% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Peter Maag sold 10,000 shares of the business'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 completion of the sale, the director directly owned 308,846 shares of the company's stock, valued at $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 sold a total of 30,570 shares of company stock valued at $580,721 over the last ninety days. 4.40% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

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

CareDx Stock Performance

Shares of CDNA stock remained flat at $13.53 during mid-day trading on Friday. The stock had a trading volume of 859,641 shares, compared to its average volume of 1,434,210. The stock's 50 day simple moving average is $13.83 and its two-hundred day simple moving average is $16.67. CareDx, Inc. has a 1 year low of $10.96 and a 1 year high of $32.97. The company 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 posted its quarterly earnings data 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 during the quarter, compared to the consensus estimate of $90.72 million. During the same period last year, the business posted $0.25 earnings per share. The business's revenue was down 6.1% on a year-over-year basis. On average, equities analysts forecast that CareDx, Inc. will post -0.9 EPS for the current year.

CareDx Profile

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.