Gagnon Advisors LLC Purchases 41,288 Shares of CareDx, Inc. $CDNA

Key Points

• Gagnon Advisors LLC increased its stake in CareDx, Inc. by 10%, acquiring an additional 41,288 shares during the second quarter, raising its total ownership to 454,163 shares valued at approximately $8.87 million.
• CareDx's earnings report indicated a loss of $0.16 per share, significantly missing analysts' expectations of $0.12, with revenue down 6.1% year-over-year.
• Analysts contributed mixed ratings for CareDx, with current consensus rating categorized as "Hold" and an average price target set at $25.50.

Gagnon Advisors LLC lifted its stake in shares of CareDx, Inc. (NASDAQ:CDNA - Free Report) by 10.0% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 454,163 shares of the company's stock after purchasing an additional 41,288 shares during the quarter. CareDx comprises about 6.0% of Gagnon Advisors LLC's investment portfolio, making the stock its 5th largest position. Gagnon Advisors LLC owned approximately 0.82% of CareDx worth $8,874,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. QRG Capital Management Inc. acquired a new position in shares of CareDx during the 2nd quarter worth $426,000. MCF Advisors LLC grew its stake in shares of CareDx by 292.9% during the 2nd quarter. MCF Advisors LLC now owns 1,336 shares of the company's stock worth $26,000 after purchasing an additional 996 shares during the period. Voya Investment Management LLC grew its stake in shares of CareDx by 12.8% during the 1st quarter. Voya Investment Management LLC now owns 24,400 shares of the company's stock worth $433,000 after purchasing an additional 2,761 shares during the period. Strs Ohio acquired a new position in shares of CareDx during the 1st quarter worth $462,000. Finally, Acadian Asset Management LLC grew its stake in shares of CareDx by 6.1% during the 1st quarter. Acadian Asset Management LLC now owns 359,303 shares of the company's stock worth $6,373,000 after purchasing an additional 20,806 shares during the period.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on CDNA. Wells Fargo & Company lowered their price target on shares of CareDx from $19.00 to $14.00 and set an "equal weight" rating on the stock in a research note on Friday, August 8th. Craig Hallum lowered their price target on shares of CareDx from $40.00 to $26.00 and set a "buy" rating on the stock in a research note on Friday, July 18th. Weiss Ratings reaffirmed a "sell (d+)" rating on shares of CareDx in a research note on Saturday, September 27th. Wall Street Zen upgraded shares of CareDx from a "sell" rating to a "hold" rating in a research report on Saturday. Finally, William Blair assumed coverage on shares of CareDx in a research report on Tuesday, August 26th. They issued a "market perform" rating on the stock. Four investment analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the stock presently has a consensus rating of "Hold" and an average price target of $25.50.

CareDx Stock Down 1.9%

CareDx stock opened at $14.67 on Wednesday. CareDx, Inc. has a 52 week low of $10.96 and a 52 week high of $32.65. The firm's 50-day simple moving average is $13.45 and its 200 day simple moving average is $16.13. The firm has a market capitalization of $780.88 million, a PE ratio of 14.38 and a beta of 2.37.

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 firm had revenue of $90.51 million during the quarter, compared to analysts' expectations of $90.72 million. CareDx had a net margin of 17.97% and a return on equity of 18.03%. CareDx's revenue for the quarter was down 6.1% on a year-over-year basis. During the same quarter last year, the company posted $0.25 earnings per share. On average, research analysts expect that CareDx, Inc. will post -0.9 EPS for the current fiscal year.

CareDx Company 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.

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