Hsbc Holdings PLC Takes Position in CareDx, Inc. $CDNA

Key Points

• HSBC Holdings acquired 196,250 CareDx shares worth approximately $5.6 million, representing about 0.38% of the company. Several other institutional investors also initiated or increased positions.
• CareDx reported stronger-than-expected quarterly results, with EPS of $0.37 versus the $0.23 consensus estimate and revenue of $131.95 million, up 52.2% year over year.
• Analysts maintain a generally positive outlook, with an average “Moderate Buy” rating and a $47.75 target price, while insiders have sold approximately $3.77 million of stock over the past 90 days.

Hsbc Holdings PLC acquired a new stake in CareDx, Inc. (NASDAQ:CDNA - Free Report) in the second quarter, according to the company in its most recent filing with the SEC. The firm acquired 196,250 shares of the company's stock, valued at approximately $5,591,000. Hsbc Holdings PLC owned about 0.38% of CareDx at the end of the most recent reporting period.

Other hedge funds have also added to or reduced their stakes in the company. Quarry LP bought a new stake in CareDx during the 4th quarter worth approximately $25,000. Allworth Financial LP bought a new position in shares of CareDx during the second quarter valued at $72,000. Meeder Asset Management Inc. bought a new position in shares of CareDx during the fourth quarter valued at $79,000. Quantbot Technologies LP acquired a new position in shares of CareDx during the third quarter worth $89,000. Finally, CWM LLC lifted its holdings in shares of CareDx by 119.1% during the fourth quarter. CWM LLC now owns 7,407 shares of the company's stock worth $140,000 after purchasing an additional 4,026 shares during the period.

CareDx Price Performance

NASDAQ CDNA opened at $49.79 on Friday. The stock has a market capitalization of $2.58 billion, a P/E ratio of 24.05 and a beta of 2.39. The business has a 50 day simple moving average of $38.41 and a 200 day simple moving average of $26.44. CareDx, Inc. has a one year low of $12.37 and a one year high of $53.67.

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. Equities analysts expect that CareDx, Inc. will post 0.47 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on the company. HC Wainwright restated a "neutral" rating and issued a $46.00 price objective on shares of CareDx in a report on Friday, July 31st. Craig Hallum raised CareDx from a "hold" rating to a "buy" rating and set a $64.00 target price on the stock in a report on Monday, August 3rd. Wall Street Zen raised CareDx from a "buy" rating to a "strong-buy" rating in a report on Sunday, May 3rd. BTIG Research upped their price target on CareDx from $45.00 to $60.00 and gave the company a "buy" rating in a research report on Thursday, August 6th. Finally, William Blair raised CareDx to a "hold" rating in a research note on Thursday, July 16th. One analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and four have given a Hold rating to the stock. According to MarketBeat.com, CareDx presently has an average rating of "Moderate Buy" and an average target price of $47.75.

Insider Activity at CareDx

In other CareDx news, Director Christine Cournoyer sold 16,000 shares of the firm's stock in a transaction 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 sale, the director directly owned 42,943 shares in the company, valued at approximately $2,015,744.42. This trade represents a 27.14% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO John Walter Hanna, Jr. sold 39,900 shares of CareDx stock in a transaction on Monday, June 29th. The shares were sold at an average price of $29.24, for a total transaction 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 approximately $19,355,681.16. This trade represents a 5.68% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders have sold 114,936 shares of company stock worth $3,770,348. 2.40% of the stock is owned by insiders.

About CareDx

CareDx, Inc NASDAQ: CDNA is a precision diagnostics company focused on the care of transplant patients. The firm develops and commercializes non‐invasive tests designed to detect organ transplant rejection and infection risk, helping physicians make informed management decisions throughout the post‐transplant journey.

The company's core product portfolio includes AlloMap®, a gene expression profiling test for heart transplant recipients, and AlloSure®, a donor‐derived cell‐free DNA assay used primarily in kidney transplant monitoring.

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