Invesco Ltd. Grows Holdings in CareDx, Inc. $CDNA

Key Points

• Invesco Ltd. increased its stake in CareDx, Inc. by 76.1%, owning approximately 4.79% of the company with 2,667,861 shares valued at $47.36 million as of its recent SEC filing.
• CareDx's shares opened at $11.84 and reported a net margin of 17.97% during its latest quarterly earnings, which saw a revenue decrease of 6.1% year-over-year.
• Insider selling activity included significant transactions by directors, with one selling 19,391 shares at an average price of $19.90, representing a 26.43% decrease in their ownership.

Invesco Ltd. increased its position in CareDx, Inc. (NASDAQ:CDNA - Free Report) by 76.1% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 2,667,861 shares of the company's stock after buying an additional 1,153,011 shares during the quarter. Invesco Ltd. owned 4.79% of CareDx worth $47,355,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds also recently made changes to their positions in the company. Janney Montgomery Scott LLC purchased a new position in shares of CareDx in the first quarter worth $375,000. Nuveen Asset Management LLC increased its stake in shares of CareDx by 15.5% in the fourth quarter. Nuveen Asset Management LLC now owns 448,113 shares of the company's stock worth $9,594,000 after buying an additional 60,050 shares during the period. Millennium Management LLC increased its stake in shares of CareDx by 37.8% in the fourth quarter. Millennium Management LLC now owns 621,307 shares of the company's stock worth $13,302,000 after buying an additional 170,568 shares during the period. Hsbc Holdings PLC increased its stake in shares of CareDx by 6.9% in the fourth quarter. Hsbc Holdings PLC now owns 17,131 shares of the company's stock worth $365,000 after buying an additional 1,109 shares during the period. Finally, US Bancorp DE increased its stake in shares of CareDx by 7.2% in the first quarter. US Bancorp DE now owns 18,403 shares of the company's stock worth $327,000 after buying an additional 1,235 shares during the period.

Analyst Ratings Changes

Several brokerages recently commented on CDNA. HC Wainwright reaffirmed a "neutral" rating and issued a $25.00 target price on shares of CareDx in a research note on Monday, May 5th. Craig Hallum decreased their target price 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. Stephens reaffirmed an "overweight" rating and issued a $40.00 target price on shares of CareDx in a research note on Monday, May 5th. Wall Street Zen downgraded shares of CareDx from a "hold" rating to a "sell" rating in a research report on Saturday, August 2nd. Finally, Wells Fargo & Company reduced their price objective on shares of CareDx from $19.00 to $14.00 and set an "equal weight" rating on the stock in a research report on Friday, August 8th. Four investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the company's stock. Based on data from MarketBeat.com, CareDx has an average rating of "Moderate Buy" and an average target price of $27.67.

CareDx Price Performance

CareDx stock traded up $0.42 during mid-day trading on Friday, reaching $12.93. 400,551 shares of the company traded hands, compared to its average volume of 1,162,321. The firm's 50 day moving average price is $15.70 and its 200 day moving average price is $17.82. The firm has a market capitalization of $688.23 million, a price-to-earnings ratio of 12.64 and a beta of 2.22. CareDx, Inc. has a 52-week low of $10.96 and a 52-week high of $32.97.

CareDx (NASDAQ:CDNA - Get Free Report) last issued its quarterly earnings data 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 company had revenue of $90.51 million for 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%. The firm's revenue for the quarter was down 6.1% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.25 earnings per share. On average, sell-side analysts anticipate that CareDx, Inc. will post -0.9 EPS for the current year.

Insider Transactions at CareDx

In other news, Director Hannah Valantine sold 10,570 shares of the company's stock in a transaction dated Wednesday, June 18th. The shares were sold at an average price of $19.16, for a total value of $202,521.20. Following the sale, the director directly owned 38,994 shares of the company's stock, valued at $747,125.04. This represents a 21.33% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director William A. Hagstrom sold 19,391 shares of the company's stock in a transaction dated Wednesday, June 11th. The stock was sold at an average price of $19.90, for a total transaction of $385,880.90. Following the completion of the sale, the director directly owned 53,979 shares in the company, valued at $1,074,182.10. This represents a 26.43% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 79,961 shares of company stock valued at $1,490,102 in the last three months. 4.40% of the stock is currently owned by company insiders.

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.