Lord Abbett & CO. LLC Grows Position in CareDx, Inc. $CDNA

Key Points

• Lord Abbett & CO. LLC increased its stake in CareDx, Inc. by 35.7%, acquiring an additional 135,025 shares, totaling 513,549 shares valued at approximately $9.1 million.
• CareDx's stock has faced recent downgrades, with Wells Fargo reducing its target price to $14.00 and multiple analysts issuing a mix of hold and buy ratings, averaging a target price of $27.67.
• CareDx reported a quarterly loss of ($0.16) EPS, missing expectations, while revenue dropped 6.1% year-over-year, raising concerns about future performance.

Lord Abbett & CO. LLC boosted its stake in CareDx, Inc. (NASDAQ:CDNA - Free Report) by 35.7% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 513,549 shares of the company's stock after purchasing an additional 135,025 shares during the quarter. Lord Abbett & CO. LLC owned about 0.92% of CareDx worth $9,115,000 as of its most recent SEC filing.

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

Insider Buying and Selling at CareDx

In other CareDx news, Director William A. Hagstrom sold 19,391 shares of the stock in a transaction dated Wednesday, June 11th. The shares were 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 of the company's stock, valued at approximately $1,074,182.10. This represents a 26.43% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director Peter Maag sold 10,000 shares of the stock in a transaction dated Monday, July 7th. The shares were sold at an average price of $18.58, for a total transaction of $185,800.00. Following the sale, the director directly owned 308,846 shares of the company's stock, valued at approximately $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. Over the last ninety days, insiders sold 79,961 shares of company stock valued at $1,490,102. 4.40% of the stock is currently owned by insiders.

CareDx Stock Up 2.8%

NASDAQ:CDNA traded up $0.3350 during trading hours on Thursday, hitting $12.5050. 501,049 shares of the stock traded hands, compared to its average volume of 1,162,288. CareDx, Inc. has a 1 year low of $10.96 and a 1 year high of $33.21. The company has a market cap of $665.64 million, a price-to-earnings ratio of 12.25 and a beta of 2.22. The stock has a 50 day moving average price of $15.82 and a 200 day moving average price of $17.89.

CareDx (NASDAQ:CDNA - Get Free Report) last released its quarterly earnings data on Wednesday, August 6th. The company reported ($0.16) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.12 by ($0.28). CareDx had a net margin of 17.97% and a return on equity of 18.03%. The company had revenue of $90.51 million for the quarter, compared to the consensus estimate of $90.72 million. During the same quarter in the previous year, the business earned $0.25 EPS. The company's quarterly revenue was down 6.1% on a year-over-year basis. Equities analysts forecast that CareDx, Inc. will post -0.9 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several brokerages recently commented on CDNA. Wells Fargo & Company reduced their price objective on shares of CareDx from $19.00 to $14.00 and set an "equal weight" rating for the company in a research note on Friday, August 8th. HC Wainwright reiterated a "neutral" rating and issued a $25.00 price target on shares of CareDx in a research note on Monday, May 5th. Stephens reiterated an "overweight" rating and issued a $40.00 price target on shares of CareDx in a research note on Monday, May 5th. Craig Hallum decreased their price target on shares of CareDx from $40.00 to $26.00 and set a "buy" rating for the company in a research note on Friday, July 18th. Finally, Wall Street Zen lowered shares of CareDx from a "hold" rating to a "sell" rating in a research note on Saturday, August 2nd. Four equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $27.67.

About CareDx

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.