Parkman Healthcare Partners LLC Invests $5.77 Million in CareDx, Inc. $CDNA

Key Points

• Parkman Healthcare Partners initiated a CareDx position by purchasing 202,417 shares valued at approximately $5.77 million, while other major institutions—including BlackRock and State Street—also held or increased stakes.
• CareDx reported stronger-than-expected quarterly results, with EPS of $0.37 versus a $0.23 estimate and revenue of $131.95 million, up 52.2% year over year.
• Shares opened at $47.50, near their 12-month high, and analysts’ consensus rating was “Moderate Buy” with an average price target of $47.75; however, insiders sold roughly $3.77 million worth of shares over the prior 90 days.

Parkman Healthcare Partners LLC purchased a new position in CareDx, Inc. (NASDAQ:CDNA - Free Report) during the second quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor purchased 202,417 shares of the company's stock, valued at approximately $5,769,000. Parkman Healthcare Partners LLC owned 0.39% of CareDx at the end of the most recent reporting period.

Other hedge funds have also recently bought and sold shares of the company. BlackRock Inc. purchased a new stake in CareDx during the second quarter worth $137,219,000. State Street Corp increased its position in shares of CareDx by 6.7% in the fourth quarter. State Street Corp now owns 2,737,752 shares of the company's stock valued at $51,579,000 after buying an additional 171,303 shares in the last quarter. Bamco Inc. NY raised its stake in shares of CareDx by 11.2% during the 2nd quarter. Bamco Inc. NY now owns 2,435,657 shares of the company's stock worth $47,593,000 after buying an additional 245,651 shares during the last quarter. Deerfield Management Company L.P. acquired a new position in shares of CareDx during the 3rd quarter worth $31,857,000. Finally, Gagnon Securities LLC boosted its position in shares of CareDx by 2.6% in the 4th quarter. Gagnon Securities LLC now owns 1,774,890 shares of the company's stock worth $33,439,000 after buying an additional 45,465 shares in the last quarter.

CareDx Price Performance

Shares of NASDAQ CDNA opened at $47.50 on Tuesday. The company has a 50-day simple moving average of $36.31 and a 200-day simple moving average of $25.58. The company has a market cap of $2.46 billion, a PE ratio of 22.95 and a beta of 2.38. CareDx, Inc. has a 12 month low of $12.37 and a 12 month high of $49.76.

CareDx (NASDAQ:CDNA - Get Free Report) last announced its quarterly earnings data 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. CareDx had a net margin of 24.23% and a return on equity of 2.87%. The business had revenue of $131.95 million for the quarter, compared to the consensus estimate of $114.05 million. During the same quarter in the prior year, the firm posted ($0.16) earnings per share. The company's quarterly revenue was up 52.2% compared to the same quarter last year. On average, analysts anticipate that CareDx, Inc. will post 0.47 EPS for the current year.

Analyst Ratings Changes

Several research firms have weighed in on CDNA. Zacks Research upgraded shares of CareDx from a "hold" rating to a "strong-buy" rating in a report on Thursday, August 6th. HC Wainwright restated a "neutral" rating and set a $46.00 price objective on shares of CareDx in a research 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 research note on Monday, August 3rd. Wall Street Zen upgraded CareDx from a "buy" rating to a "strong-buy" rating in a report on Sunday, May 3rd. Finally, William Blair raised CareDx to a "hold" rating in a research report on Thursday, July 16th. One analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and four have given a Hold rating to the company. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $47.75.

Insiders Place Their Bets

In other CareDx news, Director Christine Cournoyer sold 16,000 shares of the stock in a transaction on Tuesday, August 4th. The stock was sold at an average price of $46.94, for a total transaction of $751,040.00. Following the transaction, the director owned 42,943 shares of the company's stock, valued at $2,015,744.42. This represents a 27.14% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director George Bickerstaff sold 20,000 shares of the firm's stock in a transaction on Wednesday, August 5th. The stock was sold at an average price of $46.28, for a total value of $925,600.00. Following the sale, the director owned 134,061 shares in the company, valued at $6,204,343.08. This trade represents a 12.98% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders have sold 114,936 shares of company stock valued at $3,770,348. Insiders own 2.40% of the company's stock.

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.

Want to see what other hedge funds are holding CDNA? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for CareDx, Inc. (NASDAQ:CDNA - Free Report).

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