PDT Partners LLC Invests $1.24 Million in CareDx, Inc. $CDNA

Key Points

• PDT Partners LLC acquired a stake of 70,097 shares in CareDx, Inc. for approximately $1.24 million, reflecting a 0.13% ownership as of its latest SEC filing.
• CareDx's stock recently opened at $12.73 with a market cap of $677.62 million, while its earnings report showed a loss of ($0.16) EPS, missing analysts' expectations.
• Several analysts downgraded CareDx's stock ratings recently, with Wells Fargo lowering its price target from $19.00 to $14.00, indicating a more cautious outlook.

PDT Partners LLC acquired a new stake in shares of CareDx, Inc. (NASDAQ:CDNA - Free Report) during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 70,097 shares of the company's stock, valued at approximately $1,244,000. PDT Partners LLC owned 0.13% of CareDx at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Invesco Ltd. raised its holdings in shares of CareDx by 76.1% in the first quarter. Invesco Ltd. now owns 2,667,861 shares of the company's stock worth $47,355,000 after buying an additional 1,153,011 shares during the period. Fred Alger Management LLC raised its holdings in shares of CareDx by 7.3% in the fourth quarter. Fred Alger Management LLC now owns 1,613,992 shares of the company's stock worth $34,556,000 after buying an additional 110,471 shares during the period. Jacobs Levy Equity Management Inc. raised its holdings in shares of CareDx by 52.6% in the fourth quarter. Jacobs Levy Equity Management Inc. now owns 1,243,580 shares of the company's stock worth $26,625,000 after buying an additional 428,864 shares during the period. Connor Clark & Lunn Investment Management Ltd. raised its holdings in shares of CareDx by 14.7% in the first quarter. Connor Clark & Lunn Investment Management Ltd. now owns 1,003,580 shares of the company's stock worth $17,814,000 after buying an additional 128,383 shares during the period. Finally, Divisadero Street Capital Management LP purchased a new position in CareDx during the 4th quarter worth $15,239,000.

Insider Activity

In other CareDx news, Director Hannah Valantine sold 10,570 shares of the business's stock in a transaction that occurred on Wednesday, June 18th. The stock was sold at an average price of $19.16, for a total transaction of $202,521.20. Following the completion of the sale, the director directly owned 38,994 shares in the company, valued at approximately $747,125.04. The trade was a 21.33% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Peter Maag sold 10,000 shares of the business's stock in a transaction that occurred on Monday, July 7th. The stock was sold at an average price of $18.58, for a total value of $185,800.00. Following the transaction, the director owned 308,846 shares in the company, valued at approximately $5,738,358.68. This represents a 3.14% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 49,961 shares of company stock valued at $966,602 in the last quarter. 4.40% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

Several research firms have commented on CDNA. Wells Fargo & Company reduced their price objective on CareDx from $19.00 to $14.00 and set an "equal weight" rating on the stock in a report on Friday, August 8th. Craig Hallum reduced their price objective on CareDx from $40.00 to $26.00 and set a "buy" rating on the stock in a report on Friday, July 18th. William Blair began coverage on CareDx in a report on Tuesday, August 26th. They set a "market perform" rating on the stock. Finally, Wall Street Zen downgraded CareDx from a "hold" rating to a "sell" rating in a report on Saturday, August 2nd. Four equities research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company's stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $27.67.

CareDx Price Performance

CDNA traded up $0.13 on Tuesday, reaching $13.47. 554,814 shares of the stock were exchanged, compared to its average volume of 1,202,673. The company's 50-day moving average price is $14.29 and its 200 day moving average price is $16.86. CareDx, Inc. has a fifty-two week low of $10.96 and a fifty-two week high of $32.97. The firm has a market capitalization of $716.74 million, a PE ratio of 13.18 and a beta of 2.28.

CareDx (NASDAQ:CDNA - Get Free Report) last issued its quarterly earnings results on Wednesday, August 6th. The company reported ($0.16) EPS for the quarter, missing analysts' consensus estimates of $0.12 by ($0.28). CareDx had a return on equity of 18.03% and a net margin of 17.97%.The firm had revenue of $90.51 million for the quarter, compared to analyst estimates of $90.72 million. During the same period in the prior year, the firm posted $0.25 EPS. The business's revenue was down 6.1% compared to the same quarter last year. As a group, equities analysts forecast that CareDx, Inc. will post -0.9 earnings per share 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.