Squarepoint Ops LLC Raises Stock Holdings in CareDx, Inc. $CDNA

Key Points

• Squarepoint Ops LLC increased its CareDx stake by 759.5% in the second quarter, acquiring 125,146 additional shares and bringing its holdings to 141,623 shares worth approximately $4.04 million.
• CareDx reported quarterly EPS of $0.37, exceeding the $0.23 consensus estimate, while revenue rose 52.2% year over year to $131.95 million. Analysts maintain a consensus “Moderate Buy” rating with a $51.20 price target.
• CareDx shares opened at $50.26, near their 52-week high of $53.67, while company insiders sold 88,103 shares worth about $3.13 million over the past three months.

Squarepoint Ops LLC boosted its stake in shares of CareDx, Inc. (NASDAQ:CDNA - Free Report) by 759.5% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 141,623 shares of the company's stock after purchasing an additional 125,146 shares during the quarter. Squarepoint Ops LLC owned about 0.27% of CareDx worth $4,036,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds also recently added to or reduced their stakes in CDNA. Nykredit A S bought a new position in CareDx in the second quarter worth about $25,000. Quarry LP bought a new stake in shares of CareDx in the 4th quarter valued at about $25,000. Allworth Financial LP purchased a new position in shares of CareDx in the 2nd quarter worth approximately $72,000. Meeder Asset Management Inc. purchased a new position in shares of CareDx in the 4th quarter worth approximately $79,000. Finally, Quantbot Technologies LP bought a new position in shares of CareDx during the 3rd quarter worth approximately $89,000.

CareDx Stock Up 0.5%

CDNA opened at $50.26 on Friday. The company has a market cap of $2.60 billion, a P/E ratio of 24.28 and a beta of 2.43. The firm's 50-day moving average price is $42.84 and its 200-day moving average price is $28.56. CareDx, Inc. has a 52-week low of $13.23 and a 52-week high of $53.67.

CareDx (NASDAQ:CDNA - Get Free Report) last released its earnings results on Thursday, July 30th. The company reported $0.37 EPS for the quarter, topping analysts' consensus estimates of $0.23 by $0.14. The company had revenue of $131.95 million during the quarter, compared to analysts' expectations of $114.05 million. CareDx had a net margin of 24.23% and a return on equity of 2.87%. CareDx's revenue for the quarter was up 52.2% on a year-over-year basis. During the same period last year, the business earned ($0.16) EPS. On average, research analysts anticipate that CareDx, Inc. will post 0.47 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on CDNA. BTIG Research increased their target price on shares of CareDx from $45.00 to $60.00 and gave the company a "buy" rating in a research report on Thursday, August 6th. Zacks Research raised shares of CareDx from a "hold" rating to a "strong-buy" rating in a report on Thursday, August 6th. William Blair raised CareDx to a "hold" rating in a research report on Thursday, July 16th. HC Wainwright reiterated a "neutral" rating and set a $46.00 price objective on shares of CareDx in a report on Friday, July 31st. Finally, Weiss Ratings raised CareDx from a "sell (d+)" rating to a "hold (c)" rating in a research report on Thursday, August 13th. One analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and four have issued a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $51.20.

Insider Activity at CareDx

In other news, CEO John Walter Hanna, Jr. sold 39,900 shares of the business's 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 sale, the chief executive officer directly owned 661,959 shares of the company's stock, valued at $19,355,681.16. The trade was a 5.68% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Christine Cournoyer sold 16,000 shares of the company'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 transaction, the director directly owned 42,943 shares in the company, valued at approximately $2,015,744.42. The trade was a 27.14% 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. In the last three months, insiders sold 88,103 shares of company stock worth $3,125,916. Corporate insiders own 2.40% of the company's stock.

About CareDx

CareDx, Inc is a precision medicine company focused on improving outcomes for transplant patients. The company develops and commercializes diagnostic tests, monitoring solutions and digital health services designed to help clinicians assess organ health, identify potential rejection and support the long-term management of transplant recipients.

Its portfolio includes AlloMap, a gene-expression blood test used in heart-transplant monitoring, and AlloSure, a donor-derived cell-free DNA test used to assess kidney-transplant health.

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