Sumitomo Mitsui Trust Group Inc. Trims Stake in CareDx, Inc. $CDNA

Key Points

• Sumitomo Mitsui Trust Group trimmed its stake in CareDx by 16.9%, selling 293,448 shares in Q4 and now holds 1,446,616 shares (2.81%) valued at about $27.25 million.
• CareDx reported quarterly EPS of $0.12, missing the $0.24 consensus despite revenue of $108.39 million (up 25.2% YoY); the company still has a negative net margin (-5.65%) and negative ROE (-6.5%).
• Analysts are mixed with a consensus rating of "Hold" and an average 12‑month target of $27.60 following several recent downgrades and target adjustments.

Sumitomo Mitsui Trust Group Inc. lowered its holdings in CareDx, Inc. (NASDAQ:CDNA - Free Report) by 16.9% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,446,616 shares of the company's stock after selling 293,448 shares during the quarter. Sumitomo Mitsui Trust Group Inc. owned 2.81% of CareDx worth $27,254,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in CDNA. Deerfield Management Company L.P. purchased a new stake in CareDx in the third quarter valued at $31,857,000. Braidwell LP purchased a new stake in CareDx in the third quarter valued at $31,738,000. Bamco Inc. NY raised its position in CareDx by 29.5% in the third quarter. Bamco Inc. NY now owns 3,155,180 shares of the company's stock valued at $45,876,000 after purchasing an additional 719,523 shares during the period. Amova Asset Management Americas Inc. raised its position in CareDx by 40.8% in the third quarter. Amova Asset Management Americas Inc. now owns 1,740,064 shares of the company's stock valued at $25,283,000 after purchasing an additional 504,473 shares during the period. Finally, Zweig DiMenna Associates LLC raised its position in CareDx by 153.8% in the third quarter. Zweig DiMenna Associates LLC now owns 575,000 shares of the company's stock valued at $8,360,000 after purchasing an additional 348,400 shares during the period.

Insider Activity

In related news, CEO John Walter Hanna, Jr. sold 19,280 shares of the business's stock in a transaction on Thursday, January 22nd. The stock was sold at an average price of $21.16, for a total transaction of $407,964.80. Following the completion of the transaction, the chief executive officer directly owned 597,405 shares of the company's stock, valued at $12,641,089.80. The trade was a 3.13% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Corporate insiders own 4.40% of the company's stock.

Analysts Set New Price Targets

CDNA has been the topic of a number of research analyst reports. Weiss Ratings downgraded CareDx from a "hold (c-)" rating to a "sell (d)" rating in a research report on Friday, February 27th. Craig Hallum downgraded CareDx from a "buy" rating to a "hold" rating and set a $26.00 target price on the stock. in a research report on Tuesday, January 6th. BTIG Research boosted their price objective on CareDx from $25.00 to $26.00 and gave the company a "buy" rating in a report on Wednesday, February 25th. Wells Fargo & Company boosted their price objective on CareDx from $18.00 to $21.00 and gave the company an "equal weight" rating in a report on Wednesday, February 25th. Finally, Wall Street Zen downgraded CareDx from a "buy" rating to a "hold" rating in a report on Saturday, February 7th. Two equities research analysts have rated the stock with a Buy rating, five have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the company currently has a consensus rating of "Hold" and an average target price of $27.60.

CareDx Trading Up 27.6%

CDNA stock opened at $22.42 on Friday. The company has a market capitalization of $1.15 billion, a PE ratio of -56.05 and a beta of 2.54. CareDx, Inc. has a 12-month low of $10.96 and a 12-month high of $22.81. The business's fifty day moving average price is $18.25 and its 200 day moving average price is $17.83.

CareDx (NASDAQ:CDNA - Get Free Report) last posted its quarterly earnings data on Tuesday, February 24th. The company reported $0.12 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.24 by ($0.12). The firm had revenue of $108.39 million during the quarter, compared to analysts' expectations of $102.76 million. CareDx had a negative net margin of 5.65% and a negative return on equity of 6.50%. CareDx's quarterly revenue was up 25.2% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.18 EPS. Research analysts predict that CareDx, Inc. will post -0.9 EPS for the current fiscal year.

CareDx Profile

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).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.