Victory Capital Management Inc. Takes Position in CareDx, Inc. (NASDAQ:CDNA)

Key Points

• Victory Capital Management Inc. acquired 74,871 shares of CareDx, valued at approximately $1,329,000, representing about 0.14% ownership of the company at the end of the first quarter.
• Recent insider activity included Director William A. Hagstrom selling 19,391 shares and Director Hannah Valantine selling 10,570 shares, both resulting in significant decreases in their ownership of CareDx stock.
• Despite a recent quarterly earnings report showing a profit and revenue increase, various analysts have adjusted their price targets, with a consensus rating of "Moderate Buy" and an average price target of $29.33 for CareDx shares.

Victory Capital Management Inc. acquired a new stake in CareDx, Inc. (NASDAQ:CDNA - Free Report) in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 74,871 shares of the company's stock, valued at approximately $1,329,000. Victory Capital Management Inc. owned approximately 0.14% of CareDx at the end of the most recent reporting period.

Other institutional investors and hedge funds have also made changes to their positions in the company. Janney Montgomery Scott LLC purchased a new stake in shares of CareDx in the first quarter valued at approximately $375,000. KLP Kapitalforvaltning AS purchased a new stake in shares of CareDx during the fourth quarter worth approximately $208,000. Nuveen Asset Management LLC increased its position in shares of CareDx by 15.5% during the fourth quarter. Nuveen Asset Management LLC now owns 448,113 shares of the company's stock worth $9,594,000 after purchasing an additional 60,050 shares in the last quarter. Millennium Management LLC increased its position in shares of CareDx by 37.8% during the fourth quarter. Millennium Management LLC now owns 621,307 shares of the company's stock worth $13,302,000 after purchasing an additional 170,568 shares in the last quarter. Finally, Vanguard Group Inc. increased its position in shares of CareDx by 7.1% during the fourth quarter. Vanguard Group Inc. now owns 4,859,732 shares of the company's stock worth $104,047,000 after purchasing an additional 323,554 shares in the last quarter.

Insider Buying and Selling

In other CareDx news, Director William A. Hagstrom sold 19,391 shares of the company's stock in a transaction dated Wednesday, June 11th. The stock was sold at an average price of $19.90, for a total transaction of $385,880.90. Following the sale, the director owned 53,979 shares in the company, valued at $1,074,182.10. This represents a 26.43% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Christine Cournoyer sold 29,136 shares of the stock in a transaction dated Monday, May 12th. The shares were sold at an average price of $15.96, for a total value of $465,010.56. Following the completion of the transaction, the director owned 37,045 shares in the company, valued at approximately $591,238.20. The trade was a 44.02% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 125,797 shares of company stock worth $2,191,084 in the last quarter. Company insiders own 4.40% of the company's stock.

Wall Street Analysts Forecast Growth

Several analysts recently commented on the company. Stephens reiterated an "overweight" rating and set a $40.00 price target on shares of CareDx in a research report on Monday, May 5th. HC Wainwright reiterated a "neutral" rating and set a $25.00 price target on shares of CareDx in a research report on Monday, May 5th. The Goldman Sachs Group dropped their price target on CareDx from $34.00 to $26.00 and set a "buy" rating for the company in a research report on Thursday, April 17th. Wall Street Zen lowered CareDx from a "hold" rating to a "sell" rating in a research note on Saturday. Finally, Craig Hallum lowered their price objective on CareDx from $40.00 to $26.00 and set a "buy" rating on the stock in a research note on Friday, July 18th. One research analyst has rated the stock with a sell rating, two have given a hold rating and four have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, the company presently has an average rating of "Hold" and a consensus target price of $29.33.

CareDx Trading Down 0.5%

CDNA traded down $0.06 during mid-day trading on Friday, hitting $12.22. 970,322 shares of the stock were exchanged, compared to its average volume of 2,184,899. The firm's fifty day moving average is $17.41 and its two-hundred day moving average is $18.80. CareDx, Inc. has a 1-year low of $10.96 and a 1-year high of $34.84. The company has a market cap of $680.41 million, a PE ratio of 10.63 and a beta of 2.22.

CareDx (NASDAQ:CDNA - Get Free Report) last issued its quarterly earnings results on Wednesday, April 30th. The company reported $0.09 earnings per share for the quarter, topping the consensus estimate of $0.06 by $0.03. CareDx had a return on equity of 21.16% and a net margin of 19.79%. The company had revenue of $84.69 million for the quarter, compared to the consensus estimate of $84.56 million. During the same quarter in the prior year, the business earned ($0.03) EPS. CareDx's revenue was up 17.6% on a year-over-year basis. As a group, research analysts anticipate that CareDx, Inc. will post -0.9 earnings per share for the current year.

CareDx 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.