VIRGINIA RETIREMENT SYSTEMS ET Al Takes Position in CareDx, Inc. $CDNA

Key Points

• Virginia Retirement Systems acquired 23,450 CareDx shares worth approximately $668,000 in the second quarter. Other major investors, including BlackRock and Bamco, also initiated sizable positions, while California State Teachers Retirement System significantly increased its stake.
• CareDx reported quarterly revenue of $131.95 million, up 52.2% year over year, and earnings of $0.37 per share, beating analysts’ $0.23 estimate. The stock opened at $52.37, near its 52-week high of $53.67.
• Analyst sentiment is broadly positive, with a consensus “Moderate Buy” rating and an average price target of $51.20; several firms set targets between $60 and $65. Meanwhile, company insiders sold 76,000 shares worth about $2.85 million over the last quarter.

VIRGINIA RETIREMENT SYSTEMS ET Al bought a new position in CareDx, Inc. (NASDAQ:CDNA - Free Report) in the 2nd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor bought 23,450 shares of the company's stock, valued at approximately $668,000.

A number of other institutional investors and hedge funds have also bought and sold shares of CDNA. BlackRock Inc. bought a new position in shares of CareDx during the second quarter worth $137,219,000. Bamco Inc. NY purchased a new stake in CareDx in the 2nd quarter worth $55,214,000. California State Teachers Retirement System boosted its holdings in shares of CareDx by 3,285.7% during the 2nd quarter. California State Teachers Retirement System now owns 1,554,134 shares of the company's stock valued at $44,293,000 after purchasing an additional 1,508,231 shares during the last quarter. Bank of America Corp DE purchased a new position in shares of CareDx during the second quarter valued at about $16,297,000. Finally, Palo Alto Investors LP bought a new stake in shares of CareDx in the second quarter worth about $15,158,295.

CareDx Price Performance

NASDAQ:CDNA opened at $52.37 on Tuesday. The firm has a market capitalization of $2.71 billion, a price-to-earnings ratio of 25.30 and a beta of 2.43. CareDx, Inc. has a 1 year low of $13.39 and a 1 year high of $53.67. The business has a 50 day simple moving average of $43.31 and a 200-day simple moving average of $28.86.

CareDx (NASDAQ:CDNA - Get Free Report) last announced 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. CareDx had a return on equity of 2.87% and a net margin of 24.23%.The firm had revenue of $131.95 million during the quarter, compared to analysts' expectations of $114.05 million. During the same quarter in the previous year, the business earned ($0.16) EPS. The company's quarterly revenue was up 52.2% on a year-over-year basis. As a group, analysts expect that CareDx, Inc. will post 0.47 earnings per share for the current fiscal year.

Insider Buying and Selling at CareDx

In other news, CEO John Walter Hanna, Jr. sold 39,900 shares of the stock in a transaction that occurred on Monday, June 29th. The stock was sold at an average price of $29.24, for a total value of $1,166,676.00. Following the sale, the chief executive officer directly owned 661,959 shares in the company, valued at approximately $19,355,681.16. This represents a 5.68% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director George Bickerstaff, III sold 20,000 shares of the firm's stock in a transaction that occurred 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 directly owned 134,061 shares of the company's stock, valued at $6,204,343.08. This represents a 12.98% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 76,000 shares of company stock worth $2,846,216 over the last quarter. Insiders own 2.40% of the company's stock.

Analyst Upgrades and Downgrades

CDNA has been the subject of a number of research reports. Canaccord Genuity Group assumed coverage on CareDx in a research note on Wednesday, September 2nd. They set a "buy" rating and a $65.00 price target for the company. William Blair raised CareDx to a "hold" rating in a report on Thursday, July 16th. BTIG Research increased their target price on CareDx from $45.00 to $60.00 and gave the company a "buy" rating in a research report on Thursday, August 6th. Weiss Ratings upgraded shares of CareDx from a "sell (d+)" rating to a "hold (c)" rating in a research report on Thursday, August 13th. Finally, Craig Hallum raised shares of CareDx from a "hold" rating to a "buy" rating and set a $64.00 price target on the stock in a research note on Monday, August 3rd. One research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and four have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $51.20.

CareDx Company Profile

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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