Zweig DiMenna Associates LLC Decreases Position in CareDx, Inc. $CDNA

Key Points

• Zweig DiMenna Associates cut its CareDx stake by 42.5% in the first quarter, selling 288,745 shares and ending with 390,255 shares worth about $6.8 million.
• Insider selling continued, with Director Hannah Valantine and CEO John Walter Hanna Jr. both selling shares in Rule 10b5-1 transactions; insiders sold 89,218 shares worth about $2.31 million over the last quarter.
• CareDx beat expectations in its latest quarter, reporting EPS of $0.34 versus the $0.11 consensus and revenue of $117.7 million, up 39.3% year over year, while analysts still rate the stock a consensus Hold with a $25 price target.

Zweig DiMenna Associates LLC lowered its stake in CareDx, Inc. (NASDAQ:CDNA - Free Report) by 42.5% in the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 390,255 shares of the company's stock after selling 288,745 shares during the quarter. Zweig DiMenna Associates LLC owned about 0.76% of CareDx worth $6,775,000 as of its most recent filing with the SEC.

Several other hedge funds have also modified their holdings of the stock. Goldman Sachs Group Inc. boosted its holdings in CareDx by 18.1% in the 1st quarter. Goldman Sachs Group Inc. now owns 1,110,014 shares of the company's stock worth $19,703,000 after acquiring an additional 170,504 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its position in CareDx by 11.3% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 133,966 shares of the company's stock valued at $2,378,000 after acquiring an additional 13,619 shares in the last quarter. JPMorgan Chase & Co. lifted its position in shares of CareDx by 41.2% during the second quarter. JPMorgan Chase & Co. now owns 68,602 shares of the company's stock worth $1,340,000 after purchasing an additional 20,028 shares in the last quarter. First Trust Advisors LP acquired a new position in shares of CareDx during the second quarter worth $1,822,000. Finally, Nebula Research & Development LLC purchased a new position in shares of CareDx in the second quarter valued at $281,000.

Analyst Upgrades and Downgrades

CDNA has been the subject of a number of recent analyst reports. BTIG Research raised their price target on shares of CareDx from $26.00 to $28.00 and gave the company a "buy" rating in a report on Wednesday, April 29th. Wall Street Zen upgraded shares of CareDx from a "buy" rating to a "strong-buy" rating in a report on Sunday, May 3rd. Finally, Weiss Ratings raised shares of CareDx from a "sell (d)" rating to a "sell (d+)" rating in a research report on Friday, June 26th. One research analyst has rated the stock with a Buy rating, four have issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, CareDx presently has a consensus rating of "Hold" and a consensus price target of $25.00.

Insiders Place Their Bets

In other news, Director Hannah Valantine sold 12,103 shares of the business's stock in a transaction dated Monday, June 15th. The shares were sold at an average price of $23.11, for a total value of $279,700.33. Following the completion of the sale, the director owned 36,686 shares of the company's stock, valued at approximately $847,813.46. The trade was a 24.81% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO John Walter Hanna, Jr. sold 39,900 shares of the company's stock in a transaction dated 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 completion of the sale, the chief executive officer owned 661,959 shares in the company, valued at approximately $19,355,681.16. This trade represents a 5.68% decrease in their position. 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. Insiders have sold a total of 89,218 shares of company stock worth $2,310,864 over the last quarter. 2.40% of the stock is currently owned by insiders.

CareDx Stock Up 0.6%

Shares of CDNA opened at $28.93 on Wednesday. The firm has a market cap of $1.49 billion, a price-to-earnings ratio of -180.81 and a beta of 2.43. The business's 50 day moving average is $24.29 and its two-hundred day moving average is $20.92. CareDx, Inc. has a 52-week low of $10.96 and a 52-week high of $30.00.

CareDx (NASDAQ:CDNA - Get Free Report) last released its quarterly earnings results on Tuesday, April 28th. The company reported $0.34 earnings per share for the quarter, topping analysts' consensus estimates of $0.11 by $0.23. The business had revenue of $117.70 million during the quarter, compared to the consensus estimate of $102.03 million. CareDx had a negative net margin of 2.01% and a negative return on equity of 2.65%. The business's quarterly revenue was up 39.3% compared to the same quarter last year. During the same quarter last year, the company earned $0.09 earnings per share. On average, equities analysts expect that CareDx, Inc. will post 0.22 earnings per share 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.

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