State Street Corp Lowers Position in CareDx, Inc (NASDAQ:CDNA)

State Street Corp cut its holdings in CareDx, Inc (NASDAQ:CDNA) by 3.4% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 2,036,089 shares of the company’s stock after selling 71,741 shares during the period. State Street Corp’s holdings in CareDx were worth $63,577,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in CDNA. Renaissance Technologies LLC lifted its stake in CareDx by 6.2% in the second quarter. Renaissance Technologies LLC now owns 1,512,700 shares of the company’s stock valued at $23,492,000 after purchasing an additional 88,100 shares during the last quarter. Allspring Global Investments Holdings LLC lifted its holdings in CareDx by 868.6% during the third quarter. Allspring Global Investments Holdings LLC now owns 204,987 shares of the company’s stock valued at $6,401,000 after purchasing an additional 183,823 shares during the last quarter. Driehaus Capital Management LLC bought a new position in CareDx during the second quarter worth about $2,852,000. Hanseatic Management Services Inc. bought a new stake in shares of CareDx in the third quarter valued at approximately $781,000. Finally, Creative Planning bought a new stake in shares of CareDx in the third quarter valued at approximately $204,000.

CareDx Price Performance

CDNA stock opened at $20.40 on Thursday. CareDx, Inc has a one year low of $7.42 and a one year high of $34.84. The stock has a market cap of $1.09 billion, a PE ratio of -7.56 and a beta of 1.84. The firm has a 50 day simple moving average of $24.09 and a two-hundred day simple moving average of $23.38.

CareDx (NASDAQ:CDNA) last issued its quarterly earnings results on Monday, November 4th. The company reported ($0.14) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.25) by $0.11. The firm had revenue of $82.88 million during the quarter, compared to analyst estimates of $80.04 million. CareDx had a negative return on equity of 53.70% and a negative net margin of 45.90%. The company’s revenue was up 23.4% compared to the same quarter last year. During the same quarter in the previous year, the company posted ($0.43) earnings per share. On average, research analysts expect that CareDx, Inc will post -0.7 EPS for the current fiscal year.

Insider Buying and Selling at CareDx

In other news, Director Peter Maag sold 5,000 shares of the company’s stock in a transaction on Tuesday, November 26th. The shares were sold at an average price of $25.00, for a total value of $125,000.00. Following the completion of the sale, the director now owns 330,024 shares of the company’s stock, valued at approximately $8,250,600. This represents a 1.49 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 4.90% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on CDNA shares. The Goldman Sachs Group boosted their target price on shares of CareDx from $26.00 to $35.00 and gave the company a “buy” rating in a report on Wednesday, October 16th. Wells Fargo & Company initiated coverage on CareDx in a research note on Tuesday, August 27th. They issued an “underweight” rating and a $28.00 target price for the company. StockNews.com upgraded CareDx from a “hold” rating to a “buy” rating in a research report on Thursday, October 17th. BTIG Research cut their price objective on shares of CareDx from $40.00 to $35.00 and set a “buy” rating for the company in a research report on Tuesday, November 5th. Finally, HC Wainwright reaffirmed a “neutral” rating on shares of CareDx in a report on Tuesday, October 22nd. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and five have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $29.60.

About CareDx

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.