Connor Clark & Lunn Investment Management Ltd. Acquires 306,222 Shares of CareDx, Inc (NASDAQ:CDNA)

Connor Clark & Lunn Investment Management Ltd. increased its stake in CareDx, Inc (NASDAQ:CDNA - Free Report) by 78.4% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 696,893 shares of the company's stock after buying an additional 306,222 shares during the period. Connor Clark & Lunn Investment Management Ltd. owned 1.32% of CareDx worth $21,760,000 as of its most recent SEC filing.

A number of other institutional investors have also modified their holdings of CDNA. Millennium Management LLC raised its holdings in shares of CareDx by 1,085.4% in the 2nd quarter. Millennium Management LLC now owns 2,140,909 shares of the company's stock valued at $33,248,000 after purchasing an additional 1,960,308 shares in the last quarter. Bamco Inc. NY purchased a new position in CareDx during the first quarter valued at approximately $13,025,000. Fred Alger Management LLC increased its holdings in CareDx by 517.9% during the second quarter. Fred Alger Management LLC now owns 1,149,602 shares of the company's stock valued at $17,853,000 after buying an additional 963,554 shares during the period. Allspring Global Investments Holdings LLC raised its stake in CareDx by 868.6% in the third quarter. Allspring Global Investments Holdings LLC now owns 204,987 shares of the company's stock worth $6,401,000 after buying an additional 183,823 shares in the last quarter. Finally, Driehaus Capital Management LLC purchased a new stake in CareDx during the second quarter worth $2,852,000.

Wall Street Analysts Forecast Growth

CDNA has been the subject of several recent research reports. BTIG Research reduced their price target on CareDx from $40.00 to $35.00 and set a "buy" rating for the company in a research report on Tuesday, November 5th. HC Wainwright reiterated a "neutral" rating on shares of CareDx in a report on Tuesday, October 22nd. StockNews.com upgraded shares of CareDx from a "hold" rating to a "buy" rating in a report on Thursday, October 17th. Wells Fargo & Company started coverage on shares of CareDx in a research report on Tuesday, August 27th. They set an "underweight" rating and a $28.00 target price for the company. Finally, The Goldman Sachs Group raised their target price on shares of CareDx from $26.00 to $35.00 and gave the company a "buy" rating in a research note on Wednesday, October 16th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and five have issued a buy rating to the stock. According to MarketBeat.com, CareDx has a consensus rating of "Moderate Buy" and an average price target of $29.60.

CareDx Price Performance

NASDAQ CDNA opened at $22.37 on Thursday. The stock's fifty day moving average price is $26.43 and its 200 day moving average price is $21.97. CareDx, Inc has a 1 year low of $7.42 and a 1 year high of $34.84. The company has a market cap of $1.20 billion, a price-to-earnings ratio of -8.29 and a beta of 1.80.

CareDx (NASDAQ:CDNA - Get Free Report) last announced its quarterly earnings data 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 analysts' expectations 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 for the quarter was up 23.4% compared to the same quarter last year. During the same period last year, the business posted ($0.43) earnings per share. Research analysts expect that CareDx, Inc will post -0.7 earnings per share for the current year.

CareDx Company 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.

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