Formula Growth Ltd. Invests $1.67 Million in CareDx, Inc (NASDAQ:CDNA)

Formula Growth Ltd. acquired a new position in shares of CareDx, Inc (NASDAQ:CDNA - Free Report) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund acquired 78,000 shares of the company's stock, valued at approximately $1,670,000. Formula Growth Ltd. owned about 0.15% of CareDx as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also recently added to or reduced their stakes in the business. Barclays PLC boosted its position in shares of CareDx by 123.8% in the third quarter. Barclays PLC now owns 98,505 shares of the company's stock valued at $3,075,000 after acquiring an additional 54,482 shares during the period. Geode Capital Management LLC boosted its holdings in CareDx by 2.7% in the 3rd quarter. Geode Capital Management LLC now owns 1,227,724 shares of the company's stock valued at $38,343,000 after purchasing an additional 32,141 shares during the period. Franklin Resources Inc. grew its position in CareDx by 34.4% in the 3rd quarter. Franklin Resources Inc. now owns 59,474 shares of the company's stock worth $1,862,000 after purchasing an additional 15,238 shares during the last quarter. Lord Abbett & CO. LLC bought a new position in shares of CareDx during the 3rd quarter worth about $10,873,000. Finally, Principal Financial Group Inc. acquired a new position in shares of CareDx during the third quarter valued at about $557,000.

CareDx Stock Performance

Shares of NASDAQ CDNA traded up $0.40 during midday trading on Thursday, reaching $18.24. 128,102 shares of the company traded hands, compared to its average volume of 849,978. CareDx, Inc has a 12 month low of $7.42 and a 12 month high of $34.84. The firm has a market cap of $1.01 billion, a PE ratio of -6.77 and a beta of 2.18. The stock's 50-day simple moving average is $19.31 and its 200-day simple moving average is $22.10.

CareDx (NASDAQ:CDNA - Get Free Report) last posted its earnings results on Wednesday, February 26th. The company reported $1.51 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.05 by $1.46. The company had revenue of $86.58 million during the quarter, compared to analysts' expectations of $84.56 million. CareDx had a negative net margin of 45.90% and a negative return on equity of 53.70%. On average, equities research analysts expect that CareDx, Inc will post -0.9 EPS for the current year.

Analyst Ratings Changes

Several equities analysts recently issued reports on CDNA shares. Stephens restated an "overweight" rating and set a $40.00 price target on shares of CareDx in a research note on Thursday, February 27th. Wells Fargo & Company upgraded CareDx from an "underweight" rating to an "equal weight" rating and lowered their price objective for the company from $28.00 to $24.00 in a research report on Wednesday, January 15th. HC Wainwright reduced their target price on CareDx from $26.00 to $25.00 and set a "neutral" rating for the company in a research report on Monday, March 3rd. The Goldman Sachs Group lowered their price target on shares of CareDx from $34.00 to $26.00 and set a "buy" rating on the stock in a report on Thursday, April 17th. Finally, StockNews.com raised shares of CareDx from a "hold" rating to a "buy" rating in a report on Wednesday, February 26th. Three analysts have rated the stock with a hold rating and five have issued a buy rating to the company's stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $30.33.

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.