Lord Abbett & CO. LLC purchased a new stake in shares of CareDx, Inc (NASDAQ:CDNA - Free Report) during the third quarter, according to its most recent filing with the Securities & Exchange Commission. The firm purchased 348,219 shares of the company's stock, valued at approximately $10,873,000. Lord Abbett & CO. LLC owned about 0.65% of CareDx at the end of the most recent reporting period.
A number of other hedge funds have also recently made changes to their positions in CDNA. Bank of New York Mellon Corp lifted its stake in CareDx by 6.8% in the second quarter. Bank of New York Mellon Corp now owns 193,994 shares of the company's stock worth $3,013,000 after purchasing an additional 12,404 shares during the last quarter. Allspring Global Investments Holdings LLC grew its position in CareDx by 13.4% during the 2nd quarter. Allspring Global Investments Holdings LLC now owns 21,164 shares of the company's stock worth $329,000 after acquiring an additional 2,503 shares during the last quarter. ClariVest Asset Management LLC increased its stake in CareDx by 2.9% in the 2nd quarter. ClariVest Asset Management LLC now owns 64,027 shares of the company's stock worth $994,000 after purchasing an additional 1,810 shares during the period. American Century Companies Inc. lifted its position in CareDx by 11.5% in the second quarter. American Century Companies Inc. now owns 108,366 shares of the company's stock valued at $1,683,000 after purchasing an additional 11,168 shares during the last quarter. Finally, Meeder Asset Management Inc. purchased a new position in shares of CareDx in the second quarter worth $142,000.
Insiders Place Their Bets
In other news, Director Peter Maag sold 5,000 shares of the company's stock in a transaction on Tuesday, November 26th. The stock was sold at an average price of $25.00, for a total transaction of $125,000.00. Following the transaction, the director now directly owns 330,024 shares of the company's stock, valued at $8,250,600. This represents a 1.49 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Corporate insiders own 4.90% of the company's stock.
Analysts Set New Price Targets
CDNA has been the topic of a number of recent analyst reports. The Goldman Sachs Group raised their price target on shares of CareDx from $26.00 to $35.00 and gave the stock a "buy" rating in a report on Wednesday, October 16th. 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 price target on the stock. BTIG Research cut their price objective on CareDx from $40.00 to $35.00 and set a "buy" rating on the stock in a research report on Tuesday, November 5th. HC Wainwright reissued a "neutral" rating on shares of CareDx in a research report on Tuesday, October 22nd. Finally, StockNews.com upgraded CareDx from a "hold" rating to a "buy" rating in a research report on Thursday, October 17th. One analyst has rated the stock with a sell rating, two have given a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $29.60.
Read Our Latest Research Report on CDNA
CareDx Stock Performance
Shares of CareDx stock traded down $0.73 during midday trading on Tuesday, hitting $22.14. The company had a trading volume of 695,281 shares, compared to its average volume of 883,572. CareDx, Inc has a 52-week low of $7.42 and a 52-week high of $34.84. The stock has a market capitalization of $1.19 billion, a P/E ratio of -8.33 and a beta of 1.84. The company has a 50 day moving average of $24.29 and a 200 day moving average of $23.31.
CareDx (NASDAQ:CDNA - Get Free Report) last released its earnings results on Monday, November 4th. The company reported ($0.14) EPS for the quarter, topping analysts' consensus estimates of ($0.25) by $0.11. The firm had revenue of $82.88 million for 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 quarterly revenue was up 23.4% on a year-over-year basis. During the same period in the prior year, the firm posted ($0.43) earnings per share. Equities research analysts forecast that CareDx, Inc will post -0.7 EPS for the current year.
CareDx Company Profile
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Free Report)
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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