Sumitomo Mitsui Trust Group Inc. Reduces Holdings in CareDx, Inc (NASDAQ:CDNA)

Sumitomo Mitsui Trust Group Inc. reduced its holdings in shares of CareDx, Inc (NASDAQ:CDNA - Free Report) by 35.8% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 1,653,927 shares of the company's stock after selling 922,334 shares during the period. Sumitomo Mitsui Trust Group Inc. owned about 3.14% of CareDx worth $51,644,000 at the end of the most recent quarter.

Other hedge funds also recently added to or reduced their stakes in the company. Vanguard Group Inc. boosted its stake in shares of CareDx by 4.4% in the 1st quarter. Vanguard Group Inc. now owns 4,300,016 shares of the company's stock valued at $45,537,000 after buying an additional 180,334 shares during the period. Gagnon Securities LLC lifted its holdings in CareDx by 7.1% during the 1st quarter. Gagnon Securities LLC now owns 2,245,529 shares of the company's stock worth $23,780,000 after buying an additional 149,485 shares during the last quarter. Millennium Management LLC boosted its position in shares of CareDx by 1,085.4% during the 2nd quarter. Millennium Management LLC now owns 2,140,909 shares of the company's stock worth $33,248,000 after acquiring an additional 1,960,308 shares in the last quarter. Renaissance Technologies LLC increased its holdings in shares of CareDx by 6.2% in the 2nd quarter. Renaissance Technologies LLC now owns 1,512,700 shares of the company's stock valued at $23,492,000 after acquiring an additional 88,100 shares during the last quarter. Finally, Bamco Inc. NY acquired a new position in CareDx in the first quarter valued at approximately $13,025,000.

CareDx Stock Performance

CDNA traded down $0.38 during trading on Friday, reaching $21.17. The company's stock had a trading volume of 1,072,226 shares, compared to its average volume of 903,429. The company's fifty day moving average price is $26.68 and its 200-day moving average price is $21.70. CareDx, Inc has a 52-week low of $7.42 and a 52-week high of $34.84. The company has a market capitalization of $1.14 billion, a price-to-earnings ratio of -7.84 and a beta of 1.80.

CareDx (NASDAQ:CDNA - Get Free Report) last posted its quarterly earnings results on Monday, November 4th. The company reported ($0.14) earnings per share for the quarter, beating analysts' consensus estimates of ($0.25) by $0.11. The firm had revenue of $82.88 million for the quarter, compared to the consensus estimate 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 in the previous year, the business earned ($0.43) earnings per share. Equities analysts predict that CareDx, Inc will post -0.7 earnings per share for the current year.

Analyst Ratings Changes

Several research analysts have recently issued reports on the stock. HC Wainwright restated a "neutral" rating on shares of CareDx in a report on Tuesday, October 22nd. Craig Hallum lifted their price objective on shares of CareDx from $22.00 to $32.00 and gave the company a "buy" rating in a research note on Thursday, August 1st. The Goldman Sachs Group increased their target price on shares of CareDx from $26.00 to $35.00 and gave the stock a "buy" rating in a research note on Wednesday, October 16th. StockNews.com upgraded CareDx from a "hold" rating to a "buy" rating in a research note on Thursday, October 17th. Finally, BTIG Research cut their price target on CareDx from $40.00 to $35.00 and set a "buy" rating for the company in a research note on Tuesday, November 5th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $29.60.

Insiders Place Their Bets

In related news, Director Peter Maag sold 35,552 shares of the company's stock in a transaction that occurred on Tuesday, August 20th. The stock was sold at an average price of $33.04, for a total value of $1,174,638.08. Following the sale, the director now owns 330,024 shares in the company, valued at $10,903,992.96. This represents a 9.72 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Alexander L. Johnson sold 34,231 shares of CareDx stock in a transaction on Monday, August 19th. The stock was sold at an average price of $33.55, for a total value of $1,148,450.05. Following the transaction, the insider now directly owns 284,983 shares of the company's stock, valued at approximately $9,561,179.65. This represents a 10.72 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 91,340 shares of company stock worth $3,025,415. Corporate insiders own 4.90% of the company's stock.

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.