ARK Investment Management LLC Decreases Position in CareDx, Inc (NASDAQ:CDNA)

ARK Investment Management LLC lowered its position in CareDx, Inc (NASDAQ:CDNA) by 47.6% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 2,988,597 shares of the company’s stock after selling 2,713,754 shares during the quarter. CareDx accounts for approximately 0.9% of ARK Investment Management LLC’s holdings, making the stock its 28th biggest holding. ARK Investment Management LLC owned 5.74% of CareDx worth $93,319,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in CDNA. GAMMA Investing LLC increased its holdings in CareDx by 1,021.8% during the 2nd quarter. GAMMA Investing LLC now owns 2,210 shares of the company’s stock valued at $34,000 after acquiring an additional 2,013 shares in the last quarter. Plato Investment Management Ltd purchased a new stake in CareDx in the 2nd quarter valued at approximately $62,000. nVerses Capital LLC grew its holdings in CareDx by 175.0% during the 3rd quarter. nVerses Capital LLC now owns 3,300 shares of the company’s stock valued at $103,000 after buying an additional 2,100 shares during the last quarter. Meeder Asset Management Inc. purchased a new position in CareDx during the second quarter worth $142,000. Finally, Allspring Global Investments Holdings LLC raised its holdings in shares of CareDx by 10,267.2% in the first quarter. Allspring Global Investments Holdings LLC now owns 18,661 shares of the company’s stock worth $198,000 after acquiring an additional 18,481 shares during the last quarter.

CareDx Stock Performance

NASDAQ CDNA opened at $23.88 on Friday. CareDx, Inc has a one year low of $6.11 and a one year high of $34.84. The company’s 50 day moving average price is $27.42 and its 200 day moving average price is $20.99. The firm has a market capitalization of $1.26 billion, a price-to-earnings ratio of -8.84 and a beta of 1.80.

CareDx (NASDAQ:CDNA) last announced its earnings results on Monday, November 4th. The company reported ($0.14) earnings per share for the quarter, beating the consensus estimate of ($0.25) by $0.11. CareDx had a negative net margin of 45.90% and a negative return on equity of 54.34%. The business had revenue of $82.88 million during the quarter, compared to the consensus estimate of $80.04 million. During the same period in the prior year, the firm earned ($0.43) earnings per share. The business’s quarterly revenue was up 23.4% compared to the same quarter last year. Sell-side analysts forecast that CareDx, Inc will post -0.83 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research firms have commented on CDNA. The Goldman Sachs Group lifted 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 report on Thursday, October 17th. BTIG Research decreased their price target on CareDx from $40.00 to $35.00 and set a “buy” rating on the stock in a research note on Tuesday. HC Wainwright reaffirmed a “neutral” rating on shares of CareDx in a research note on Tuesday, October 22nd. Finally, Wells Fargo & Company began coverage on shares of CareDx in a research report on Tuesday, August 27th. They issued an “underweight” rating and a $28.00 target price on the stock. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $29.60.

Insider Buying and Selling at CareDx

In related news, insider Alexander L. Johnson sold 21,557 shares of the business’s stock in a transaction dated Wednesday, August 21st. The stock was sold at an average price of $32.58, for a total value of $702,327.06. Following the transaction, the insider now owns 284,983 shares in the company, valued at approximately $9,284,746.14. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. In other CareDx news, insider Alexander L. Johnson sold 34,231 shares of the stock in a transaction on Monday, August 19th. The shares were sold at an average price of $33.55, for a total transaction of $1,148,450.05. Following the transaction, the insider now directly owns 284,983 shares in the company, valued at $9,561,179.65. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Alexander L. Johnson sold 21,557 shares of the business’s stock in a transaction dated Wednesday, August 21st. The stock was sold at an average price of $32.58, for a total transaction of $702,327.06. Following the completion of the sale, the insider now directly owns 284,983 shares of the company’s stock, valued at $9,284,746.14. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 91,340 shares of company stock valued at $3,025,415 in the last ninety days. 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.