Fred Alger Management LLC Lowers Holdings in CareDx, Inc. $CDNA

Fred Alger Management LLC reduced its stake in shares of CareDx, Inc. (NASDAQ:CDNA) by 24.7% during the 3rd quarter, according to its most recent filing with the SEC. The firm owned 929,023 shares of the company’s stock after selling 304,736 shares during the period. Fred Alger Management LLC’s holdings in CareDx were worth $13,508,000 at the end of the most recent quarter.

Other institutional investors have also modified their holdings of the company. Deerfield Management Company L.P. acquired a new position in shares of CareDx in the 3rd quarter valued at about $31,857,000. Braidwell LP acquired a new stake in CareDx during the third quarter worth about $31,738,000. Next Century Growth Investors LLC raised its position in CareDx by 309.4% during the second quarter. Next Century Growth Investors LLC now owns 1,125,454 shares of the company’s stock valued at $21,991,000 after acquiring an additional 850,580 shares in the last quarter. Bamco Inc. NY raised its position in CareDx by 29.5% during the third quarter. Bamco Inc. NY now owns 3,155,180 shares of the company’s stock valued at $45,876,000 after acquiring an additional 719,523 shares in the last quarter. Finally, Amova Asset Management Americas Inc. lifted its holdings in CareDx by 40.8% in the third quarter. Amova Asset Management Americas Inc. now owns 1,740,064 shares of the company’s stock valued at $25,283,000 after acquiring an additional 504,473 shares during the period.

Insiders Place Their Bets

In other CareDx news, CEO John Walter Hanna, Jr. sold 19,280 shares of the stock in a transaction on Thursday, January 22nd. The shares were sold at an average price of $21.16, for a total transaction of $407,964.80. Following the transaction, the chief executive officer directly owned 597,405 shares of the company’s stock, valued at $12,641,089.80. This trade represents a 3.13% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders have sold 29,636 shares of company stock worth $625,949 in the last ninety days. Corporate insiders own 4.40% of the company’s stock.

CareDx Price Performance

CareDx stock opened at $17.32 on Tuesday. The stock has a market capitalization of $887.13 million, a PE ratio of -43.30 and a beta of 2.52. The business has a 50 day simple moving average of $19.28 and a 200-day simple moving average of $17.29. CareDx, Inc. has a 12 month low of $10.96 and a 12 month high of $21.49.

CareDx (NASDAQ:CDNA) last announced its earnings results on Tuesday, February 24th. The company reported $0.12 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.24 by ($0.12). CareDx had a negative net margin of 5.65% and a negative return on equity of 6.50%. The business had revenue of $108.39 million for the quarter, compared to analysts’ expectations of $102.76 million. During the same quarter last year, the business earned $0.18 EPS. The company’s quarterly revenue was up 25.2% on a year-over-year basis. On average, equities research analysts anticipate that CareDx, Inc. will post -0.9 EPS for the current fiscal year.

Analysts Set New Price Targets

Several equities research analysts have commented on CDNA shares. Wall Street Zen lowered CareDx from a “buy” rating to a “hold” rating in a research report on Saturday, February 7th. Weiss Ratings cut shares of CareDx from a “hold (c-)” rating to a “sell (d)” rating in a research note on Friday, February 27th. Craig Hallum downgraded shares of CareDx from a “buy” rating to a “hold” rating and set a $26.00 price target on the stock. in a report on Tuesday, January 6th. Zacks Research upgraded shares of CareDx from a “strong sell” rating to a “hold” rating in a research report on Tuesday, November 18th. Finally, Wells Fargo & Company lifted their price objective on shares of CareDx from $18.00 to $21.00 and gave the company an “equal weight” rating in a report on Wednesday, February 25th. Three investment analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, CareDx presently has a consensus rating of “Hold” and an average target price of $27.33.

CareDx Profile

CareDx, Inc (NASDAQ: CDNA) is a precision diagnostics company focused on the care of transplant patients. The firm develops and commercializes non‐invasive tests designed to detect organ transplant rejection and infection risk, helping physicians make informed management decisions throughout the post‐transplant journey.

The company’s core product portfolio includes AlloMap®, a gene expression profiling test for heart transplant recipients, and AlloSure®, a donor‐derived cell‐free DNA assay used primarily in kidney transplant monitoring.