Formula Growth Ltd. Acquires New Holdings in CareDx, Inc. $CDNA

Formula Growth Ltd. bought a new stake in shares of CareDx, Inc. (NASDAQ:CDNA) in the 2nd quarter, Holdings Channel.com reports. The fund bought 78,026 shares of the company’s stock, valued at approximately $2,224,000.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Quarry LP purchased a new stake in shares of CareDx in the fourth quarter valued at about $25,000. Allworth Financial LP purchased a new position in shares of CareDx during the 2nd quarter worth approximately $72,000. Meeder Asset Management Inc. purchased a new position in shares of CareDx during the 4th quarter worth approximately $79,000. Quantbot Technologies LP acquired a new position in shares of CareDx during the 3rd quarter worth approximately $89,000. Finally, CWM LLC raised its position in shares of CareDx by 119.1% during the 4th quarter. CWM LLC now owns 7,407 shares of the company’s stock worth $140,000 after purchasing an additional 4,026 shares during the last quarter.

Analyst Upgrades and Downgrades

CDNA has been the topic of a number of recent research reports. Wall Street Zen raised CareDx from a “buy” rating to a “strong-buy” rating in a research note on Sunday, May 3rd. Zacks Research raised CareDx from a “hold” rating to a “strong-buy” rating in a research report on Thursday, August 6th. HC Wainwright reissued a “neutral” rating and issued a $46.00 price target on shares of CareDx in a report on Friday, July 31st. William Blair upgraded CareDx to a “hold” rating in a research report on Thursday, July 16th. Finally, BTIG Research increased their price objective on CareDx from $45.00 to $60.00 and gave the company a “buy” rating in a research note on Thursday, August 6th. One analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and four have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, CareDx has an average rating of “Moderate Buy” and an average target price of $47.75.

CareDx Price Performance

Shares of CDNA stock opened at $52.36 on Friday. The firm’s 50-day simple moving average is $37.94 and its 200-day simple moving average is $26.27. CareDx, Inc. has a 1-year low of $12.37 and a 1-year high of $53.67. The firm has a market cap of $2.71 billion, a P/E ratio of 25.29 and a beta of 2.39.

CareDx (NASDAQ:CDNA) last released its earnings results on Thursday, July 30th. The company reported $0.37 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.23 by $0.14. CareDx had a net margin of 24.23% and a return on equity of 2.87%. The firm had revenue of $131.95 million during the quarter, compared to the consensus estimate of $114.05 million. During the same period in the previous year, the firm earned ($0.16) earnings per share. CareDx’s revenue was up 52.2% compared to the same quarter last year. Analysts expect that CareDx, Inc. will post 0.47 earnings per share for the current fiscal year.

Insider Activity at CareDx

In other news, Director Christine Cournoyer sold 16,000 shares of the business’s stock in a transaction on Tuesday, August 4th. The shares were sold at an average price of $46.94, for a total transaction of $751,040.00. Following the completion of the sale, the director directly owned 42,943 shares of the company’s stock, valued at $2,015,744.42. The trade was a 27.14% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Hannah Valantine sold 12,103 shares of the company’s stock in a transaction on Monday, June 15th. The stock was sold at an average price of $23.11, for a total value of $279,700.33. Following the sale, the director owned 36,686 shares of the company’s stock, valued at approximately $847,813.46. The trade was a 24.81% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 114,936 shares of company stock worth $3,770,348 in the last 90 days. Company insiders own 2.40% of the company’s stock.

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.