Connor Clark & Lunn Investment Management Ltd. Invests $7.64 Million in CareDx, Inc. $CDNA

Connor Clark & Lunn Investment Management Ltd. bought a new stake in CareDx, Inc. (NASDAQ:CDNA) during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 268,207 shares of the company’s stock, valued at approximately $7,644,000. Connor Clark & Lunn Investment Management Ltd. owned about 0.52% of CareDx at the end of the most recent quarter.

A number of other large investors also recently made changes to their positions in CDNA. Globeflex Capital L P acquired a new stake in CareDx during the 2nd quarter worth approximately $3,399,000. Quantbot Technologies LP acquired a new position in CareDx in the 2nd quarter valued at $310,000. Ieq Capital LLC bought a new position in CareDx during the 2nd quarter worth $418,000. Allworth Financial LP bought a new position in CareDx during the 2nd quarter worth $72,000. Finally, Virtus Advisers LLC bought a new position in CareDx during the 2nd quarter worth $1,198,000.

Insider Buying and Selling

In related news, Director Christine Cournoyer sold 16,000 shares of the business’s stock in a transaction dated Tuesday, August 4th. The stock was sold at an average price of $46.94, for a total value of $751,040.00. Following the completion of the transaction, the director owned 42,943 shares of the company’s stock, valued at $2,015,744.42. The trade was a 27.14% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through 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 dated Monday, June 15th. The stock was sold at an average price of $23.11, for a total transaction of $279,700.33. Following the sale, the director directly owned 36,686 shares of the company’s stock, valued at $847,813.46. This represents a 24.81% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 114,936 shares of company stock worth $3,770,348 in the last ninety days. 2.40% of the stock is owned by company insiders.

CareDx Price Performance

CareDx stock opened at $50.96 on Thursday. The firm has a market cap of $2.64 billion, a PE ratio of 24.62 and a beta of 2.39. The stock’s fifty day moving average price is $37.41 and its two-hundred day moving average price is $26.04. CareDx, Inc. has a one year low of $12.37 and a one year high of $51.13.

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

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on CDNA shares. Weiss Ratings raised shares of CareDx from a “sell (d+)” rating to a “hold (c)” rating in a research report on Thursday, August 13th. BTIG Research upped their price target on shares of CareDx from $45.00 to $60.00 and gave the company a “buy” rating in a research note on Thursday, August 6th. William Blair raised shares of CareDx to a “hold” rating in a research report on Thursday, July 16th. HC Wainwright reiterated a “neutral” rating and issued a $46.00 price objective on shares of CareDx in a research note on Friday, July 31st. Finally, Craig Hallum raised shares of CareDx from a “hold” rating to a “buy” rating and set a $64.00 price objective for the company in a report on Monday, August 3rd. One analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and four have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $47.75.

About CareDx

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.