Franklin Resources Inc. Lowers Stake in CareDx, Inc. $CDNA

Franklin Resources Inc. cut its stake in CareDx, Inc. (NASDAQ:CDNA) by 35.4% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 74,144 shares of the company’s stock after selling 40,671 shares during the quarter. Franklin Resources Inc.’s holdings in CareDx were worth $1,449,000 at the end of the most recent quarter.

Other hedge funds have also recently made changes to their positions in the company. US Bancorp DE grew its stake in CareDx by 7.2% in the first quarter. US Bancorp DE now owns 18,403 shares of the company’s stock valued at $327,000 after purchasing an additional 1,235 shares during the last quarter. PNC Financial Services Group Inc. boosted its holdings in shares of CareDx by 20,200.0% in the 1st quarter. PNC Financial Services Group Inc. now owns 4,466 shares of the company’s stock valued at $79,000 after buying an additional 4,444 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. grew its position in shares of CareDx by 14.7% in the 1st quarter. Connor Clark & Lunn Investment Management Ltd. now owns 1,003,580 shares of the company’s stock worth $17,814,000 after buying an additional 128,383 shares during the last quarter. Invesco Ltd. raised its stake in shares of CareDx by 76.1% during the 1st quarter. Invesco Ltd. now owns 2,667,861 shares of the company’s stock worth $47,355,000 after acquiring an additional 1,153,011 shares in the last quarter. Finally, Nuveen LLC purchased a new stake in CareDx during the first quarter valued at approximately $3,483,000.

CareDx Stock Performance

Shares of CDNA stock opened at $18.53 on Friday. CareDx, Inc. has a fifty-two week low of $10.96 and a fifty-two week high of $25.95. The firm has a market capitalization of $953.00 million, a PE ratio of 15.57 and a beta of 2.54. The stock’s 50-day simple moving average is $15.74 and its 200-day simple moving average is $15.68.

CareDx (NASDAQ:CDNA) last issued its earnings results on Tuesday, November 4th. The company reported $0.28 EPS for the quarter, beating analysts’ consensus estimates of $0.13 by $0.15. CareDx had a return on equity of 20.15% and a net margin of 19.65%.The firm had revenue of $100.06 million for the quarter, compared to analyst estimates of $95.25 million. During the same quarter in the prior year, the firm earned ($0.14) earnings per share. CareDx’s revenue for the quarter was up 20.7% on a year-over-year basis. Sell-side analysts forecast that CareDx, Inc. will post -0.9 earnings per share for the current year.

Analyst Ratings Changes

CDNA has been the topic of several analyst reports. Wells Fargo & Company cut their price target on shares of CareDx from $19.00 to $14.00 and set an “equal weight” rating on the stock in a report on Friday, August 8th. BTIG Research raised their price objective on CareDx from $22.00 to $25.00 and gave the stock a “buy” rating in a research report on Thursday, November 6th. William Blair started coverage on CareDx in a research report on Tuesday, August 26th. They set a “market perform” rating on the stock. Zacks Research upgraded CareDx from a “strong sell” rating to a “hold” rating in a research note on Tuesday, November 18th. Finally, Weiss Ratings restated a “hold (c-)” rating on shares of CareDx in a research note on Monday. Four investment analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. Based on data from MarketBeat, CareDx has a consensus rating of “Hold” and an average price target of $26.00.

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.