Fred Alger Management LLC Purchases 353,919 Shares of CareDx, Inc (NASDAQ:CDNA)

Fred Alger Management LLC raised its position in shares of CareDx, Inc (NASDAQ:CDNA) by 30.8% during the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 1,503,521 shares of the company’s stock after acquiring an additional 353,919 shares during the period. Fred Alger Management LLC owned approximately 2.80% of CareDx worth $46,947,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also bought and sold shares of CDNA. GAMMA Investing LLC increased its position in CareDx by 1,021.8% during the second 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 during the last quarter. Harvest Fund Management Co. Ltd bought a new position in shares of CareDx in the third quarter worth about $52,000. Plato Investment Management Ltd purchased a new position in CareDx in the 2nd quarter worth about $62,000. KBC Group NV purchased a new position in CareDx in the 3rd quarter worth about $99,000. Finally, nVerses Capital LLC increased its stake in CareDx by 175.0% in the 3rd quarter. nVerses Capital LLC now owns 3,300 shares of the company’s stock worth $103,000 after buying an additional 2,100 shares during the period.

Wall Street Analyst Weigh In

Several research analysts recently commented on CDNA shares. StockNews.com raised shares of CareDx from a “hold” rating to a “buy” rating in a research note on Thursday, October 17th. Wells Fargo & Company started coverage on shares of CareDx in a research note on Tuesday, August 27th. They issued an “underweight” rating and a $28.00 price target on the stock. Craig Hallum raised their price target on shares of CareDx from $22.00 to $32.00 and gave the stock a “buy” rating in a research note on Thursday, August 1st. HC Wainwright reaffirmed a “neutral” rating on shares of CareDx in a research note on Tuesday, October 22nd. Finally, The Goldman Sachs Group raised their price target 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. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat.com, CareDx presently has a consensus rating of “Moderate Buy” and a consensus target price of $29.60.

CareDx Trading Down 0.8 %

Shares of CareDx stock opened at $24.91 on Friday. CareDx, Inc has a 1 year low of $7.42 and a 1 year high of $34.84. The firm’s 50-day moving average is $25.66 and its two-hundred day moving average is $22.43.

CareDx (NASDAQ:CDNA) last released its quarterly earnings results on Monday, November 4th. The company reported ($0.14) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.25) by $0.11. CareDx had a negative net margin of 45.90% and a negative return on equity of 53.70%. The business had revenue of $82.88 million for the quarter, compared to analysts’ expectations of $80.04 million. During the same period last year, the business earned ($0.43) EPS. The company’s revenue was up 23.4% compared to the same quarter last year. Equities analysts expect that CareDx, Inc will post -0.7 EPS for the current fiscal year.

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.