Cathie Wood Loads Up $3M In This Precision Medicine Firm's Shares Despite Bleak Q2 Results

Cathie Wood-led Ark Investment Management loaded up on 153,917 shares of precision medicine company CareDx Inc CDNA, via the ARK Genomic Revolution ETF ARKG, valued at over $3.1 million based on Monday’s closing price.

CareDx is the fund’s 12th largest holding valued at over $98 million with a weight of 3.57%, according to data on the firm’s website.

Why It Matters: CareDx stock is trading close to its short-term support of about $20 per share, having bounced back multiple times from this level since mid-June. The stock sees a strong resistance at the $27.32 level.

Also Read: Alibaba, XPeng Slip As Hang Seng Breaches Key Support Level: American Firms' China Optimism Hits Record Low

Outlook: CareDx recently revised its revenue expectations for the full year to be in the range of $325 million to $335 million, compared with an earlier projected range of $330 million to $350 million, due to a higher-than-expected mix of commercial patients from the success of new launches and market expansion.

The company's second-quarter net loss widened to $21.7 million from $1.9 million a year earlier.

Basic and diluted net loss per share stood at $0.41 in the second quarter compared to $0.04 in the same period last year.

Analyst Rating: Raymond James has maintained a ‘strong buy’ rating on the stock while revising the price target to $35 per share from $45 earlier.

Market News and Data brought to you by Benzinga APIs
Comments
Loading...
Posted In: Long IdeasNewsBroad U.S. Equity ETFsSpecialty ETFsHealth CareSmall CapTrading IdeasETFsGeneralARK Investment ManagementCathie Wood
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!