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.
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.
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