Dear Valued Visitor,

We have noticed that you are using an ad blocker software.

Although advertisements on the web pages may degrade your experience, our business certainly depends on them and we can only keep providing you high-quality research based articles as long as we can display ads on our pages.

To view this article, you can disable your ad blocker and refresh this page or simply login.

We only allow registered users to use ad blockers. You can sign up for free by clicking here or you can login if you are already a member.

Here’s Why CareDx Inc (CDNA), Netflix Inc. (NFLX) and Three Other Stocks Are Losing Ground Today

Markets are strong today, ahead of an important two-day policy meeting of the US Fed. Markets expect the interest rates to remain unchanged and the official announcement should be made any minute now.

In today’s market, there are several stocks which showed a deep tumble in their market price. Among  them are CareDx Inc (NASDAQ:CDNA), Netflix Inc. (NASDAQ:NFLX), Banc of California Inc. (NYSE:BANC), Skechers USA Inc (NYSE:SKX) and Pacira Pharmaceuticals Inc (NASDAQ:PCRX). In this article, we will take a look at the reasons behind these price declines. In addition, we are going to assess the hedge fund sentiment towards these stocks.

Hedge fund sentiment is an important metric for assessing long-term profitability. At Insider Monkey, we track over 700 hedge funds, whose quarterly 13F filings we analyze to determine their collective sentiment towards several thousand stocks. However, our research has shown that the best strategy is to follow hedge funds into their small-cap picks. This approach can allow monthly returns of nearly 95 basis points above the market, as we determined through extensive backtests covering the period between 1999 and 2012 (see more details here).

biotech, shares, market, amgen, percent, technical, economy, pharmaceutical, rate, quote, producer, drag, business, bio, capitalization, tech, biotechnology, sector, gain,,


CareDx Inc (NASDAQ:CDNA) stock has dipped by around 12% so far today after the company announced the pricing of its common stock offering. The company will offer 2.25 million shares at a price of $4.00 per share. Among the funds we track, three funds held $1.4 million worth of CareDx’s stock in aggregate at the end of June, having amassed 2.50% of its outstanding stock, compared to three investors that held $2.237 million worth of shares a quarter earlier.

Follow Caredx Inc. (NASDAQ:CDNA)
Trade (NASDAQ:CDNA) Now!

Netflix Inc. (NASDAQ:NFLX) stock is trading some 4.50% lower amid a report released by M Science that claimed that the company is expected to miss its third-quarter subscriber targets due to high churn rate. The number of funds from our database long Netflix amounted to 54 at the end of June, while the total value of their holdings stood at $3.73 billion, down from $6.66 billion held by 64 funds at the end of the previous quarter. 

Follow Netflix Inc (NASDAQ:NFLX)
Trade (NASDAQ:NFLX) Now!

Banc of California (NYSE:BANC) has sunk by 4.59% following news about the resignation of its CFO that emerged yesterday. CFO James McKinney stepped down for personal reasons after occupying the position for less than a year. Among the funds we track, 17 funds held $97 million worth of Banc of California’s stock in aggregate at the end of June, having amassed 12.20% of its outstanding stock, compared to 40 investors that held $90 million worth of shares at the end of March.

Follow Banc Of California Inc. (NYSE:BANC)
Trade (NYSE:BANC) Now!

DOWNLOAD FREE REPORT: Warren Buffett's Best Stock Picks

Let Warren Buffett, George Soros, Steve Cohen, and Daniel Loeb WORK FOR YOU.

If you want to beat the low cost index funds by 19 percentage points per year, look no further than our monthly newsletter.In this free report you can find an in-depth analysis of the performance of Warren Buffett's entire historical stock picks. We uncovered Warren Buffett's Best Stock Picks and a way to for Buffett to improve his returns by more than 4 percentage points per year.

Bonus Biotech Stock Pick: You can also find a detailed bonus biotech stock pick that we expect to return more than 50% within 12 months.
Subscribe me to Insider Monkey's Free Daily Newsletter
This is a FREE report from Insider Monkey. Credit Card is NOT required.