GeneDx (NASDAQ:WGS) Sees Strong Trading Volume – Here’s Why

Shares of GeneDx Holdings Corp. (NASDAQ:WGS) saw unusually-high trading volume on Tuesday . Approximately 1,016,508 shares were traded during trading, an increase of 6% from the previous session’s volume of 962,387 shares.The stock last traded at $74.65 and had previously closed at $85.01.

Analyst Ratings Changes

WGS has been the subject of a number of recent analyst reports. The Goldman Sachs Group upped their price target on shares of GeneDx from $54.00 to $70.00 and gave the company a “neutral” rating in a report on Wednesday, October 30th. TD Cowen upped their price objective on shares of GeneDx from $75.00 to $118.00 and gave the stock a “buy” rating in a report on Tuesday, January 7th. Wells Fargo & Company upped their price objective on shares of GeneDx from $34.00 to $75.00 and gave the stock an “equal weight” rating in a report on Wednesday, October 30th. Finally, Craig Hallum upped their price objective on shares of GeneDx from $70.00 to $95.00 and gave the stock a “buy” rating in a report on Wednesday, October 30th. Three analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $70.67.

GeneDx Stock Performance

The company has a current ratio of 2.40, a quick ratio of 2.27 and a debt-to-equity ratio of 0.25. The company’s 50 day moving average is $78.21 and its 200-day moving average is $53.98. The company has a market capitalization of $2.01 billion, a P/E ratio of -23.57 and a beta of 2.02.

GeneDx (NASDAQ:WGS) last issued its quarterly earnings results on Tuesday, October 29th. The company reported $0.04 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.21) by $0.25. The company had revenue of $76.90 million during the quarter, compared to analyst estimates of $64.98 million. GeneDx had a negative net margin of 31.25% and a negative return on equity of 13.35%. GeneDx’s quarterly revenue was up 44.3% compared to the same quarter last year. During the same period last year, the business earned ($0.82) EPS. Equities analysts anticipate that GeneDx Holdings Corp. will post -0.24 EPS for the current fiscal year.

Insider Buying and Selling

In related news, CEO Katherine Stueland sold 2,154 shares of the firm’s stock in a transaction that occurred on Tuesday, October 29th. The shares were sold at an average price of $66.60, for a total value of $143,456.40. Following the transaction, the chief executive officer now owns 105,426 shares of the company’s stock, valued at approximately $7,021,371.60. This trade represents a 2.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Jason Ryan sold 31,510 shares of the firm’s stock in a transaction that occurred on Tuesday, November 19th. The stock was sold at an average price of $71.28, for a total transaction of $2,246,032.80. Following the completion of the transaction, the director now directly owns 15,490 shares in the company, valued at approximately $1,104,127.20. The trade was a 67.04 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 1,229,965 shares of company stock worth $93,006,163 in the last three months. 27.30% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On GeneDx

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Driehaus Capital Management LLC purchased a new position in shares of GeneDx in the second quarter worth approximately $11,335,000. Fred Alger Management LLC bought a new stake in GeneDx during the 3rd quarter worth approximately $16,731,000. Geode Capital Management LLC raised its stake in GeneDx by 8.7% during the 3rd quarter. Geode Capital Management LLC now owns 377,631 shares of the company’s stock worth $16,030,000 after acquiring an additional 30,379 shares during the period. State Street Corp raised its stake in GeneDx by 18.3% during the 3rd quarter. State Street Corp now owns 314,914 shares of the company’s stock worth $13,365,000 after acquiring an additional 48,735 shares during the period. Finally, Millennium Management LLC raised its stake in GeneDx by 193.5% during the 2nd quarter. Millennium Management LLC now owns 311,401 shares of the company’s stock worth $8,140,000 after acquiring an additional 205,318 shares during the period. Hedge funds and other institutional investors own 61.72% of the company’s stock.

About GeneDx

GeneDx Holdings Corp., through its subsidiaries, provides genomics-related diagnostic and information services. The company offers Centrellis, an AI-driven health intelligence platform that integrates digital tools and artificial intelligence allowing scientists to ingest and synthesize clinical and genomic data to deliver comprehensive health insights.