Farallon Capital Management LLC Cuts Stock Holdings in GeneDx Holdings Corp. $WGS

Farallon Capital Management LLC lowered its holdings in GeneDx Holdings Corp. (NASDAQ:WGS) by 98.5% in the 3rd quarter, HoldingsChannel reports. The firm owned 5,000 shares of the company’s stock after selling 321,677 shares during the quarter. Farallon Capital Management LLC’s holdings in GeneDx were worth $539,000 as of its most recent SEC filing.

Other hedge funds have also recently modified their holdings of the company. Brevan Howard Capital Management LP bought a new position in shares of GeneDx during the third quarter valued at approximately $560,000. Bank of America Corp DE raised its stake in GeneDx by 5.3% in the third quarter. Bank of America Corp DE now owns 164,545 shares of the company’s stock worth $17,728,000 after buying an additional 8,319 shares in the last quarter. Boothbay Fund Management LLC bought a new position in GeneDx in the third quarter worth approximately $476,000. Creative Planning purchased a new stake in GeneDx during the third quarter worth $327,000. Finally, Zacks Investment Management purchased a new stake in GeneDx during the third quarter worth $1,758,000. Hedge funds and other institutional investors own 61.72% of the company’s stock.

Insider Activity at GeneDx

In other GeneDx news, COO Bryan Dechairo sold 5,961 shares of the company’s stock in a transaction that occurred on Wednesday, February 4th. The shares were sold at an average price of $85.70, for a total transaction of $510,857.70. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Keith A. Meister purchased 140,026 shares of the firm’s stock in a transaction on Thursday, March 5th. The stock was bought at an average cost of $81.19 per share, with a total value of $11,368,710.94. Following the acquisition, the director owned 3,228,150 shares of the company’s stock, valued at approximately $262,093,498.50. The trade was a 4.53% increase in their position. The disclosure for this purchase is available in the SEC filing. Insiders sold a total of 57,702 shares of company stock worth $5,640,255 in the last quarter. 29.60% of the stock is currently owned by company insiders.

GeneDx Price Performance

Shares of NASDAQ WGS opened at $77.78 on Monday. GeneDx Holdings Corp. has a fifty-two week low of $55.17 and a fifty-two week high of $170.87. The company has a market cap of $2.28 billion, a PE ratio of -103.71 and a beta of 2.03. The company has a debt-to-equity ratio of 0.16, a quick ratio of 2.34 and a current ratio of 2.46. The business has a 50-day simple moving average of $96.27 and a two-hundred day simple moving average of $120.75.

GeneDx (NASDAQ:WGS) last posted its quarterly earnings data on Monday, February 23rd. The company reported $0.14 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.11 by $0.03. The firm had revenue of $120.99 million for the quarter, compared to the consensus estimate of $120.80 million. GeneDx had a negative net margin of 4.92% and a positive return on equity of 14.73%. As a group, equities analysts expect that GeneDx Holdings Corp. will post 0.97 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on WGS. Weiss Ratings reiterated a “sell (d)” rating on shares of GeneDx in a report on Wednesday, January 21st. Wall Street Zen cut GeneDx from a “buy” rating to a “hold” rating in a research note on Sunday, February 8th. Zacks Research raised GeneDx from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, February 25th. Canaccord Genuity Group lifted their target price on GeneDx from $160.00 to $170.00 and gave the company a “buy” rating in a research note on Monday, December 22nd. Finally, Wells Fargo & Company upgraded shares of GeneDx from an “equal weight” rating to an “overweight” rating and set a $155.00 target price for the company in a report on Monday, February 9th. One research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and one has given a Sell rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $150.71.

GeneDx Company Profile

GeneDx is a clinical diagnostics company specializing in comprehensive genetic and genomic testing for rare and inherited disorders. The company offers a broad portfolio of assays, including targeted gene panels, whole exome sequencing, whole genome sequencing and chromosomal microarray analysis. GeneDx’s laboratory services support the diagnosis of a wide range of conditions—from rare pediatric diseases and hereditary cancer syndromes to neuromuscular and metabolic disorders—by providing clinicians with detailed variant interpretation and reporting.

Founded in 2000 and based in Gaithersburg, Maryland, GeneDx was established with the aim of accelerating the translation of genomic discoveries into clinical care.