GeneDx (NASDAQ:WGS) Shares Up 7.9% on Analyst Upgrade

GeneDx Holdings Corp. (NASDAQ:WGS) shares traded up 7.9% during mid-day trading on Tuesday after Zacks Research upgraded the stock from a strong sell rating to a hold rating. The stock traded as high as $62.70 and last traded at $65.3090. Approximately 220,150 shares traded hands during trading, a decline of 78% from the average session volume of 992,343 shares. The stock had previously closed at $60.54.

WGS has been the subject of a number of other research reports. Canaccord Genuity Group set a $75.00 price target on GeneDx and gave the company a “buy” rating in a research note on Tuesday, May 5th. Wall Street Zen lowered shares of GeneDx from a “hold” rating to a “sell” rating in a report on Saturday, May 9th. Craig Hallum restated a “buy” rating and issued a $85.00 target price on shares of GeneDx in a research report on Tuesday, May 5th. BTIG Research cut their price target on shares of GeneDx from $170.00 to $90.00 and set a “buy” rating for the company in a report on Tuesday, May 5th. Finally, Wells Fargo & Company reiterated an “overweight” rating and set a $75.00 price target (down from $155.00) on shares of GeneDx in a research report on Tuesday, May 5th. Seven investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $87.43.

Insiders Place Their Bets

In related news, Director Keith A. Meister purchased 46,273 shares of GeneDx stock in a transaction dated Friday, May 15th. The shares were bought at an average cost of $38.91 per share, for a total transaction of $1,800,482.43. Following the purchase, the director owned 4,784,570 shares in the company, valued at approximately $186,167,618.70. This trade represents a 0.98% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Katherine Stueland sold 10,501 shares of the company’s stock in a transaction that occurred on Tuesday, June 16th. The stock was sold at an average price of $60.77, for a total transaction of $638,145.77. Following the transaction, the chief executive officer owned 104,372 shares of the company’s stock, valued at approximately $6,342,686.44. This represents a 9.14% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last quarter, insiders have acquired 2,256,420 shares of company stock valued at $93,144,340 and have sold 19,135 shares valued at $1,128,499. 25.17% of the stock is owned by insiders.

Institutional Investors Weigh In On GeneDx

Hedge funds have recently modified their holdings of the company. Kestra Advisory Services LLC bought a new stake in GeneDx during the 4th quarter worth approximately $27,000. Fifth Third Bancorp acquired a new position in shares of GeneDx during the first quarter worth $31,000. Quarry LP grew its stake in shares of GeneDx by 248.8% in the third quarter. Quarry LP now owns 293 shares of the company’s stock worth $32,000 after purchasing an additional 209 shares during the last quarter. Ramirez Asset Management Inc. acquired a new stake in GeneDx in the fourth quarter valued at $33,000. Finally, Greenline Wealth Management LLC bought a new position in GeneDx during the 4th quarter worth $33,000. Institutional investors and hedge funds own 61.72% of the company’s stock.

GeneDx Price Performance

The stock has a market capitalization of $1.94 billion, a price-to-earnings ratio of -24.35 and a beta of 1.90. The company has a fifty day simple moving average of $59.88 and a 200 day simple moving average of $70.44. The company has a debt-to-equity ratio of 0.38, a quick ratio of 2.95 and a current ratio of 3.09.

GeneDx (NASDAQ:WGS) last announced its earnings results on Monday, May 4th. The company reported ($0.28) EPS for the quarter, missing the consensus estimate of ($0.06) by ($0.22). The business had revenue of $102.25 million for the quarter, compared to the consensus estimate of $112.46 million. GeneDx had a negative net margin of 17.58% and a positive return on equity of 9.15%. During the same quarter in the previous year, the company earned ($0.23) EPS. Equities research analysts forecast that GeneDx Holdings Corp. will post -1 EPS for the current fiscal year.

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.