GeneDx (NASDAQ:WGS) Shares Climb 3.8% – Here’s What Happened

Shares of GeneDx Holdings Corp. (NASDAQ:WGS) rose 3.8% during trading on Wednesday. The company traded as high as $66.49 and last traded at $67.4340. 42,636 shares traded hands during mid-day trading, a decline of 95% from the average daily volume of 920,290 shares. The stock had previously closed at $64.96.

Analysts Set New Price Targets

Several equities analysts recently commented on the stock. Piper Sandler reissued an “overweight” rating and issued a $63.00 price objective (up from $50.00) on shares of GeneDx in a research note on Tuesday, June 23rd. Guggenheim raised their target price on GeneDx from $74.00 to $83.00 and gave the stock a “buy” rating in a research note on Thursday, October 1st. TD Cowen reissued a “buy” rating on shares of GeneDx in a research report on Wednesday, July 15th. Canaccord Genuity Group boosted their price target on shares of GeneDx from $75.00 to $90.00 and gave the company a “buy” rating in a research note on Tuesday, August 4th. Finally, BTIG Research reaffirmed a “buy” rating and set a $90.00 target price on shares of GeneDx in a research report on Tuesday, August 4th. Seven analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, GeneDx has a consensus rating of “Moderate Buy” and a consensus price target of $90.86.

GeneDx Stock Up 4.4%

The stock has a 50 day simple moving average of $82.23 and a 200-day simple moving average of $67.20. The firm has a market cap of $2.02 billion, a PE ratio of -18.64 and a beta of 1.95. The company has a debt-to-equity ratio of 0.40, a current ratio of 3.30 and a quick ratio of 3.06.

GeneDx (NASDAQ:WGS) last issued its earnings results on Monday, August 3rd. The company reported $0.01 EPS for the quarter, beating the consensus estimate of ($0.19) by $0.20. GeneDx had a positive return on equity of 4.12% and a negative net margin of 23.41%. The business had revenue of $114.44 million for the quarter, compared to the consensus estimate of $111.01 million. During the same period last year, the business posted $0.36 EPS. Sell-side analysts predict that GeneDx Holdings Corp. will post -0.41 EPS for the current fiscal year.

Insider Activity

In related news, CFO Kevin Feeley sold 3,728 shares of the firm’s stock in a transaction that occurred on Wednesday, September 16th. The shares were sold at an average price of $97.61, for a total value of $363,890.08. Following the transaction, the chief financial officer owned 44,945 shares of the company’s stock, valued at approximately $4,387,081.45. This trade represents a 7.66% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO Katherine Stueland sold 10,501 shares of the business’s stock in a transaction dated Wednesday, September 16th. The shares were sold at an average price of $97.61, for a total value of $1,025,002.61. Following the sale, the chief executive officer directly owned 115,476 shares of the company’s stock, valued at $11,271,612.36. This represents a 8.34% decrease in their position. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold 19,206 shares of company stock worth $1,808,056 over the last three months. Insiders own 25.17% of the company’s stock.

Hedge Funds Weigh In On GeneDx

A number of hedge funds and other institutional investors have recently modified their holdings of WGS. First Light Asset Management LLC increased its position in shares of GeneDx by 222.7% during the second quarter. First Light Asset Management LLC now owns 783,923 shares of the company’s stock worth $53,816,000 after acquiring an additional 540,996 shares during the period. Amova Asset Management Americas Inc. lifted its stake in GeneDx by 67.3% in the first quarter. Amova Asset Management Americas Inc. now owns 638,800 shares of the company’s stock worth $41,024,000 after acquiring an additional 257,075 shares during the period. Sumitomo Mitsui Trust Group Inc. raised its holdings in shares of GeneDx by 65.9% in the 1st quarter. Sumitomo Mitsui Trust Group Inc. now owns 633,457 shares of the company’s stock valued at $40,681,000 after purchasing an additional 251,732 shares in the last quarter. Wellington Management Group LLP boosted its stake in shares of GeneDx by 2.0% during the second quarter. Wellington Management Group LLP now owns 347,927 shares of the company’s stock valued at $23,885,000 after purchasing an additional 6,922 shares in the last quarter. Finally, Bank of New York Mellon Corp raised its stake in GeneDx by 38.6% in the first quarter. Bank of New York Mellon Corp now owns 315,508 shares of the company’s stock worth $20,262,000 after buying an additional 87,922 shares in the last quarter. Institutional investors own 61.72% of the company’s stock.

About GeneDx

GeneDx (NASDAQ: WGS) is a precision health company that provides genetic testing and related data services. The company focuses on helping healthcare professionals identify genetic conditions, support diagnosis and treatment decisions, and better understand inherited disease.

Its offerings include exome and genome sequencing, testing for rare and undiagnosed disorders, hereditary cancer testing, and other genetic analyses. GeneDx also provides clinical interpretation and reporting intended to help physicians evaluate genetic results in the context of a patient’s symptoms and family history.

Founded in 2000, GeneDx has built a business around genomic testing for patients with rare diseases and other inherited conditions.