Royal Bank of Canada Has $571,000 Stock Holdings in GeneDx Holdings Corp. $WGS

Royal Bank of Canada trimmed its stake in shares of GeneDx Holdings Corp. (NASDAQ:WGS) by 57.7% in the first quarter, HoldingsChannel reports. The firm owned 8,899 shares of the company’s stock after selling 12,137 shares during the quarter. Royal Bank of Canada’s holdings in GeneDx were worth $571,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also recently modified their holdings of WGS. Kestra Advisory Services LLC bought a new position in shares of GeneDx in the fourth quarter valued at about $27,000. Fifth Third Bancorp bought a new stake in shares of GeneDx during the 1st quarter worth about $31,000. Quarry LP grew its stake in GeneDx by 248.8% in the 3rd quarter. Quarry LP now owns 293 shares of the company’s stock valued at $32,000 after buying an additional 209 shares during the last quarter. Ramirez Asset Management Inc. acquired a new position in GeneDx in the 4th quarter valued at about $33,000. Finally, Greenline Wealth Management LLC acquired a new position in GeneDx in the 4th quarter valued at about $33,000. 61.72% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several brokerages have issued reports on WGS. Wells Fargo & Company restated an “overweight” rating and set a $75.00 price objective (down from $155.00) on shares of GeneDx in a research report on Tuesday, May 5th. Canaccord Genuity Group boosted their price objective on GeneDx from $75.00 to $90.00 and gave the stock a “buy” rating in a report on Tuesday, August 4th. BTIG Research reaffirmed a “buy” rating and issued a $90.00 target price on shares of GeneDx in a research report on Tuesday, August 4th. TD Cowen reiterated a “buy” rating on shares of GeneDx in a research note on Wednesday, July 15th. Finally, Guggenheim reissued a “buy” rating and set a $74.00 price target (up from $70.00) on shares of GeneDx in a report on Monday, June 29th. Seven 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’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $89.57.

Insiders Place Their Bets

In other news, CFO Kevin Feeley sold 3,729 shares of the firm’s stock in a transaction that occurred on Tuesday, June 16th. The shares were sold at an average price of $60.77, for a total transaction of $226,611.33. Following the transaction, the chief financial officer directly owned 39,954 shares of the company’s stock, valued at approximately $2,428,004.58. This trade represents a 8.54% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Casdin Capital, Llc purchased 150,000 shares of the business’s stock in a transaction that occurred on Thursday, June 4th. The stock was bought at an average price of $56.44 per share, with a total value of $8,466,000.00. Following the completion of the purchase, the director owned 3,657,164 shares of the company’s stock, valued at $206,410,336.16. This trade represents a 4.28% increase in their position. The SEC filing for this purchase provides additional information. Insiders have sold a total of 19,135 shares of company stock worth $1,128,499 in the last quarter. Corporate insiders own 25.17% of the company’s stock.

GeneDx Trading Down 2.2%

WGS stock opened at $85.19 on Tuesday. The company has a debt-to-equity ratio of 0.40, a quick ratio of 3.06 and a current ratio of 3.30. The company’s 50-day simple moving average is $68.36 and its 200 day simple moving average is $66.88. GeneDx Holdings Corp. has a 52 week low of $32.21 and a 52 week high of $170.87. The company has a market capitalization of $2.54 billion, a PE ratio of -23.40 and a beta of 1.92.

GeneDx (NASDAQ:WGS) last released its quarterly earnings results on Monday, August 3rd. The company reported $0.01 EPS for the quarter, topping analysts’ consensus estimates of ($0.19) by $0.20. GeneDx had a negative net margin of 23.41% and a positive return on equity of 4.12%. The business had revenue of $114.44 million for the quarter, compared to analyst estimates of $111.01 million. During the same period last year, the firm earned $0.36 earnings per share. As a group, sell-side analysts anticipate that GeneDx Holdings Corp. will post -0.41 earnings per share for the current year.

GeneDx 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.