GeneDx (NASDAQ:WGS) Shares Climb 5.7% – Still a Buy?

GeneDx Holdings Corp. (NASDAQ:WGS) shares rose 5.7% during trading on Wednesday. The stock traded as high as $66.74 and last traded at $66.31. 20,653 shares changed hands during trading, a decline of 98% from the average daily volume of 921,570 shares. The stock had previously closed at $62.74.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on WGS shares. Guggenheim upped their price target on GeneDx from $74.00 to $83.00 and gave the stock a “buy” rating in a report on Thursday, October 1st. TD Cowen reiterated a “buy” rating on shares of GeneDx in a research note on Wednesday, July 15th. Zacks Research downgraded GeneDx from a “strong-buy” rating to a “hold” rating in a research report on Friday, October 9th. BTIG Research restated a “buy” rating and set a $90.00 target price on shares of GeneDx in a research note on Tuesday, August 4th. Finally, Wall Street Zen raised shares of GeneDx from a “sell” rating to a “hold” rating in a report on Saturday, August 8th. Seven investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $90.86.

GeneDx Stock Performance

The company has a market capitalization of $2.12 billion, a price-to-earnings ratio of -19.51 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. The stock has a 50 day simple moving average of $79.31 and a two-hundred day simple moving average of $72.58.

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

Insider Activity at GeneDx

In other news, CFO Kevin Feeley sold 3,728 shares of the company’s stock in a transaction 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 completion of the transaction, the chief financial officer owned 44,945 shares in the company, valued at approximately $4,387,081.45. This represents a 7.66% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible 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 stock in a transaction on Wednesday, September 16th. The shares were sold at an average price of $97.61, for a total transaction of $1,025,002.61. Following the completion of the transaction, the chief executive officer directly owned 115,476 shares in the company, valued at $11,271,612.36. This trade represents a 8.34% 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. Insiders sold 19,206 shares of company stock worth $1,808,056 over the last quarter. 25.17% of the stock is currently owned by insiders.

Hedge Funds Weigh In On GeneDx

Several large investors have recently bought and sold shares of the stock. First Light Asset Management LLC lifted its stake in GeneDx by 222.7% in the second quarter. First Light Asset Management LLC now owns 783,923 shares of the company’s stock valued at $53,816,000 after buying an additional 540,996 shares during the last quarter. Assenagon Asset Management S.A. boosted its holdings in shares of GeneDx by 108.4% in the third quarter. Assenagon Asset Management S.A. now owns 632,413 shares of the company’s stock valued at $45,723,000 after acquiring an additional 328,980 shares during the period. Amova Asset Management Americas Inc. grew its position in shares of GeneDx by 67.3% during 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 last quarter. Sumitomo Mitsui Trust Group Inc. raised its position in 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 during the last quarter. Finally, Wellington Management Group LLP raised its position in GeneDx by 2.0% in the 2nd 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 during the last quarter. Institutional investors and hedge funds own 61.72% of the company’s stock.

About GeneDx

GeneDx Holdings Corp., doing business as GeneDx, is a genomic diagnostics company that provides genetic testing and interpretation services for patients with suspected rare and inherited conditions. The company combines sequencing technologies with clinical expertise and data analysis to help healthcare professionals identify genetic causes of disease and support diagnosis, treatment planning and patient management.

GeneDx’s offerings include whole exome and whole genome sequencing, as well as targeted testing for specific genetic disorders and hereditary cancer conditions.