GeneDx (NASDAQ:WGS) Shares Down 8% – Here’s What Happened

Shares of GeneDx Holdings Corp. (NASDAQ:WGS) dropped 8% during trading on Friday . The stock traded as low as $83.35 and last traded at $83.46. Approximately 432,873 shares were traded during mid-day trading, a decline of 39% from the average daily volume of 712,922 shares. The stock had previously closed at $90.68.

Analyst Ratings Changes

WGS has been the subject of several research reports. Guggenheim restated a “buy” rating and set a $170.00 price objective (up from $115.00) on shares of GeneDx in a research report on Wednesday, October 29th. Canaccord Genuity Group boosted their price target on GeneDx from $160.00 to $170.00 and gave the stock a “buy” rating in a report on Monday, December 22nd. Wells Fargo & Company raised GeneDx from an “equal weight” rating to an “overweight” rating and set a $155.00 price objective on the stock in a research note on Monday, February 9th. Wall Street Zen downgraded shares of GeneDx from a “buy” rating to a “hold” rating in a research note on Sunday, February 8th. Finally, BTIG Research upped their target price on shares of GeneDx from $165.00 to $200.00 and gave the company a “buy” rating in a report on Friday, December 12th. 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 stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $146.43.

GeneDx Price Performance

The company has a 50-day moving average of $113.78 and a two-hundred day moving average of $124.71. The company has a debt-to-equity ratio of 0.18, a current ratio of 2.71 and a quick ratio of 2.59. The stock has a market capitalization of $2.37 billion, a PE ratio of 911.78 and a beta of 2.00.

Insider Activity at GeneDx

In other news, CFO Kevin Feeley sold 317 shares of the business’s stock in a transaction on Thursday, January 29th. The shares were sold at an average price of $93.99, for a total transaction of $29,794.83. Following the completion of the sale, the chief financial officer directly owned 9,168 shares of the company’s stock, valued at $861,700.32. The trade was a 3.34% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Joshua Ruch sold 38,000 shares of the company’s stock in a transaction on Monday, November 24th. The stock was sold at an average price of $160.37, for a total value of $6,094,060.00. Following the sale, the director owned 11,941 shares of the company’s stock, valued at approximately $1,914,978.17. The trade was a 76.09% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 68,961 shares of company stock valued at $10,027,891 over the last three months. Insiders own 29.60% of the company’s stock.

Hedge Funds Weigh In On GeneDx

A number of hedge funds have recently made changes to their positions in WGS. Kestra Advisory Services LLC purchased a new stake in GeneDx during the 4th quarter worth $27,000. Jones Financial Companies Lllp raised its position in GeneDx by 664.3% in the third quarter. Jones Financial Companies Lllp now owns 214 shares of the company’s stock valued at $25,000 after purchasing an additional 186 shares during the period. Ramirez Asset Management Inc. acquired a new position in shares of GeneDx during the fourth quarter worth about $33,000. Greenline Wealth Management LLC purchased a new stake in shares of GeneDx in the fourth quarter worth about $33,000. Finally, Bank Julius Baer & Co. Ltd Zurich acquired a new stake in shares of GeneDx in the fourth quarter valued at about $35,000. Hedge funds and other institutional investors own 61.72% of the company’s stock.

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.