GeneDx (NASDAQ:WGS) Reaches New 1-Year High on Analyst Upgrade

GeneDx Holdings Corp. (NASDAQ:WGS) shares hit a new 52-week high on Tuesday after TD Cowen raised their price target on the stock from $75.00 to $118.00. TD Cowen currently has a buy rating on the stock. GeneDx traded as high as $89.66 and last traded at $89.61, with a volume of 1259011 shares trading hands. The stock had previously closed at $79.14.

A number of other analysts also recently commented on WGS. Wells Fargo & Company upped their price objective on GeneDx from $34.00 to $75.00 and gave the stock an “equal weight” rating in a report on Wednesday, October 30th. Craig Hallum upped their price target on shares of GeneDx from $70.00 to $95.00 and gave the stock a “buy” rating in a research report on Wednesday, October 30th. Finally, The Goldman Sachs Group upped their price target on shares of GeneDx from $54.00 to $70.00 and gave the stock a “neutral” rating in a research report on Wednesday, October 30th. Three equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $70.67.

Insider Transactions at GeneDx

In related news, major shareholder School Of Medicine At Mo Icahn sold 865,800 shares of the stock in a transaction dated Thursday, October 31st. The shares were sold at an average price of $75.00, for a total transaction of $64,935,000.00. Following the sale, the insider now owns 2,866,833 shares in the company, valued at $215,012,475. This represents a 23.20 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Katherine Stueland sold 2,154 shares of the stock in a transaction dated Tuesday, October 29th. The stock was sold at an average price of $66.60, for a total transaction of $143,456.40. Following the sale, the chief executive officer now owns 105,426 shares in the company, valued at approximately $7,021,371.60. This trade represents a 2.00 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 1,143,039 shares of company stock valued at $84,816,828. Insiders own 27.30% of the company’s stock.

Institutional Investors Weigh In On GeneDx

Several large investors have recently made changes to their positions in the company. Driehaus Capital Management LLC acquired a new stake in shares of GeneDx in the second quarter valued at approximately $11,335,000. Fred Alger Management LLC bought a new position in shares of GeneDx in the third quarter valued at approximately $16,731,000. Geode Capital Management LLC boosted its holdings in shares of GeneDx by 8.7% in the third quarter. Geode Capital Management LLC now owns 377,631 shares of the company’s stock valued at $16,030,000 after acquiring an additional 30,379 shares in the last quarter. State Street Corp boosted its holdings in shares of GeneDx by 18.3% in the third quarter. State Street Corp now owns 314,914 shares of the company’s stock valued at $13,365,000 after acquiring an additional 48,735 shares in the last quarter. Finally, Millennium Management LLC boosted its holdings in shares of GeneDx by 193.5% in the second quarter. Millennium Management LLC now owns 311,401 shares of the company’s stock valued at $8,140,000 after acquiring an additional 205,318 shares in the last quarter. Institutional investors and hedge funds own 61.72% of the company’s stock.

GeneDx Stock Down 0.5 %

The firm’s fifty day moving average price is $77.48 and its 200-day moving average price is $52.46. The company has a debt-to-equity ratio of 0.25, a current ratio of 2.40 and a quick ratio of 2.27. The firm has a market capitalization of $2.65 billion, a P/E ratio of -31.05 and a beta of 2.02.

GeneDx (NASDAQ:WGS) last posted its quarterly earnings data on Tuesday, October 29th. The company reported $0.04 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.21) by $0.25. The business had revenue of $76.90 million during the quarter, compared to analysts’ expectations of $64.98 million. GeneDx had a negative net margin of 31.25% and a negative return on equity of 13.35%. The business’s revenue was up 44.3% on a year-over-year basis. During the same period last year, the firm posted ($0.82) earnings per share. As a group, equities research analysts forecast that GeneDx Holdings Corp. will post -0.24 earnings per share for the current year.

About GeneDx

GeneDx Holdings Corp., through its subsidiaries, provides genomics-related diagnostic and information services. The company offers Centrellis, an AI-driven health intelligence platform that integrates digital tools and artificial intelligence allowing scientists to ingest and synthesize clinical and genomic data to deliver comprehensive health insights.