GeneDx (NASDAQ:WGS) Shares Gap Down After Insider Selling

GeneDx Holdings Corp. (NASDAQ:WGS)’s stock price gapped down before the market opened on Friday following insider selling activity. The stock had previously closed at $81.69, but opened at $75.83. GeneDx shares last traded at $76.27, with a volume of 191,332 shares.

Specifically, CEO Katherine Stueland sold 2,154 shares of the stock in a transaction on Tuesday, October 29th. The stock was sold at an average price of $66.60, for a total value of $143,456.40. Following the completion of the sale, the chief executive officer now directly owns 105,426 shares of the company’s stock, valued at approximately $7,021,371.60. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on WGS shares. Craig Hallum raised their target price on GeneDx from $70.00 to $95.00 and gave the company a “buy” rating in a research report on Wednesday. TD Cowen raised their target price on GeneDx from $46.00 to $50.00 and gave the company a “buy” rating in a research report on Wednesday, July 31st. BTIG Research raised their target price on GeneDx from $35.00 to $45.00 and gave the company a “buy” rating in a research report on Wednesday, July 31st. The Goldman Sachs Group increased their price target on GeneDx from $54.00 to $70.00 and gave the stock a “neutral” rating in a research note on Wednesday. Finally, Wells Fargo & Company increased their price target on GeneDx from $34.00 to $75.00 and gave the stock an “equal weight” rating in a research note on Wednesday. Three analysts have rated the stock with a hold rating and three have given a buy rating to the company. Based on data from MarketBeat, GeneDx has a consensus rating of “Moderate Buy” and a consensus price target of $59.33.

GeneDx Trading Down 4.8 %

The stock has a market cap of $2.09 billion, a P/E ratio of -25.00 and a beta of 2.32. The company has a debt-to-equity ratio of 0.25, a quick ratio of 2.22 and a current ratio of 2.40. The stock has a 50-day moving average price of $47.44 and a 200-day moving average price of $33.23.

GeneDx (NASDAQ:WGS) last issued its earnings results on Tuesday, October 29th. The company reported $0.04 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.21) by $0.25. The business had revenue of $76.90 million during the quarter, compared to analyst estimates of $64.98 million. GeneDx had a negative return on equity of 13.35% and a negative net margin of 31.25%. GeneDx’s revenue for the quarter was up 44.3% on a year-over-year basis. During the same quarter in the prior year, the firm earned ($0.82) earnings per share. On average, equities research analysts expect that GeneDx Holdings Corp. will post -0.75 EPS for the current year.

Hedge Funds Weigh In On GeneDx

A number of hedge funds and other institutional investors have recently made changes to their positions in WGS. Oracle Investment Management Inc. grew its stake in GeneDx by 531.7% in the first quarter. Oracle Investment Management Inc. now owns 1,126,607 shares of the company’s stock worth $10,286,000 after purchasing an additional 948,253 shares during the period. Vanguard Group Inc. grew its stake in shares of GeneDx by 4.2% in the first quarter. Vanguard Group Inc. now owns 707,612 shares of the company’s stock worth $6,460,000 after acquiring an additional 28,678 shares during the last quarter. Gagnon Securities LLC grew its stake in shares of GeneDx by 59.3% in the first quarter. Gagnon Securities LLC now owns 556,305 shares of the company’s stock worth $5,079,000 after acquiring an additional 207,027 shares during the last quarter. Driehaus Capital Management LLC purchased a new stake in shares of GeneDx in the second quarter worth $11,335,000. Finally, Assenagon Asset Management S.A. purchased a new stake in shares of GeneDx in the second quarter worth $9,575,000. Institutional investors own 61.72% of the company’s stock.

GeneDx Company Profile

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.