Wells Fargo & Company MN Raises Stock Position in GeneDx Holdings Corp. (NASDAQ:WGS)

Wells Fargo & Company MN raised its stake in GeneDx Holdings Corp. (NASDAQ:WGS) by 42.0% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 8,382 shares of the company’s stock after acquiring an additional 2,480 shares during the quarter. Wells Fargo & Company MN’s holdings in GeneDx were worth $644,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. Vanguard Group Inc. grew its stake in GeneDx by 18.5% in the 4th quarter. Vanguard Group Inc. now owns 1,006,210 shares of the company’s stock valued at $77,337,000 after acquiring an additional 156,768 shares during the period. William Blair Investment Management LLC purchased a new position in GeneDx during the fourth quarter valued at $51,496,000. Geode Capital Management LLC grew its position in shares of GeneDx by 1.2% in the fourth quarter. Geode Capital Management LLC now owns 382,350 shares of the company’s stock valued at $29,396,000 after purchasing an additional 4,719 shares during the period. Zweig DiMenna Associates LLC purchased a new stake in shares of GeneDx during the fourth quarter worth about $23,788,000. Finally, Raymond James Financial Inc. acquired a new position in shares of GeneDx during the 4th quarter worth about $20,371,000. 61.72% of the stock is owned by hedge funds and other institutional investors.

GeneDx Stock Performance

Shares of GeneDx stock opened at $62.32 on Friday. The company has a debt-to-equity ratio of 0.25, a quick ratio of 2.27 and a current ratio of 2.40. The business’s 50 day moving average price is $94.88 and its 200 day moving average price is $82.52. The company has a market cap of $1.75 billion, a price-to-earnings ratio of -31.80 and a beta of 1.93. GeneDx Holdings Corp. has a one year low of $18.56 and a one year high of $117.75.

GeneDx (NASDAQ:WGS) last posted its quarterly earnings results on Wednesday, April 30th. The company reported $0.28 EPS for the quarter, topping the consensus estimate of $0.11 by $0.17. GeneDx had a positive return on equity of 3.33% and a negative net margin of 17.12%. The business had revenue of $87.12 million for the quarter, compared to analyst estimates of $79.90 million. On average, research analysts predict that GeneDx Holdings Corp. will post 0.97 EPS for the current year.

Insider Activity

In other GeneDx news, CEO Katherine Stueland sold 1,078 shares of GeneDx stock in a transaction dated Thursday, March 13th. The shares were sold at an average price of $89.44, for a total transaction of $96,416.32. Following the completion of the sale, the chief executive officer now directly owns 6,674 shares in the company, valued at $596,922.56. This trade represents a 13.91 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Kevin Feeley sold 922 shares of the company’s stock in a transaction that occurred on Monday, March 10th. The stock was sold at an average price of $94.72, for a total transaction of $87,331.84. Following the completion of the transaction, the chief financial officer now owns 5,446 shares in the company, valued at approximately $515,845.12. This represents a 14.48 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 139,390 shares of company stock valued at $13,043,288 in the last 90 days. Company insiders own 27.30% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on WGS shares. TD Cowen boosted their price objective on GeneDx from $75.00 to $118.00 and gave the stock a “buy” rating in a research note on Tuesday, January 7th. TD Securities lowered their price target on GeneDx from $135.00 to $110.00 and set a “buy” rating on the stock in a research note on Thursday. The Goldman Sachs Group increased their price objective on GeneDx from $70.00 to $80.00 and gave the company a “neutral” rating in a research note on Wednesday, February 19th. Finally, Wells Fargo & Company decreased their price objective on GeneDx from $105.00 to $78.00 and set an “equal weight” rating on the stock in a report on Thursday. Three research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $78.14.

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.