GeneDx (NASDAQ:WGS) Trading Up 5.8% – Here’s What Happened

GeneDx Holdings Corp. (NASDAQ:WGS) was up 5.8% during mid-day trading on Friday . The stock traded as high as $66.67 and last traded at $67.33. Approximately 210,863 shares traded hands during mid-day trading, a decline of 82% from the average daily volume of 1,173,829 shares. The stock had previously closed at $63.61.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on WGS shares. Wells Fargo & Company lowered their price target on shares of GeneDx from $105.00 to $78.00 and set an “equal weight” rating on the stock in a research report on Thursday, May 1st. TD Securities lowered their price target on shares of GeneDx from $135.00 to $110.00 and set a “buy” rating on the stock in a research report on Thursday, May 1st. The Goldman Sachs Group boosted their price target on shares of GeneDx from $70.00 to $80.00 and gave the company a “neutral” rating in a research report on Wednesday, February 19th. Jefferies Financial Group raised shares of GeneDx from a “hold” rating to a “buy” rating and set a $80.00 price target on the stock in a research report on Friday, May 9th. Finally, Guggenheim started coverage on shares of GeneDx in a research report on Thursday. They issued a “buy” rating and a $88.00 price target on the stock. Two analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $86.75.

GeneDx Stock Up 7.4%

The stock’s fifty day moving average is $87.10 and its two-hundred day moving average is $82.61. The company has a current ratio of 2.40, a quick ratio of 2.27 and a debt-to-equity ratio of 0.25. The firm has a market cap of $1.95 billion, a P/E ratio of -34.85 and a beta of 1.96.

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

Insider Buying and Selling

In other GeneDx news, CFO Kevin Feeley sold 922 shares of the business’s stock in a transaction that occurred on Monday, March 10th. The shares were sold at an average price of $94.72, for a total value of $87,331.84. Following the completion of the transaction, the chief financial officer now owns 5,446 shares of the company’s stock, valued at $515,845.12. The trade was a 14.48% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Keith A. Meister purchased 100,000 shares of the business’s stock in a transaction on Thursday, May 8th. The stock was bought at an average cost of $56.01 per share, with a total value of $5,601,000.00. Following the purchase, the director now owns 3,008,629 shares in the company, valued at approximately $168,513,310.29. This represents a 3.44% increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last 90 days, insiders have sold 139,390 shares of company stock valued at $13,043,288. Company insiders own 29.60% of the company’s stock.

Hedge Funds Weigh In On GeneDx

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Fred Alger Management LLC grew its stake in GeneDx by 2.0% in the 1st quarter. Fred Alger Management LLC now owns 557,018 shares of the company’s stock worth $49,332,000 after buying an additional 10,964 shares in the last quarter. Scientech Research LLC purchased a new stake in shares of GeneDx in the 1st quarter valued at $675,000. Polar Asset Management Partners Inc. boosted its stake in shares of GeneDx by 49.0% in the 1st quarter. Polar Asset Management Partners Inc. now owns 19,520 shares of the company’s stock valued at $1,729,000 after purchasing an additional 6,420 shares in the last quarter. NewEdge Advisors LLC boosted its stake in shares of GeneDx by 270,700.0% in the 1st quarter. NewEdge Advisors LLC now owns 2,708 shares of the company’s stock valued at $240,000 after purchasing an additional 2,707 shares in the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in shares of GeneDx by 6.3% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 7,641 shares of the company’s stock valued at $677,000 after purchasing an additional 453 shares in the last quarter. Hedge funds and other 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.