GeneDx (NASDAQ:WGS) Price Target Raised to $170.00 at Canaccord Genuity Group

GeneDx (NASDAQ:WGS) had its price target hoisted by Canaccord Genuity Group from $160.00 to $170.00 in a report released on Monday, Marketbeat.com reports. The brokerage currently has a buy rating on the stock.

A number of other equities analysts also recently weighed in on the company. Zacks Research downgraded GeneDx from a “strong-buy” rating to a “hold” rating in a research report on Thursday, October 2nd. Wells Fargo & Company set a $155.00 target price on GeneDx and gave the stock an “equal weight” rating in a report on Monday, December 15th. Weiss Ratings restated a “sell (d)” rating on shares of GeneDx in a research note on Wednesday, October 8th. Wall Street Zen cut shares of GeneDx from a “buy” rating to a “hold” rating in a research report on Saturday, November 1st. Finally, Piper Sandler increased their price objective on shares of GeneDx from $120.00 to $140.00 and gave the company an “overweight” rating in a research report on Thursday, September 11th. Seven equities research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $135.89.

GeneDx Price Performance

Shares of WGS opened at $140.17 on Monday. The company has a current ratio of 2.71, a quick ratio of 2.59 and a debt-to-equity ratio of 0.18. The company’s fifty day simple moving average is $141.50 and its 200 day simple moving average is $117.08. GeneDx has a 1-year low of $55.17 and a 1-year high of $170.87. The company has a market cap of $4.05 billion, a price-to-earnings ratio of 1,557.44 and a beta of 1.98.

GeneDx (NASDAQ:WGS) last announced its quarterly earnings results on Tuesday, October 28th. The company reported $0.49 EPS for the quarter, beating analysts’ consensus estimates of $0.28 by $0.21. The firm had revenue of $116.74 million during the quarter, compared to analysts’ expectations of $104.33 million. GeneDx had a net margin of 0.52% and a return on equity of 20.22%. On average, research analysts forecast that GeneDx will post 0.97 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other GeneDx news, CFO Kevin Feeley sold 3,855 shares of the company’s stock in a transaction dated Tuesday, December 16th. The stock was sold at an average price of $143.87, for a total value of $554,618.85. Following the transaction, the chief financial officer directly owned 8,731 shares in the company, valued at $1,256,128.97. This represents a 30.63% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Joshua Ruch sold 38,000 shares of the firm’s stock in a transaction that occurred on Monday, November 24th. The shares were sold at an average price of $160.37, for a total transaction of $6,094,060.00. Following the completion of the sale, the director directly owned 11,941 shares in the company, valued at $1,914,978.17. This represents a 76.09% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 60,163 shares of company stock worth $9,339,792 in the last quarter. 29.60% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of the business. CIBC Bancorp USA Inc. bought a new stake in shares of GeneDx in the 3rd quarter valued at about $216,000. Oberweis Asset Management Inc. grew its position in shares of GeneDx by 19.0% in the 3rd quarter. Oberweis Asset Management Inc. now owns 193,920 shares of the company’s stock worth $20,893,000 after buying an additional 31,020 shares during the period. Castleark Management LLC purchased a new position in shares of GeneDx during the third quarter valued at approximately $7,734,000. PharVision Advisers LLC bought a new stake in GeneDx in the third quarter worth $202,000. Finally, Verition Fund Management LLC grew its position in GeneDx by 25.1% during the 3rd quarter. Verition Fund Management LLC now owns 14,135 shares of the company’s stock valued at $1,523,000 after purchasing an additional 2,840 shares during the last quarter. 61.72% of the stock is currently owned by institutional investors.

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.