ARK Investment Management LLC Purchases New Stake in GeneDx Holdings Corp. $WGS

ARK Investment Management LLC purchased a new position in shares of GeneDx Holdings Corp. (NASDAQ:WGS) during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund purchased 446,979 shares of the company’s stock, valued at approximately $48,157,000. ARK Investment Management LLC owned 1.55% of GeneDx as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently bought and sold shares of WGS. Westfield Capital Management Co. LP grew its stake in shares of GeneDx by 164.8% in the 2nd quarter. Westfield Capital Management Co. LP now owns 589,188 shares of the company’s stock valued at $54,388,000 after buying an additional 366,711 shares during the period. Sumitomo Mitsui Trust Group Inc. acquired a new position in GeneDx in the third quarter valued at approximately $31,488,000. Invesco Ltd. grew its position in GeneDx by 42.3% in the second quarter. Invesco Ltd. now owns 554,419 shares of the company’s stock worth $51,178,000 after acquiring an additional 164,840 shares during the period. Telemark Asset Management LLC acquired a new stake in GeneDx during the third quarter worth $12,929,000. Finally, Franklin Resources Inc. raised its position in GeneDx by 51.4% in the second quarter. Franklin Resources Inc. now owns 337,427 shares of the company’s stock valued at $31,148,000 after purchasing an additional 114,544 shares during the period. 61.72% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of research firms have recently weighed in on WGS. Wall Street Zen cut GeneDx from a “buy” rating to a “hold” rating in a report on Sunday, February 8th. Canaccord Genuity Group increased their target price on shares of GeneDx from $160.00 to $170.00 and gave the stock a “buy” rating in a research note on Monday, December 22nd. Wells Fargo & Company upgraded shares of GeneDx from an “equal weight” rating to an “overweight” rating and set a $155.00 price target for the company in a research report on Monday, February 9th. Jefferies Financial Group set a $150.00 price objective on shares of GeneDx in a report on Monday, February 23rd. Finally, Piper Sandler reaffirmed an “overweight” rating and set a $130.00 price objective (down from $160.00) on shares of GeneDx in a research report on Tuesday, February 24th. One equities research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $150.71.

Insiders Place Their Bets

In other news, CEO Katherine Stueland sold 10,857 shares of the stock in a transaction dated Tuesday, December 16th. The shares were sold at an average price of $143.89, for a total transaction of $1,562,213.73. Following the completion of the sale, the chief executive officer owned 14,237 shares in the company, valued at approximately $2,048,561.93. This represents a 43.27% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, COO Bryan Dechairo sold 5,961 shares of GeneDx stock in a transaction that occurred on Wednesday, February 4th. The shares were sold at an average price of $85.70, for a total value of $510,857.70. The SEC filing for this sale provides additional information. In the last three months, insiders have sold 30,961 shares of company stock valued at $3,933,831. Insiders own 29.60% of the company’s stock.

GeneDx Stock Up 3.2%

Shares of NASDAQ WGS opened at $79.47 on Thursday. The business has a 50-day moving average of $102.81 and a two-hundred day moving average of $122.71. The company has a market capitalization of $2.33 billion, a price-to-earnings ratio of -105.96 and a beta of 2.03. GeneDx Holdings Corp. has a 1 year low of $55.17 and a 1 year high of $170.87. The company has a debt-to-equity ratio of 0.16, a current ratio of 2.46 and a quick ratio of 2.34.

GeneDx (NASDAQ:WGS) last issued its quarterly earnings data on Monday, February 23rd. The company reported $0.14 earnings per share for the quarter, topping the consensus estimate of $0.11 by $0.03. GeneDx had a negative net margin of 4.92% and a positive return on equity of 14.73%. The business had revenue of $120.99 million during the quarter, compared to the consensus estimate of $120.80 million. On average, analysts forecast that GeneDx Holdings Corp. will post 0.97 earnings per share for the current fiscal year.

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.