Wells Fargo & Company Begins Coverage on GeneDx (NASDAQ:WGS)

Wells Fargo & Company started coverage on shares of GeneDx (NASDAQ:WGS) in a research note published on Tuesday, Marketbeat.com reports. The firm issued an equal weight rating and a $34.00 price objective on the stock.

WGS has been the topic of several other research reports. TD Cowen lifted their price objective on GeneDx from $46.00 to $50.00 and gave the stock a buy rating in a report on Wednesday, July 31st. Jefferies Financial Group began coverage on shares of GeneDx in a research note on Monday, June 3rd. They set a hold rating and a $21.00 price target on the stock. BTIG Research increased their price objective on shares of GeneDx from $35.00 to $45.00 and gave the company a buy rating in a research note on Wednesday, July 31st. The Goldman Sachs Group lifted their target price on shares of GeneDx from $28.00 to $32.00 and gave the company a neutral rating in a research report on Wednesday, July 31st. Finally, Craig Hallum increased their price target on shares of GeneDx from $43.00 to $46.00 and gave the stock a buy rating in a research report on Wednesday, July 31st. Three investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of Moderate Buy and an average price target of $38.00.

GeneDx Price Performance

Shares of GeneDx stock opened at $32.48 on Tuesday. The company has a debt-to-equity ratio of 0.27, a current ratio of 2.38 and a quick ratio of 2.99. The company has a market cap of $848.44 million, a PE ratio of -6.27 and a beta of 2.29. The firm has a fifty day moving average price of $31.55 and a two-hundred day moving average price of $20.41. GeneDx has a fifty-two week low of $1.16 and a fifty-two week high of $37.45.

GeneDx (NASDAQ:WGS) last released its earnings results on Tuesday, July 30th. The company reported ($0.11) earnings per share for the quarter, beating the consensus estimate of ($0.26) by $0.15. GeneDx had a negative net margin of 48.21% and a negative return on equity of 22.71%. Analysts expect that GeneDx will post -0.75 EPS for the current year.

Insider Activity

In other news, Director Casdin Capital, Llc bought 100,000 shares of the company’s stock in a transaction that occurred on Monday, June 3rd. The stock was acquired at an average price of $20.82 per share, for a total transaction of $2,082,000.00. Following the transaction, the director now directly owns 3,063,509 shares of the company’s stock, valued at approximately $63,782,257.38. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other GeneDx news, CEO Katherine Stueland sold 2,652 shares of the business’s stock in a transaction on Monday, June 10th. The stock was sold at an average price of $24.92, for a total value of $66,087.84. Following the transaction, the chief executive officer now owns 79,763 shares of the company’s stock, valued at $1,987,693.96. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Casdin Capital, Llc bought 100,000 shares of the firm’s stock in a transaction dated Monday, June 3rd. The shares were acquired at an average price of $20.82 per share, for a total transaction of $2,082,000.00. Following the acquisition, the director now directly owns 3,063,509 shares of the company’s stock, valued at approximately $63,782,257.38. The disclosure for this purchase can be found here. In the last quarter, insiders have sold 752,948 shares of company stock worth $24,336,375. Corporate insiders own 28.10% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in WGS. Acadian Asset Management LLC bought a new position in GeneDx in the 2nd quarter worth approximately $34,000. nVerses Capital LLC acquired a new stake in shares of GeneDx in the 2nd quarter valued at $50,000. PFG Investments LLC bought a new stake in shares of GeneDx during the first quarter worth $95,000. The Manufacturers Life Insurance Company acquired a new position in shares of GeneDx during the second quarter valued at $290,000. Finally, Algert Global LLC bought a new position in GeneDx in the second quarter valued at about $356,000. Institutional investors and hedge funds own 61.72% of the company’s stock.

About GeneDx

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.