GeneDx (NASDAQ:WGS) Stock Price Up 6% – What’s Next?

GeneDx Holdings Corp. (NASDAQ:WGS) shares rose 6% on Wednesday . The stock traded as high as $78.18 and last traded at $78.82. Approximately 56,881 shares changed hands during trading, a decline of 94% from the average daily volume of 941,632 shares. The stock had previously closed at $74.36.

Analyst Upgrades and Downgrades

WGS has been the subject of several recent analyst reports. Craig Hallum upped their price objective on shares of GeneDx from $70.00 to $95.00 and gave the company a “buy” rating in a research note on Wednesday, October 30th. Wells Fargo & Company upped their price target on GeneDx from $34.00 to $75.00 and gave the company an “equal weight” rating in a research report on Wednesday, October 30th. The Goldman Sachs Group lifted their price objective on GeneDx from $54.00 to $70.00 and gave the stock a “neutral” rating in a research report on Wednesday, October 30th. Finally, TD Cowen upped their target price on GeneDx from $75.00 to $118.00 and gave the company a “buy” rating in a report on Tuesday, January 7th. Three investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $70.67.

GeneDx Price Performance

The firm has a 50-day moving average price of $77.67 and a 200-day moving average price of $56.09. 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 stock has a market cap of $2.18 billion, a P/E ratio of -25.49 and a beta of 2.02.

GeneDx (NASDAQ:WGS) last released its earnings results on Tuesday, October 29th. The company reported $0.04 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.21) by $0.25. GeneDx had a negative net margin of 31.25% and a negative return on equity of 13.35%. The firm had revenue of $76.90 million for the quarter, compared to the consensus estimate of $64.98 million. During the same period in the prior year, the firm earned ($0.82) EPS. The company’s revenue was up 44.3% compared to the same quarter last year. On average, analysts forecast that GeneDx Holdings Corp. will post -0.24 earnings per share for the current fiscal year.

Insider Activity

In other news, CEO Katherine Stueland sold 51,420 shares of the company’s stock in a transaction that occurred on Tuesday, January 7th. The shares were sold at an average price of $94.48, for a total value of $4,858,161.60. Following the transaction, the chief executive officer now owns 1,720 shares in the company, valued at approximately $162,505.60. This represents a 96.76 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Jason Ryan sold 31,510 shares of the stock in a transaction that occurred on Tuesday, November 19th. The shares were sold at an average price of $71.28, for a total transaction of $2,246,032.80. Following the sale, the director now owns 15,490 shares in the company, valued at approximately $1,104,127.20. The trade was a 67.04 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 1,229,965 shares of company stock worth $93,006,163. Insiders own 27.30% of the company’s stock.

Institutional Investors Weigh In On GeneDx

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Rhumbline Advisers boosted its stake in shares of GeneDx by 8,096.4% during the 2nd quarter. Rhumbline Advisers now owns 18,360 shares of the company’s stock worth $480,000 after acquiring an additional 18,136 shares during the last quarter. American Century Companies Inc. lifted its position in GeneDx by 36.1% during the second quarter. American Century Companies Inc. now owns 17,258 shares of the company’s stock valued at $451,000 after purchasing an additional 4,573 shares in the last quarter. Renaissance Technologies LLC bought a new stake in GeneDx during the second quarter valued at about $2,362,000. Cubist Systematic Strategies LLC increased its position in GeneDx by 573.5% in the second quarter. Cubist Systematic Strategies LLC now owns 76,701 shares of the company’s stock worth $2,005,000 after buying an additional 65,312 shares in the last quarter. Finally, Squarepoint Ops LLC increased its holdings in GeneDx by 124.9% in the 2nd quarter. Squarepoint Ops LLC now owns 59,949 shares of the company’s stock worth $1,567,000 after acquiring an additional 33,293 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.