Palumbo Wealth Management LLC Takes $287,000 Position in GeneDx Holdings Corp. (NASDAQ:WGS)

Palumbo Wealth Management LLC purchased a new position in GeneDx Holdings Corp. (NASDAQ:WGS) in the third quarter, according to its most recent filing with the Securities & Exchange Commission. The firm purchased 6,761 shares of the company’s stock, valued at approximately $287,000.

A number of other hedge funds have also bought and sold shares of WGS. Oracle Investment Management Inc. boosted its stake in GeneDx by 531.7% in the first quarter. Oracle Investment Management Inc. now owns 1,126,607 shares of the company’s stock valued at $10,286,000 after acquiring an additional 948,253 shares during the period. Driehaus Capital Management LLC bought a new position in shares of GeneDx during the second quarter valued at approximately $11,335,000. Assenagon Asset Management S.A. bought a new position in shares of GeneDx during the second quarter valued at approximately $9,575,000. Divisadero Street Capital Management LP bought a new position in shares of GeneDx during the second quarter valued at approximately $5,886,000. Finally, Gagnon Securities LLC grew its holdings in shares of GeneDx by 59.3% during the first quarter. Gagnon Securities LLC now owns 556,305 shares of the company’s stock valued at $5,079,000 after purchasing an additional 207,027 shares during the last quarter. 61.72% of the stock is currently owned by institutional investors and hedge funds.

GeneDx Stock Down 3.7 %

NASDAQ:WGS traded down $3.07 during trading hours on Thursday, hitting $80.13. 89,571 shares of the stock traded hands, compared to its average volume of 434,860. The firm has a 50 day moving average price of $45.65 and a 200 day moving average price of $32.42. The company has a current ratio of 2.38, a quick ratio of 2.22 and a debt-to-equity ratio of 0.27. GeneDx Holdings Corp. has a fifty-two week low of $1.16 and a fifty-two week high of $89.11. The firm has a market cap of $2.16 billion, a price-to-earnings ratio of -26.75 and a beta of 2.32.

GeneDx (NASDAQ:WGS) last announced its earnings results on Tuesday, July 30th. The company reported ($0.11) earnings per share (EPS) 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%. The company had revenue of $70.51 million for the quarter, compared to the consensus estimate of $58.90 million. Equities research analysts anticipate that GeneDx Holdings Corp. will post -0.75 earnings per share for the current year.

Insider Transactions at GeneDx

In other news, CFO Kevin Feeley sold 895 shares of the company’s stock in a transaction on Monday, September 9th. The shares were sold at an average price of $33.33, for a total value of $29,830.35. Following the transaction, the chief financial officer now directly owns 39,910 shares of the company’s stock, valued at approximately $1,330,200.30. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. In other GeneDx news, major shareholder Opko Health, Inc. sold 100,000 shares of the stock in a transaction on Thursday, August 8th. The shares were sold at an average price of $31.82, for a total transaction of $3,182,000.00. Following the transaction, the insider now directly owns 2,871,570 shares of the company’s stock, valued at $91,373,357.40. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CFO Kevin Feeley sold 895 shares of the stock in a transaction on Monday, September 9th. The stock was sold at an average price of $33.33, for a total transaction of $29,830.35. Following the transaction, the chief financial officer now directly owns 39,910 shares in the company, valued at $1,330,200.30. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 267,401 shares of company stock valued at $8,794,447. 27.30% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on WGS shares. The Goldman Sachs Group upped their target price on GeneDx from $54.00 to $70.00 and gave the company a “neutral” rating in a report on Wednesday. TD Cowen boosted their price objective on GeneDx from $46.00 to $50.00 and gave the stock a “buy” rating in a research report on Wednesday, July 31st. Wells Fargo & Company boosted their price objective on GeneDx from $34.00 to $75.00 and gave the stock an “equal weight” rating in a research report on Wednesday. Craig Hallum boosted their price objective on GeneDx from $70.00 to $95.00 and gave the stock a “buy” rating in a research report on Wednesday. Finally, BTIG Research boosted their price objective on GeneDx from $35.00 to $45.00 and gave the stock a “buy” rating in a research report on Wednesday, July 31st. Three research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $59.33.

GeneDx 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.