GeneDx (NASDAQ:WGS) Stock Price Up 7.3% – Here’s What Happened

GeneDx Holdings Corp. (NASDAQ:WGS)’s stock price rose 7.3% during mid-day trading on Monday . The company traded as high as $86.36 and last traded at $84.89. Approximately 292,402 shares changed hands during trading, a decline of 35% from the average daily volume of 451,198 shares. The stock had previously closed at $79.14.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on WGS. Craig Hallum upped their price objective on shares of GeneDx from $70.00 to $95.00 and gave the stock a “buy” rating in a report on Wednesday, October 30th. The Goldman Sachs Group lifted their target price on GeneDx from $54.00 to $70.00 and gave the company a “neutral” rating in a research report on Wednesday, October 30th. Finally, Wells Fargo & Company increased 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. Three investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $59.33.

GeneDx Trading Up 11.9 %

The business’s 50-day moving average is $76.28 and its two-hundred day moving average is $51.22. The stock has a market capitalization of $2.43 billion, a PE ratio of -28.49 and a beta of 2.03. The company has a quick ratio of 2.27, a current ratio of 2.40 and a debt-to-equity ratio of 0.25.

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

Insider Buying and Selling

In other news, Director Jason Ryan sold 31,510 shares of the business’s stock in a transaction that occurred on Tuesday, November 19th. The stock was sold at an average price of $71.28, for a total value of $2,246,032.80. Following the transaction, the director now owns 15,490 shares of the company’s stock, valued at approximately $1,104,127.20. The trade was a 67.04 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, major shareholder School Of Medicine At Mo Icahn sold 865,800 shares of the company’s stock in a transaction that occurred on Thursday, October 31st. The stock was sold at an average price of $75.00, for a total value of $64,935,000.00. Following the sale, the insider now owns 2,866,833 shares of the company’s stock, valued at $215,012,475. This trade represents a 23.20 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 1,123,603 shares of company stock worth $83,300,382 in the last 90 days. Company insiders own 27.30% of the company’s stock.

Institutional Trading of GeneDx

Hedge funds and other institutional investors have recently made changes to their positions in the company. JPMorgan Chase & Co. lifted its position in GeneDx by 617.3% in the third quarter. JPMorgan Chase & Co. now owns 52,161 shares of the company’s stock valued at $2,214,000 after purchasing an additional 44,889 shares during the period. Principal Financial Group Inc. acquired a new stake in shares of GeneDx in the third quarter valued at about $604,000. Franklin Resources Inc. acquired a new position in shares of GeneDx during the 3rd quarter worth approximately $301,000. Tidal Investments LLC purchased a new position in shares of GeneDx during the 3rd quarter worth $514,000. Finally, Barclays PLC grew its holdings in GeneDx by 346.3% in the third quarter. Barclays PLC now owns 18,921 shares of the company’s stock valued at $803,000 after purchasing an additional 14,681 shares during the period. 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.