TD Cowen Forecasts Strong Price Appreciation for GeneDx (NASDAQ:WGS) Stock

GeneDx (NASDAQ:WGS) had its price target upped by equities researchers at TD Cowen from $75.00 to $118.00 in a research report issued on Tuesday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. TD Cowen’s price target suggests a potential upside of 31.49% from the company’s previous close.

Other analysts have also issued reports about the company. Craig Hallum lifted their price target on GeneDx from $70.00 to $95.00 and gave the stock a “buy” rating in a research note on Wednesday, October 30th. Wells Fargo & Company raised their price target on shares of GeneDx from $34.00 to $75.00 and gave the stock an “equal weight” rating in a research note on Wednesday, October 30th. Finally, The Goldman Sachs Group increased their price objective on shares of GeneDx from $54.00 to $70.00 and gave the company a “neutral” rating in a report on Wednesday, October 30th. Three equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $70.67.

GeneDx Stock Performance

WGS traded up $0.13 on Tuesday, reaching $89.74. The stock had a trading volume of 803,706 shares, compared to its average volume of 803,961. The business’s 50-day moving average price is $76.95 and its two-hundred day moving average price is $51.66. The company has a market cap of $2.47 billion, a P/E ratio of -28.86 and a beta of 2.02. GeneDx has a 12-month low of $2.80 and a 12-month high of $96.97. The company has a current ratio of 2.40, a quick ratio of 2.27 and a debt-to-equity ratio of 0.25.

GeneDx (NASDAQ:WGS) last released its quarterly 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. 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 analysts’ expectations of $64.98 million. During the same quarter last year, the company earned ($0.82) EPS. The firm’s revenue for the quarter was up 44.3% compared to the same quarter last year. Sell-side analysts forecast that GeneDx will post -0.24 earnings per share for the current year.

Insider Activity

In other news, CEO Katherine Stueland sold 2,154 shares of GeneDx stock in a transaction on Tuesday, October 29th. The stock was sold at an average price of $66.60, for a total value of $143,456.40. Following the completion of the sale, the chief executive officer now directly owns 105,426 shares of the company’s stock, valued at approximately $7,021,371.60. The trade was a 2.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, major shareholder School Of Medicine At Mo Icahn sold 865,800 shares of the firm’s stock in a transaction dated Thursday, October 31st. The shares were sold at an average price of $75.00, for a total value of $64,935,000.00. Following the transaction, 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 ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 1,143,039 shares of company stock valued at $84,816,828 in the last quarter. Insiders own 27.30% of the company’s stock.

Institutional Investors Weigh In On GeneDx

Several large investors have recently bought and sold shares of the stock. Acadian Asset Management LLC purchased a new stake in shares of GeneDx during the second quarter worth approximately $34,000. CWM LLC acquired a new stake in shares of GeneDx in the 3rd quarter valued at $89,000. SG Americas Securities LLC purchased a new stake in shares of GeneDx during the 3rd quarter worth $198,000. Point72 DIFC Ltd acquired a new position in shares of GeneDx during the third quarter worth $220,000. Finally, Palumbo Wealth Management LLC acquired a new stake in GeneDx in the third quarter valued at $287,000. 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.