GeneDx (NASDAQ:WGS) Trading Up 5.5% – Time to Buy?

GeneDx Holdings Corp. (NASDAQ:WGS) shares rose 5.5% during mid-day trading on Thursday . The stock traded as high as $75.47 and last traded at $73.20. Approximately 136,458 shares traded hands during mid-day trading, a decline of 70% from the average daily volume of 449,613 shares. The stock had previously closed at $69.38.

Wall Street Analysts Forecast Growth

Several analysts recently commented on the stock. Craig Hallum increased their price objective on shares of GeneDx from $70.00 to $95.00 and gave the company a “buy” rating in a research report on Wednesday, October 30th. The Goldman Sachs Group raised their price target on shares of GeneDx from $54.00 to $70.00 and gave the company a “neutral” rating in a research report on Wednesday, October 30th. BTIG Research increased their target price on GeneDx from $35.00 to $45.00 and gave the company a “buy” rating in a research note on Wednesday, July 31st. Wells Fargo & Company boosted their price target on GeneDx from $34.00 to $75.00 and gave the stock an “equal weight” rating in a research note on Wednesday, October 30th. Finally, TD Cowen increased their price objective on GeneDx from $46.00 to $50.00 and gave the company a “buy” rating in a research report on Wednesday, July 31st. Three equities research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to data from MarketBeat, GeneDx currently has a consensus rating of “Moderate Buy” and an average target price of $59.33.

GeneDx Stock Performance

The company has a quick ratio of 2.27, a current ratio of 2.40 and a debt-to-equity ratio of 0.25. The business has a 50 day moving average price of $58.11 and a two-hundred day moving average price of $38.91. The stock has a market cap of $2.01 billion, a P/E ratio of -23.63 and a beta of 2.11.

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

Insider Activity at GeneDx

In related news, CEO Katherine Stueland sold 3,639 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 transaction of $121,287.87. Following the sale, the chief executive officer now owns 95,457 shares of the company’s stock, valued at $3,181,581.81. This represents a 3.67 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, major shareholder School Of Medicine At Mo Icahn sold 865,800 shares of the business’s stock in a transaction dated Thursday, October 31st. The stock was sold at an average price of $75.00, for a total transaction of $64,935,000.00. Following the completion of the sale, the insider now owns 2,866,833 shares in the company, valued at approximately $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. Over the last three months, insiders sold 1,065,580 shares of company stock valued at $78,848,138. Insiders own 27.30% of the company’s stock.

Hedge Funds Weigh In On GeneDx

Several hedge funds have recently added to or reduced their stakes in the company. Acadian Asset Management LLC bought a new position in shares of GeneDx during the second quarter valued at approximately $34,000. nVerses Capital LLC purchased a new position in GeneDx during the 2nd quarter valued at $50,000. CWM LLC bought a new position in GeneDx in the 3rd quarter valued at $89,000. SG Americas Securities LLC purchased a new stake in GeneDx in the third quarter worth $198,000. Finally, Point72 DIFC Ltd purchased a new stake in shares of GeneDx during the third quarter valued at $220,000. 61.72% of the stock is currently owned by institutional investors.

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.