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

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

Wall Street Analysts Forecast Growth

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

GeneDx Trading Up 9.2 %

The firm has a market capitalization of $2.16 billion, a price-to-earnings ratio of -25.31 and a beta of 2.11. The business’s 50-day simple moving average is $59.61 and its two-hundred day simple moving average is $39.55. 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 quarterly earnings results on Tuesday, October 29th. The company reported $0.04 earnings per share 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 business had revenue of $76.90 million during the quarter, compared to analysts’ expectations of $64.98 million. During the same period last year, the business earned ($0.82) earnings per share. The business’s revenue for the quarter was up 44.3% on a year-over-year basis. Equities analysts forecast that GeneDx Holdings Corp. will post -0.24 earnings per share for the current year.

Insider Buying and Selling at GeneDx

In other news, Director Jason Ryan sold 31,510 shares of the firm’s stock in a transaction that occurred on Tuesday, November 19th. The shares were sold at an average price of $71.28, for a total value of $2,246,032.80. Following the completion of the transaction, the director now owns 15,490 shares of the company’s stock, valued at approximately $1,104,127.20. This trade represents a 67.04 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, major shareholder School Of Medicine At Mo Icahn sold 865,800 shares of the firm’s stock in a transaction that occurred on Thursday, October 31st. The shares were sold at an average price of $75.00, for a total transaction of $64,935,000.00. Following the completion of the transaction, the insider now directly owns 2,866,833 shares of the company’s stock, valued at approximately $215,012,475. The trade was a 23.20 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 1,097,090 shares of company stock worth $81,094,171 over the last three months. Insiders own 27.30% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the business. Acadian Asset Management LLC purchased a new position in shares of GeneDx in the second quarter valued at approximately $34,000. nVerses Capital LLC purchased a new position in GeneDx in the second quarter worth approximately $50,000. CWM LLC purchased a new position in GeneDx in the third quarter worth approximately $89,000. SG Americas Securities LLC purchased a new position in GeneDx in the third quarter worth approximately $198,000. Finally, Point72 DIFC Ltd purchased a new position in GeneDx in the third quarter worth approximately $220,000. 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.