GeneDx (NASDAQ:WGS) Price Target Raised to $118.00

GeneDx (NASDAQ:WGS) had its price objective upped by TD Cowen from $75.00 to $118.00 in a research report sent to investors on Tuesday,Benzinga reports. The brokerage currently has a buy rating on the stock.

WGS has been the topic of a number of other reports. Wells Fargo & Company raised their price objective on GeneDx from $34.00 to $75.00 and gave the company an “equal weight” rating in a research note on Wednesday, October 30th. The Goldman Sachs Group raised their price target on GeneDx from $54.00 to $70.00 and gave the stock a “neutral” rating in a research report on Wednesday, October 30th. Finally, Craig Hallum increased their price objective on GeneDx from $70.00 to $95.00 and gave the company a “buy” rating in a research note on Wednesday, October 30th. Three research analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. According to MarketBeat, GeneDx has a consensus rating of “Moderate Buy” and an average price target of $70.67.

GeneDx Price Performance

WGS opened at $96.57 on Tuesday. The company has a current ratio of 2.40, a quick ratio of 2.27 and a debt-to-equity ratio of 0.25. The stock has a market capitalization of $2.65 billion, a P/E ratio of -31.05 and a beta of 2.02. The stock has a 50-day moving average price of $77.78 and a 200-day moving average price of $52.76. GeneDx has a 12-month low of $2.85 and a 12-month high of $98.87.

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

Insiders Place Their Bets

In other news, major shareholder School Of Medicine At Mo Icahn sold 865,800 shares of GeneDx stock in a transaction dated 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 sale, the insider now 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 sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Katherine Stueland sold 23,108 shares of the stock in a transaction dated Friday, November 15th. The stock was sold at an average price of $70.48, for a total transaction of $1,628,651.84. Following the completion of the transaction, the chief executive officer now directly owns 82,318 shares of the company’s stock, valued at approximately $5,801,772.64. The trade was a 21.92 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 1,143,039 shares of company stock worth $84,816,828. 27.30% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On GeneDx

Several hedge funds and other institutional investors have recently added to or reduced their stakes in WGS. Acadian Asset Management LLC bought a new stake in shares of GeneDx during the 2nd quarter valued at $34,000. CWM LLC bought a new stake in GeneDx during the third quarter worth about $89,000. Verition Fund Management LLC grew its holdings in GeneDx by 12.9% in the third quarter. Verition Fund Management LLC now owns 25,845 shares of the company’s stock worth $1,097,000 after purchasing an additional 2,945 shares during the period. American Century Companies Inc. increased its stake in shares of GeneDx by 36.1% during the second quarter. American Century Companies Inc. now owns 17,258 shares of the company’s stock valued at $451,000 after purchasing an additional 4,573 shares in the last quarter. Finally, SG Americas Securities LLC purchased a new position in shares of GeneDx during the third quarter valued at approximately $198,000. 61.72% of the stock is owned by hedge funds and other 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.