GeneDx (NASDAQ:WGS) Stock Price Up 6.6%

GeneDx Holdings Corp. (NASDAQ:WGS) shot up 6.6% during mid-day trading on Thursday . The company traded as high as $31.60 and last traded at $31.57. 232,574 shares changed hands during mid-day trading, a decline of 42% from the average session volume of 398,704 shares. The stock had previously closed at $29.62.

Analyst Ratings Changes

A number of equities analysts recently commented on WGS shares. Jefferies Financial Group initiated coverage on shares of GeneDx in a research note on Monday, June 3rd. They issued a “hold” rating and a $21.00 price objective for the company. Craig Hallum upped their price target on GeneDx from $43.00 to $46.00 and gave the company a “buy” rating in a research report on Wednesday, July 31st. Wells Fargo & Company assumed coverage on GeneDx in a research report on Tuesday, August 27th. They set an “equal weight” rating and a $34.00 price objective for the company. TD Cowen increased their price target 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. Finally, The Goldman Sachs Group raised their price target on shares of GeneDx from $28.00 to $32.00 and gave the stock a “neutral” rating in a 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 company’s stock. Based on data from MarketBeat, GeneDx currently has a consensus rating of “Moderate Buy” and an average target price of $38.00.

GeneDx Stock Up 1.1 %

The firm’s 50-day simple moving average is $32.13 and its 200-day simple moving average is $21.54. The company has a market capitalization of $861.76 million, a price-to-earnings ratio of -6.37 and a beta of 2.29. The company has a debt-to-equity ratio of 0.27, a quick ratio of 2.22 and a current ratio of 2.38.

GeneDx (NASDAQ:WGS) last announced its quarterly earnings data on Tuesday, July 30th. The company reported ($0.11) earnings per share for the quarter, topping the consensus estimate of ($0.26) by $0.15. GeneDx had a negative return on equity of 22.71% and a negative net margin of 48.21%. Sell-side analysts forecast that GeneDx Holdings Corp. will post -0.75 earnings per share for the current year.

Insider Buying and Selling at GeneDx

In other GeneDx news, CEO Katherine Stueland sold 2,652 shares of the company’s stock in a transaction dated Monday, June 10th. The shares were sold at an average price of $24.92, for a total transaction of $66,087.84. Following the sale, the chief executive officer now directly owns 79,763 shares of the company’s stock, valued at $1,987,693.96. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In other GeneDx news, major shareholder Opko Health, Inc. sold 50,000 shares of the business’s stock in a transaction dated Monday, July 1st. The shares were sold at an average price of $26.63, for a total value of $1,331,500.00. Following the completion of the transaction, the insider now directly owns 3,508,603 shares of the company’s stock, valued at $93,434,097.89. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO Katherine Stueland sold 2,652 shares of the stock in a transaction that occurred on Monday, June 10th. The shares were sold at an average price of $24.92, for a total transaction of $66,087.84. Following the sale, the chief executive officer now directly owns 79,763 shares in the company, valued at $1,987,693.96. The disclosure for this sale can be found here. Insiders have sold 753,210 shares of company stock worth $24,344,683 over the last three months. Company insiders own 28.10% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the business. Point72 Asset Management L.P. increased its holdings in GeneDx by 227.4% in the second quarter. Point72 Asset Management L.P. now owns 156,745 shares of the company’s stock valued at $4,097,000 after purchasing an additional 108,864 shares during the last quarter. Algert Global LLC bought a new stake in shares of GeneDx in the 2nd quarter valued at about $356,000. Driehaus Capital Management LLC acquired a new stake in shares of GeneDx in the 2nd quarter valued at approximately $11,335,000. The Manufacturers Life Insurance Company bought a new position in GeneDx during the 2nd quarter worth approximately $290,000. Finally, Millennium Management LLC raised its holdings in GeneDx by 193.5% in the second quarter. Millennium Management LLC now owns 311,401 shares of the company’s stock worth $8,140,000 after purchasing an additional 205,318 shares during the period. Institutional investors own 61.72% of the company’s stock.

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.