GeneDx (NASDAQ:WGS) Trading Down 2.9% – Here’s What Happened

GeneDx Holdings Corp. (NASDAQ:WGS) shares traded down 2.9% during mid-day trading on Tuesday . The stock traded as low as $68.68 and last traded at $68.97. 124,004 shares were traded during mid-day trading, a decline of 84% from the average session volume of 755,295 shares. The stock had previously closed at $71.02.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on WGS shares. TD Securities cut their target price on shares of GeneDx from $135.00 to $110.00 and set a “buy” rating on the stock in a research note on Thursday, May 1st. The Goldman Sachs Group increased their target price on GeneDx from $70.00 to $80.00 and gave the company a “neutral” rating in a report on Wednesday, February 19th. Guggenheim started coverage on GeneDx in a report on Thursday, May 15th. They set a “buy” rating and a $88.00 price target for the company. Wells Fargo & Company lowered their price objective on GeneDx from $105.00 to $78.00 and set an “equal weight” rating for the company in a research report on Thursday, May 1st. Finally, Jefferies Financial Group raised GeneDx from a “hold” rating to a “buy” rating and set a $80.00 target price on the stock in a research report on Friday, May 9th. Two equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $86.75.

GeneDx Price 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 firm has a market capitalization of $2.01 billion, a price-to-earnings ratio of -35.96 and a beta of 1.96. The company has a fifty day moving average price of $86.68 and a two-hundred day moving average price of $82.57.

GeneDx (NASDAQ:WGS) last posted its quarterly earnings data on Wednesday, April 30th. The company reported $0.28 EPS for the quarter, beating analysts’ consensus estimates of $0.11 by $0.17. GeneDx had a negative net margin of 17.12% and a positive return on equity of 3.33%. The company had revenue of $87.12 million for the quarter, compared to analyst estimates of $79.90 million. On average, equities research analysts expect that GeneDx Holdings Corp. will post 0.97 EPS for the current fiscal year.

Insider Activity

In other news, CEO Katherine Stueland sold 10,559 shares of the firm’s stock in a transaction dated Monday, March 17th. The shares were sold at an average price of $96.71, for a total value of $1,021,160.89. Following the transaction, the chief executive officer now directly owns 14,865 shares in the company, valued at approximately $1,437,594.15. This trade represents a 41.53% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CFO Kevin Feeley sold 388 shares of the company’s stock in a transaction that occurred on Tuesday, April 29th. The shares were sold at an average price of $113.09, for a total value of $43,878.92. Following the transaction, the chief financial officer now directly owns 3,337 shares of the company’s stock, valued at $377,381.33. This trade represents a 10.42% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 139,390 shares of company stock worth $13,043,288 over the last three months. 29.60% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On GeneDx

A number of institutional investors and hedge funds have recently added to or reduced their stakes in WGS. William Blair Investment Management LLC bought a new stake in GeneDx during the fourth quarter valued at about $51,496,000. Lord Abbett & CO. LLC acquired a new position in GeneDx in the fourth quarter valued at about $48,458,000. Summit Partners Public Asset Management LLC raised its holdings in shares of GeneDx by 336.9% in the fourth quarter. Summit Partners Public Asset Management LLC now owns 755,564 shares of the company’s stock valued at $58,073,000 after buying an additional 582,619 shares during the last quarter. T. Rowe Price Investment Management Inc. acquired a new position in GeneDx during the 1st quarter worth $44,614,000. Finally, Alliancebernstein L.P. raised its stake in shares of GeneDx by 3,054.5% during the first quarter. Alliancebernstein L.P. now owns 436,900 shares of the company’s stock worth $38,694,000 after buying an additional 423,050 shares during the last quarter. 61.72% of the stock is 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.