GeneDx (NASDAQ:WGS) Upgraded to “Strong-Buy” at Zacks Research

GeneDx (NASDAQ:WGS) was upgraded by stock analysts at Zacks Research from a “hold” rating to a “strong-buy” rating in a research note issued to investors on Wednesday,Zacks.com reports.

Several other equities research analysts have also recently issued reports on WGS. TD Cowen reiterated a “buy” rating on shares of GeneDx in a research report on Wednesday, July 15th. Weiss Ratings raised shares of GeneDx from a “sell (e+)” rating to a “sell (d)” rating in a research note on Tuesday, August 4th. Wells Fargo & Company reiterated an “overweight” rating and issued a $75.00 price target (down from $155.00) on shares of GeneDx in a report on Tuesday, May 5th. Canaccord Genuity Group boosted their price target on shares of GeneDx from $75.00 to $90.00 and gave the stock a “buy” rating in a research note on Tuesday, August 4th. Finally, Guggenheim reissued a “buy” rating and set a $74.00 price objective (up from $70.00) on shares of GeneDx in a report on Monday, June 29th. One investment analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, GeneDx has a consensus rating of “Moderate Buy” and an average price target of $89.57.

GeneDx Stock Performance

NASDAQ WGS opened at $89.24 on Wednesday. The company has a quick ratio of 3.06, a current ratio of 3.30 and a debt-to-equity ratio of 0.40. GeneDx has a twelve month low of $32.21 and a twelve month high of $170.87. The business has a 50-day moving average price of $70.18 and a 200-day moving average price of $66.97. The firm has a market cap of $2.66 billion, a price-to-earnings ratio of -24.52 and a beta of 1.92.

GeneDx (NASDAQ:WGS) last issued its earnings results on Monday, August 3rd. The company reported $0.01 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.19) by $0.20. GeneDx had a positive return on equity of 4.12% and a negative net margin of 23.41%.The company had revenue of $114.44 million for the quarter, compared to the consensus estimate of $111.01 million. During the same quarter last year, the company earned $0.36 EPS. As a group, equities research analysts predict that GeneDx will post -0.41 EPS for the current fiscal year.

Insider Activity

In related news, CEO Katherine Stueland sold 10,501 shares of the firm’s stock in a transaction on Tuesday, June 16th. The shares were sold at an average price of $60.77, for a total value of $638,145.77. Following the completion of the transaction, the chief executive officer directly owned 104,372 shares of the company’s stock, valued at approximately $6,342,686.44. This trade represents a 9.14% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Casdin Capital, Llc purchased 150,000 shares of the firm’s stock in a transaction that occurred on Thursday, June 4th. The shares were acquired at an average cost of $56.44 per share, for a total transaction of $8,466,000.00. Following the purchase, the director owned 3,657,164 shares of the company’s stock, valued at $206,410,336.16. This represents a 4.28% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. In the last ninety days, insiders sold 19,135 shares of company stock worth $1,128,499. 25.17% of the stock is currently owned by insiders.

Institutional Trading of GeneDx

Large investors have recently made changes to their positions in the business. Arizona State Retirement System lifted its holdings in shares of GeneDx by 2.1% in the 4th quarter. Arizona State Retirement System now owns 5,594 shares of the company’s stock valued at $728,000 after acquiring an additional 113 shares during the last quarter. Cerity Partners LLC increased its stake in GeneDx by 6.0% during the fourth quarter. Cerity Partners LLC now owns 2,527 shares of the company’s stock worth $329,000 after acquiring an additional 142 shares during the last quarter. Main Management ETF Advisors LLC increased its stake in GeneDx by 1.0% during the fourth quarter. Main Management ETF Advisors LLC now owns 15,660 shares of the company’s stock worth $2,037,000 after acquiring an additional 160 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its position in GeneDx by 5.1% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,702 shares of the company’s stock valued at $399,000 after purchasing an additional 181 shares during the period. Finally, Strs Ohio raised its position in GeneDx by 8.7% during the first quarter. Strs Ohio now owns 2,500 shares of the company’s stock valued at $161,000 after purchasing an additional 200 shares during the period. 61.72% of the stock is currently owned by institutional investors.

About GeneDx

GeneDx is a clinical diagnostics company specializing in comprehensive genetic and genomic testing for rare and inherited disorders. The company offers a broad portfolio of assays, including targeted gene panels, whole exome sequencing, whole genome sequencing and chromosomal microarray analysis. GeneDx’s laboratory services support the diagnosis of a wide range of conditions—from rare pediatric diseases and hereditary cancer syndromes to neuromuscular and metabolic disorders—by providing clinicians with detailed variant interpretation and reporting.

Founded in 2000 and based in Gaithersburg, Maryland, GeneDx was established with the aim of accelerating the translation of genomic discoveries into clinical care.