Brokerages Set GeneDx Holdings Corp. (NASDAQ:WGS) Target Price at $89.57

GeneDx Holdings Corp. (NASDAQ:WGS) has been assigned an average recommendation of “Moderate Buy” from the nine ratings firms that are covering the company, MarketBeat reports. One equities research analyst has rated the stock with a sell recommendation, seven have issued a buy recommendation and one has issued a strong buy recommendation on the company. The average 1-year target price among brokerages that have covered the stock in the last year is $89.5714.

A number of research analysts have weighed in on the company. Wall Street Zen upgraded GeneDx from a “sell” rating to a “hold” rating in a report on Saturday, August 8th. Zacks Research raised shares of GeneDx from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, August 26th. BTIG Research reiterated a “buy” rating and issued a $90.00 price objective on shares of GeneDx in a report on Tuesday, August 4th. Guggenheim reissued a “buy” rating and issued a $74.00 target price (up from $70.00) on shares of GeneDx in a research note on Monday, June 29th. Finally, Weiss Ratings raised GeneDx from a “sell (e+)” rating to a “sell (d)” rating in a research note on Tuesday, August 4th.

GeneDx Trading Down 3.7%

WGS stock opened at $101.10 on Wednesday. GeneDx has a 52-week low of $32.21 and a 52-week high of $170.87. The company has a quick ratio of 3.06, a current ratio of 3.30 and a debt-to-equity ratio of 0.40. The firm has a market cap of $3.01 billion, a P/E ratio of -27.77 and a beta of 1.99. The company’s 50-day simple moving average is $77.73 and its 200-day simple moving average is $67.34.

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

Insider Transactions at GeneDx

In other news, CEO Katherine Stueland sold 10,501 shares of the stock in a transaction on Wednesday, September 16th. The stock was sold at an average price of $97.61, for a total transaction of $1,025,002.61. Following the completion of the transaction, the chief executive officer directly owned 115,476 shares in the company, valued at approximately $11,271,612.36. This represents a 8.34% decrease in their position. 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, CFO Kevin Feeley sold 3,728 shares of the company’s stock in a transaction dated Wednesday, September 16th. The shares were sold at an average price of $97.61, for a total transaction of $363,890.08. Following the completion of the transaction, the chief financial officer directly owned 44,945 shares in the company, valued at $4,387,081.45. The trade was a 7.66% decrease in their position. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold 19,206 shares of company stock worth $1,808,056 over the last ninety days. 25.17% of the stock is owned by insiders.

Institutional Trading of GeneDx

A number of institutional investors and hedge funds have recently added to or reduced their stakes in WGS. First Light Asset Management LLC increased its stake in GeneDx by 222.7% during the second quarter. First Light Asset Management LLC now owns 783,923 shares of the company’s stock worth $53,816,000 after purchasing an additional 540,996 shares during the period. Nykredit A S purchased a new stake in GeneDx during the 2nd quarter worth approximately $38,000. Corient Private Wealth LP acquired a new position in shares of GeneDx in the second quarter worth $3,066,000. AlphaGrep UK Ltd purchased a new stake in shares of GeneDx during the second quarter worth $238,000. Finally, Wellington Management Group LLP increased its position in shares of GeneDx by 2.0% during the second quarter. Wellington Management Group LLP now owns 347,927 shares of the company’s stock worth $23,885,000 after acquiring an additional 6,922 shares during the period. Hedge funds and other institutional investors own 61.72% of the company’s stock.

GeneDx Company Profile

GeneDx Holdings Corp., doing business as GeneDx, is a healthcare company focused on genetic testing and genomic diagnostics. The company provides testing designed to help healthcare professionals diagnose rare and inherited conditions, guide clinical management, and support research into genetic disease.

Its offerings include whole exome and whole genome sequencing, targeted genetic tests, chromosomal microarray analysis, and other tests used to identify disease-causing genetic variants.