Polar Asset Management Partners Inc. Takes Position in GeneDx Holdings Corp. (NASDAQ:WGS)

Polar Asset Management Partners Inc. bought a new position in shares of GeneDx Holdings Corp. (NASDAQ:WGS) during the fourth quarter, HoldingsChannel reports. The institutional investor bought 13,100 shares of the company’s stock, valued at approximately $1,007,000.

Several other hedge funds and other institutional investors have also recently bought and sold shares of WGS. ProShare Advisors LLC acquired a new stake in shares of GeneDx during the 4th quarter valued at $277,000. Panoramic Capital LLC purchased a new stake in shares of GeneDx during the fourth quarter valued at $3,942,000. Nia Impact Advisors LLC acquired a new position in shares of GeneDx in the 4th quarter valued at $1,480,000. Nicholas Investment Partners LP boosted its position in shares of GeneDx by 40.0% in the 4th quarter. Nicholas Investment Partners LP now owns 97,049 shares of the company’s stock valued at $7,459,000 after purchasing an additional 27,712 shares during the period. Finally, Nuveen Asset Management LLC raised its holdings in GeneDx by 1.6% during the 4th quarter. Nuveen Asset Management LLC now owns 197,365 shares of the company’s stock worth $15,169,000 after buying an additional 3,084 shares during the period. 61.72% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other GeneDx news, CEO Katherine Stueland sold 1,078 shares of the company’s stock in a transaction dated Thursday, March 13th. The shares were sold at an average price of $89.44, for a total transaction of $96,416.32. Following the completion of the sale, the chief executive officer now directly owns 6,674 shares in the company, valued at $596,922.56. This represents a 13.91% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Keith A. Meister purchased 100,000 shares of the stock in a transaction dated Thursday, May 8th. The stock was acquired at an average cost of $56.01 per share, for a total transaction of $5,601,000.00. Following the completion of the transaction, the director now owns 3,008,629 shares of the company’s stock, valued at $168,513,310.29. The trade was a 3.44% increase in their position. The disclosure for this purchase can be found here. Insiders sold 139,390 shares of company stock valued at $13,043,288 over the last ninety days. Corporate insiders own 29.60% of the company’s stock.

Analysts Set New Price Targets

WGS has been the subject of several recent analyst reports. Guggenheim started coverage on shares of GeneDx in a report on Thursday. They issued a “buy” rating and a $88.00 target price for the company. Jefferies Financial Group raised shares of GeneDx from a “hold” rating to a “buy” rating and set a $80.00 price objective for the company in a research note on Friday, May 9th. Wells Fargo & Company cut their target price on shares of GeneDx from $105.00 to $78.00 and set an “equal weight” rating on the stock in a research note on Thursday, May 1st. TD Securities decreased their target price on GeneDx from $135.00 to $110.00 and set a “buy” rating for the company in a research report on Thursday, May 1st. Finally, The Goldman Sachs Group lifted their price target on GeneDx from $70.00 to $80.00 and gave the company a “neutral” rating in a report on Wednesday, February 19th. Two equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $86.75.

GeneDx Trading Up 7.4%

NASDAQ WGS opened at $68.31 on Friday. The company has a market capitalization of $1.95 billion, a PE ratio of -34.85 and a beta of 1.96. GeneDx Holdings Corp. has a 1-year low of $19.16 and a 1-year high of $117.75. 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 firm’s fifty day simple moving average is $87.10 and its 200-day simple moving average is $82.61.

GeneDx (NASDAQ:WGS) last announced its quarterly earnings results on Wednesday, April 30th. The company reported $0.28 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.11 by $0.17. GeneDx had a positive return on equity of 3.33% and a negative net margin of 17.12%. The business had revenue of $87.12 million during the quarter, compared to analyst estimates of $79.90 million. As a group, sell-side analysts anticipate that GeneDx Holdings Corp. will post 0.97 earnings per share for the current fiscal year.

GeneDx Profile

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.