GeneDx (NASDAQ:WGS) Stock Price Down 6.5% – Here’s What Happened

GeneDx Holdings Corp. (NASDAQ:WGS) traded down 6.5% during mid-day trading on Tuesday . The stock traded as low as $89.02 and last traded at $91.4590. 240,754 shares traded hands during trading, a decline of 74% from the average session volume of 927,475 shares. The stock had previously closed at $97.83.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on the company. Zacks Research raised GeneDx from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, August 26th. TD Cowen reiterated a “buy” rating on shares of GeneDx in a research note on Wednesday, July 15th. Piper Sandler reiterated an “overweight” rating and issued a $63.00 target price (up from $50.00) on shares of GeneDx in a report on Tuesday, June 23rd. Weiss Ratings raised shares of GeneDx from a “sell (e+)” rating to a “sell (d)” rating in a research report on Tuesday, August 4th. Finally, Canaccord Genuity Group raised their price target on shares of GeneDx from $75.00 to $90.00 and gave the company a “buy” rating in a report on Tuesday, August 4th. One equities research 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 stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $89.57.

GeneDx Stock Performance

The business has a 50-day moving average price of $78.41 and a 200-day moving average price of $67.44. 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 capitalization of $2.68 billion, a price-to-earnings ratio of -24.69 and a beta of 1.99.

GeneDx (NASDAQ:WGS) last announced 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 analyst estimates of $111.01 million. During the same period in the prior year, the company posted $0.36 EPS. As a group, sell-side analysts forecast that GeneDx Holdings Corp. will post -0.41 earnings per share for the current year.

Insider Buying and Selling

In other GeneDx news, CEO Katherine Stueland sold 10,501 shares of the business’s stock in a transaction that occurred on Wednesday, September 16th. The shares were sold at an average price of $97.61, for a total transaction of $1,025,002.61. Following the sale, the chief executive officer owned 115,476 shares of the company’s stock, valued at approximately $11,271,612.36. The trade was a 8.34% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 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 that occurred on Wednesday, September 16th. The shares were sold at an average price of $97.61, for a total transaction of $363,890.08. Following the transaction, the chief financial officer owned 44,945 shares in the company, valued at $4,387,081.45. The trade was a 7.66% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold a total of 19,206 shares of company stock valued at $1,808,056 over the last quarter. 25.17% of the stock is owned by company insiders.

Hedge Funds Weigh In On GeneDx

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Main Management ETF Advisors LLC raised 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 purchasing an additional 160 shares during the period. Strs Ohio grew its stake in shares of GeneDx by 8.7% in the 1st quarter. Strs Ohio now owns 2,500 shares of the company’s stock valued at $161,000 after buying an additional 200 shares during the period. Ramirez Asset Management Inc. acquired a new stake in shares of GeneDx during the 4th quarter worth approximately $33,000. ProShare Advisors LLC increased its holdings in shares of GeneDx by 8.0% during the 4th quarter. ProShare Advisors LLC now owns 3,467 shares of the company’s stock worth $451,000 after buying an additional 257 shares during the last quarter. Finally, Pictet Asset Management Holding SA raised its position in shares of GeneDx by 12.9% during the 1st quarter. Pictet Asset Management Holding SA now owns 3,300 shares of the company’s stock valued at $212,000 after buying an additional 378 shares during the period. Hedge funds and other institutional investors own 61.72% of the company’s stock.

About GeneDx

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.