Lord Abbett & CO. LLC Buys Shares of 630,473 GeneDx Holdings Corp. (NASDAQ:WGS)

Lord Abbett & CO. LLC bought a new position in shares of GeneDx Holdings Corp. (NASDAQ:WGS - Free Report) during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm bought 630,473 shares of the company's stock, valued at approximately $48,458,000. Lord Abbett & CO. LLC owned about 2.30% of GeneDx at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in WGS. MCF Advisors LLC lifted its holdings in shares of GeneDx by 107.7% during the 4th quarter. MCF Advisors LLC now owns 351 shares of the company's stock valued at $27,000 after purchasing an additional 182 shares in the last quarter. Sterling Capital Management LLC boosted its holdings in GeneDx by 877.8% during the fourth quarter. Sterling Capital Management LLC now owns 352 shares of the company's stock worth $27,000 after purchasing an additional 316 shares during the last quarter. Global Retirement Partners LLC bought a new position in GeneDx in the fourth quarter valued at $28,000. KLP Kapitalforvaltning AS bought a new position in GeneDx in the fourth quarter valued at $200,000. Finally, Evolution Wealth Advisors LLC bought a new position in GeneDx in the fourth quarter valued at $202,000. Institutional investors own 61.72% of the company's stock.

GeneDx Stock Performance

WGS stock traded up $1.48 during trading hours on Monday, reaching $112.49. The stock had a trading volume of 1,376,865 shares, compared to its average volume of 702,047. The stock has a market capitalization of $3.16 billion, a PE ratio of -57.39 and a beta of 1.93. The company has a debt-to-equity ratio of 0.25, a current ratio of 2.40 and a quick ratio of 2.27. The stock has a 50-day simple moving average of $95.80 and a 200 day simple moving average of $82.37. GeneDx Holdings Corp. has a fifty-two week low of $10.70 and a fifty-two week high of $116.01.

GeneDx (NASDAQ:WGS - Get Free Report) last announced its quarterly earnings results on Tuesday, February 18th. The company reported $0.70 EPS for the quarter, beating analysts' consensus estimates of $0.04 by $0.66. The firm had revenue of $95.64 million during the quarter, compared to analysts' expectations of $82.24 million. GeneDx had a negative net margin of 17.12% and a positive return on equity of 3.33%. Analysts predict that GeneDx Holdings Corp. will post 0.97 EPS for the current fiscal year.

Insider Transactions at GeneDx

In other news, CEO Katherine Stueland sold 46,594 shares of the firm's stock in a transaction dated Wednesday, April 9th. The shares were sold at an average price of $89.62, for a total transaction of $4,175,754.28. Following the completion of the sale, the chief executive officer now owns 1,720 shares in the company, valued at approximately $154,146.40. This trade represents a 96.44 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, CFO Kevin Feeley sold 402 shares of GeneDx stock in a transaction dated Thursday, March 13th. The stock was sold at an average price of $90.05, for a total transaction of $36,200.10. Following the completion of the sale, the chief financial officer now owns 5,044 shares of the company's stock, valued at $454,212.20. This trade represents a 7.38 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 138,780 shares of company stock worth $12,907,437. 27.30% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on the stock. TD Cowen raised their target price on shares of GeneDx from $75.00 to $118.00 and gave the company a "buy" rating in a research report on Tuesday, January 7th. The Goldman Sachs Group raised their target price on shares of GeneDx from $70.00 to $80.00 and gave the company a "neutral" rating in a research report on Wednesday, February 19th. Three equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to MarketBeat.com, GeneDx currently has a consensus rating of "Moderate Buy" and an average price target of $72.33.

GeneDx Company 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.