GeneDx (NASDAQ:WGS) Sees Unusually-High Trading Volume - Here's What Happened

Shares of GeneDx Holdings Corp. (NASDAQ:WGS - Get Free Report) saw unusually-high trading volume on Wednesday . Approximately 1,920,810 shares changed hands during trading, an increase of 113% from the previous session's volume of 903,514 shares.The stock last traded at $68.70 and had previously closed at $72.02.

Wall Street Analyst Weigh In

Several research firms recently weighed in on WGS. Wells Fargo & Company upped their price objective on shares of GeneDx from $34.00 to $75.00 and gave the stock an "equal weight" rating in a report on Wednesday, October 30th. Craig Hallum upped their price target on shares of GeneDx from $70.00 to $95.00 and gave the stock a "buy" rating in a research note on Wednesday, October 30th. TD Cowen raised their price objective on shares of GeneDx from $75.00 to $118.00 and gave the company a "buy" rating in a research note on Tuesday, January 7th. Finally, The Goldman Sachs Group boosted their target price on GeneDx from $54.00 to $70.00 and gave the stock a "neutral" rating in a report on Wednesday, October 30th. Three analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $70.67.

GeneDx Price Performance

The company has a market cap of $1.64 billion, a price-to-earnings ratio of -19.14 and a beta of 2.01. The company's 50 day moving average price is $76.94 and its 200-day moving average price is $59.32. The company has a debt-to-equity ratio of 0.25, a quick ratio of 2.27 and a current ratio of 2.40.

Insiders Place Their Bets

In related news, CEO Katherine Stueland sold 1,657 shares of GeneDx stock in a transaction dated Wednesday, January 29th. The stock was sold at an average price of $78.48, for a total value of $130,041.36. Following the transaction, the chief executive officer now owns 3,937 shares of the company's stock, valued at approximately $308,975.76. This trade represents a 29.62 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, major shareholder School Of Medicine At Mo Icahn sold 20,359 shares of the company's stock in a transaction dated Friday, November 15th. The shares were sold at an average price of $69.78, for a total transaction of $1,420,651.02. Following the sale, the insider now directly owns 2,846,474 shares of the company's stock, valued at $198,626,955.72. This represents a 0.71 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 363,669 shares of company stock worth $28,061,081. 27.30% of the stock is owned by insiders.

Hedge Funds Weigh In On GeneDx

Several institutional investors and hedge funds have recently added to or reduced their stakes in WGS. Fred Alger Management LLC acquired a new stake in shares of GeneDx in the third quarter worth $16,731,000. Geode Capital Management LLC lifted its stake in GeneDx by 8.7% in the 3rd quarter. Geode Capital Management LLC now owns 377,631 shares of the company's stock worth $16,030,000 after acquiring an additional 30,379 shares in the last quarter. State Street Corp boosted its position in GeneDx by 18.3% during the 3rd quarter. State Street Corp now owns 314,914 shares of the company's stock worth $13,365,000 after acquiring an additional 48,735 shares during the period. Zweig DiMenna Associates LLC purchased a new position in GeneDx during the 4th quarter valued at about $23,788,000. Finally, Point72 Asset Management L.P. increased its holdings in shares of GeneDx by 87.4% in the 3rd quarter. Point72 Asset Management L.P. now owns 293,671 shares of the company's stock valued at $12,463,000 after purchasing an additional 136,926 shares during the period. 61.72% of the stock is currently owned by hedge funds and other institutional investors.

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.