GeneDx (NASDAQ:WGS) Shares Gap Down - Here's What Happened

GeneDx Holdings Corp. (NASDAQ:WGS - Get Free Report)'s stock price gapped down prior to trading on Monday . The stock had previously closed at $68.43, but opened at $66.36. GeneDx shares last traded at $69.32, with a volume of 72,210 shares traded.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on WGS. Wells Fargo & Company lifted their price target on GeneDx from $34.00 to $75.00 and gave the stock an "equal weight" rating in a research note on Wednesday, October 30th. BTIG Research lifted their price target on GeneDx from $35.00 to $45.00 and gave the stock a "buy" rating in a research note on Wednesday, July 31st. TD Cowen lifted their price target on GeneDx from $46.00 to $50.00 and gave the stock a "buy" rating in a research note on Wednesday, July 31st. Craig Hallum lifted their price objective on GeneDx from $70.00 to $95.00 and gave the stock a "buy" rating in a research report on Wednesday, October 30th. Finally, The Goldman Sachs Group lifted their price objective on GeneDx from $54.00 to $70.00 and gave the stock a "neutral" rating in a research report on Wednesday, October 30th. Three equities research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to data from MarketBeat.com, GeneDx currently has a consensus rating of "Moderate Buy" and a consensus target price of $59.33.

GeneDx Price Performance

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 moving average price of $56.68 and a two-hundred day moving average price of $38.33. The firm has a market capitalization of $1.95 billion, a price-to-earnings ratio of -22.86 and a beta of 2.11.

GeneDx (NASDAQ:WGS - Get Free Report) last issued its quarterly earnings data on Tuesday, October 29th. The company reported $0.04 earnings per share for the quarter, beating analysts' consensus estimates of ($0.21) by $0.25. GeneDx had a negative return on equity of 13.35% and a negative net margin of 31.25%. The business had revenue of $76.90 million during the quarter, compared to analysts' expectations of $64.98 million. During the same period in the previous year, the firm posted ($0.82) earnings per share. The company's revenue was up 44.3% on a year-over-year basis. As a group, analysts expect that GeneDx Holdings Corp. will post -0.24 EPS for the current year.

Insider Buying and Selling

In related news, major shareholder School Of Medicine At Mo Icahn sold 865,800 shares of the business's stock in a transaction on Thursday, October 31st. The stock was sold at an average price of $75.00, for a total transaction of $64,935,000.00. Following the completion of the transaction, the insider now directly owns 2,866,833 shares of the company's stock, valued at $215,012,475. The trade was a 23.20 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Katherine Stueland sold 3,639 shares of the business's stock in a transaction on Monday, September 9th. The stock was sold at an average price of $33.33, for a total value of $121,287.87. Following the transaction, the chief executive officer now directly owns 95,457 shares of the company's stock, valued at $3,181,581.81. The trade was a 3.67 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 873,024 shares of company stock valued at $65,256,131 in the last three months. 27.30% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the business. Oracle Investment Management Inc. lifted its holdings in shares of GeneDx by 531.7% in the 1st quarter. Oracle Investment Management Inc. now owns 1,126,607 shares of the company's stock valued at $10,286,000 after purchasing an additional 948,253 shares during the last quarter. Vanguard Group Inc. raised its stake in shares of GeneDx by 4.2% during the 1st quarter. Vanguard Group Inc. now owns 707,612 shares of the company's stock worth $6,460,000 after buying an additional 28,678 shares in the last quarter. Gagnon Securities LLC raised its stake in shares of GeneDx by 59.3% during the 1st quarter. Gagnon Securities LLC now owns 556,305 shares of the company's stock worth $5,079,000 after buying an additional 207,027 shares in the last quarter. Driehaus Capital Management LLC purchased a new position in shares of GeneDx during the 2nd quarter worth approximately $11,335,000. Finally, Fred Alger Management LLC purchased a new position in shares of GeneDx during the 3rd quarter worth approximately $16,731,000. 61.72% of the stock is owned by institutional investors and hedge funds.

About GeneDx

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.