GeneDx (NASDAQ:WGS) Shares Up 6% - Here's What Happened

GeneDx Holdings Corp. (NASDAQ:WGS - Get Free Report) shares shot up 6% during mid-day trading on Wednesday . The stock traded as high as $78.18 and last traded at $78.82. 56,881 shares were traded during trading, a decline of 94% from the average session volume of 941,632 shares. The stock had previously closed at $74.36.

Analyst Upgrades and Downgrades

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

GeneDx Price Performance

The business has a fifty day moving average price of $77.59 and a 200 day moving average price of $55.94. The company has a market cap of $2.08 billion, a price-to-earnings ratio of -24.36 and a beta of 2.02. The company has a debt-to-equity ratio of 0.25, a quick ratio of 2.27 and a current ratio of 2.40.

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

Insider Activity

In other GeneDx news, major shareholder School Of Medicine At Mo Icahn sold 865,800 shares of GeneDx stock in a transaction dated 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 transaction, the insider now directly owns 2,866,833 shares of the company's stock, valued at approximately $215,012,475. The trade was a 23.20 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Jason Ryan sold 31,510 shares of the stock in a transaction dated Tuesday, November 19th. The shares were sold at an average price of $71.28, for a total value of $2,246,032.80. Following the completion of the sale, the director now directly owns 15,490 shares of the company's stock, valued at approximately $1,104,127.20. The trade was a 67.04 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 1,229,965 shares of company stock valued at $93,006,163 over the last quarter. 27.30% of the stock is owned by company insiders.

Institutional Trading of GeneDx

A number of institutional investors have recently bought and sold shares of WGS. Rhumbline Advisers grew its position in shares of GeneDx by 8,096.4% during the 2nd quarter. Rhumbline Advisers now owns 18,360 shares of the company's stock worth $480,000 after buying an additional 18,136 shares during the period. American Century Companies Inc. boosted its stake in GeneDx by 36.1% during the second quarter. American Century Companies Inc. now owns 17,258 shares of the company's stock worth $451,000 after acquiring an additional 4,573 shares in the last quarter. Renaissance Technologies LLC acquired a new stake in GeneDx in the second quarter worth $2,362,000. Cubist Systematic Strategies LLC grew its holdings in GeneDx by 573.5% in the second quarter. Cubist Systematic Strategies LLC now owns 76,701 shares of the company's stock worth $2,005,000 after purchasing an additional 65,312 shares during the period. Finally, Squarepoint Ops LLC increased its stake in GeneDx by 124.9% in the second quarter. Squarepoint Ops LLC now owns 59,949 shares of the company's stock valued at $1,567,000 after purchasing an additional 33,293 shares in the last quarter. Institutional investors own 61.72% of the company's stock.

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.