GeneDx (NASDAQ:WGS) Trading Down 7.2% - Here's What Happened

GeneDx Holdings Corp. (NASDAQ:WGS - Get Free Report)'s stock price traded down 7.2% during mid-day trading on Thursday . The stock traded as low as $67.35 and last traded at $67.17. 420,323 shares changed hands during trading, a decline of 60% from the average session volume of 1,038,112 shares. The stock had previously closed at $72.41.

Wall Street Analyst Weigh In

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

GeneDx Stock Down 5.7 %

The company has a current ratio of 2.40, a quick ratio of 2.27 and a debt-to-equity ratio of 0.25. The business's fifty day moving average price is $78.08 and its two-hundred day moving average price is $54.43. The firm has a market cap of $1.88 billion, a P/E ratio of -21.95 and a beta of 2.02.

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

Insider Activity at GeneDx

In other news, CFO Kevin Feeley sold 35,506 shares of the stock in a transaction that occurred on Tuesday, January 7th. The stock was sold at an average price of $93.82, for a total value of $3,331,172.92. Following the completion of the sale, the chief financial officer now directly owns 2,472 shares of the company's stock, valued at approximately $231,923.04. This represents a 93.49 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Katherine Stueland sold 51,420 shares of the firm's stock in a transaction on Tuesday, January 7th. The stock was sold at an average price of $94.48, for a total transaction of $4,858,161.60. Following the completion of the sale, the chief executive officer now owns 1,720 shares in the company, valued at approximately $162,505.60. The trade was a 96.76 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 1,229,965 shares of company stock worth $93,006,163. 27.30% of the stock is owned by insiders.

Institutional Trading of GeneDx

A number of hedge funds have recently bought and sold shares of the stock. Acadian Asset Management LLC bought a new stake in shares of GeneDx in the second quarter valued at about $34,000. CWM LLC acquired a new position in GeneDx in the 3rd quarter valued at approximately $89,000. SG Americas Securities LLC bought a new stake in shares of GeneDx in the 3rd quarter worth approximately $198,000. Point72 DIFC Ltd acquired a new stake in shares of GeneDx during the 3rd quarter worth approximately $220,000. Finally, Palumbo Wealth Management LLC bought a new stake in shares of GeneDx during the third quarter valued at approximately $287,000. 61.72% of the stock is owned by institutional investors.

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.

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