GeneDx (NASDAQ:WGS) Trading 5.9% Higher - Here's Why

Shares of GeneDx Holdings Corp. (NASDAQ:WGS - Get Free Report) were up 5.9% on Friday . The company traded as high as $59.59 and last traded at $59.29. Approximately 173,898 shares were traded during trading, a decline of 58% from the average daily volume of 417,982 shares. The stock had previously closed at $56.00.

Analyst Ratings Changes

A number of equities research analysts have commented on the company. Craig Hallum raised their price objective on GeneDx from $43.00 to $46.00 and gave the company a "buy" rating in a research note on Wednesday, July 31st. TD Cowen lifted their price target on shares of GeneDx from $46.00 to $50.00 and gave the company a "buy" rating in a research report on Wednesday, July 31st. The Goldman Sachs Group boosted their price target on shares of GeneDx from $32.00 to $54.00 and gave the company a "neutral" rating in a research note on Wednesday. BTIG Research raised their price objective on shares of GeneDx from $35.00 to $45.00 and gave the company a "buy" rating in a research note on Wednesday, July 31st. Finally, Wells Fargo & Company initiated coverage on shares of GeneDx in a research report on Tuesday, August 27th. They set an "equal weight" rating and a $34.00 target price for the company. Three analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $41.67.

GeneDx Price Performance

The stock has a market cap of $1.57 billion, a P/E ratio of -11.59 and a beta of 2.32. The company has a debt-to-equity ratio of 0.27, a quick ratio of 2.22 and a current ratio of 2.38. The business has a 50 day simple moving average of $40.84 and a 200-day simple moving average of $29.26.

GeneDx (NASDAQ:WGS - Get Free Report) last posted its quarterly earnings data on Tuesday, July 30th. The company reported ($0.11) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.26) by $0.15. The business had revenue of $70.51 million during the quarter, compared to the consensus estimate of $58.90 million. GeneDx had a negative net margin of 48.21% and a negative return on equity of 22.71%. On average, sell-side analysts forecast that GeneDx Holdings Corp. will post -0.75 EPS for the current year.

Insider Activity at GeneDx

In other news, major shareholder Opko Health, Inc. sold 75,000 shares of the stock in a transaction on Wednesday, July 24th. The stock was sold at an average price of $33.72, for a total transaction of $2,529,000.00. Following the completion of the transaction, the insider now owns 3,183,403 shares in the company, valued at approximately $107,344,349.16. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, major shareholder Opko Health, Inc. sold 75,000 shares of the business's stock in a transaction that occurred on Wednesday, July 24th. The shares were sold at an average price of $33.72, for a total value of $2,529,000.00. Following the sale, the insider now owns 3,183,403 shares of the company's stock, valued at $107,344,349.16. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CFO Kevin Feeley sold 895 shares of the company's stock in a transaction that occurred on Monday, September 9th. The shares were sold at an average price of $33.33, for a total transaction of $29,830.35. Following the sale, the chief financial officer now owns 39,910 shares in the company, valued at $1,330,200.30. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 593,668 shares of company stock worth $19,735,488. Insiders own 28.10% of the company's stock.

Hedge Funds Weigh In On GeneDx

Hedge funds have recently made changes to their positions in the stock. Renaissance Technologies LLC bought a new position in GeneDx in the 2nd quarter worth about $2,362,000. Millennium Management LLC lifted its holdings in shares of GeneDx by 193.5% in the second quarter. Millennium Management LLC now owns 311,401 shares of the company's stock worth $8,140,000 after buying an additional 205,318 shares in the last quarter. Algert Global LLC bought a new position in shares of GeneDx in the second quarter valued at approximately $356,000. Calamos Advisors LLC purchased a new position in GeneDx during the second quarter valued at approximately $1,137,000. Finally, Point72 Asset Management L.P. increased its holdings in GeneDx by 227.4% during the 2nd quarter. Point72 Asset Management L.P. now owns 156,745 shares of the company's stock worth $4,097,000 after acquiring an additional 108,864 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.