GeneDx (NASDAQ:WGS) Stock Price Down 8.4% - Here's Why

GeneDx Holdings Corp. (NASDAQ:WGS - Get Free Report) was down 8.4% on Thursday . The stock traded as low as $54.14 and last traded at $55.70. Approximately 749,933 shares changed hands during trading, an increase of 80% from the average daily volume of 417,508 shares. The stock had previously closed at $60.78.

Wall Street Analyst Weigh In

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

GeneDx Stock Down 7.9 %

The business has a 50-day simple moving average of $39.84 and a two-hundred day simple moving average of $28.72. 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 company has a market capitalization of $1.46 billion, a price-to-earnings ratio of -10.81 and a beta of 2.32.

GeneDx (NASDAQ:WGS - Get Free Report) last issued its earnings results 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 return on equity of 22.71% and a negative net margin of 48.21%. As a group, equities analysts predict that GeneDx Holdings Corp. will post -0.75 EPS for the current year.

Insider Activity at GeneDx

In related news, major shareholder Opko Health, Inc. sold 50,000 shares of the firm's stock in a transaction that occurred on Monday, July 22nd. The stock was sold at an average price of $32.61, for a total value of $1,630,500.00. Following the completion of the transaction, the insider now directly owns 3,333,403 shares of the company's stock, valued at $108,702,271.83. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In other GeneDx news, major shareholder Opko Health, Inc. sold 50,000 shares of the firm's stock in a transaction on Monday, July 22nd. The stock was sold at an average price of $32.61, for a total transaction of $1,630,500.00. Following the completion of the transaction, the insider now owns 3,333,403 shares of the company's stock, valued at approximately $108,702,271.83. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO Katherine Stueland sold 2,154 shares of the firm's stock in a transaction on Monday, July 29th. The stock was sold at an average price of $33.54, for a total value of $72,245.16. Following the sale, the chief executive officer now owns 92,550 shares in the company, valued at $3,104,127. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 618,668 shares of company stock valued at $20,542,738 in the last ninety days. Corporate insiders own 28.10% of the company's stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Acadian Asset Management LLC purchased a new position in GeneDx in the second quarter valued at about $34,000. nVerses Capital LLC purchased a new position in GeneDx in the second quarter valued at about $50,000. CWM LLC purchased a new position in GeneDx in the third quarter valued at about $89,000. SG Americas Securities LLC purchased a new position in GeneDx in the third quarter valued at about $198,000. Finally, The Manufacturers Life Insurance Company purchased a new position in GeneDx in the second quarter valued at about $290,000. Institutional investors and hedge funds own 61.72% of the company's stock.

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.

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