Lord Abbett & CO. LLC Invests $48.46 Million in GeneDx Holdings Corp. (NASDAQ:WGS)

Lord Abbett & CO. LLC purchased a new stake in shares of GeneDx Holdings Corp. (NASDAQ:WGS - Free Report) during the 4th quarter, according to its most recent filing with the SEC. The institutional investor purchased 630,473 shares of the company's stock, valued at approximately $48,458,000. Lord Abbett & CO. LLC owned about 2.30% of GeneDx at the end of the most recent quarter.

A number of other hedge funds have also recently modified their holdings of WGS. Barclays PLC grew its stake in GeneDx by 346.3% in the 3rd quarter. Barclays PLC now owns 18,921 shares of the company's stock worth $803,000 after acquiring an additional 14,681 shares in the last quarter. Franklin Resources Inc. bought a new position in GeneDx in the third quarter worth approximately $301,000. Prudential Financial Inc. purchased a new position in GeneDx during the 4th quarter worth $7,938,000. JPMorgan Chase & Co. raised its position in GeneDx by 617.3% during the 3rd quarter. JPMorgan Chase & Co. now owns 52,161 shares of the company's stock valued at $2,214,000 after purchasing an additional 44,889 shares in the last quarter. Finally, Principal Financial Group Inc. purchased a new stake in shares of GeneDx in the 3rd quarter worth $604,000. Institutional investors own 61.72% of the company's stock.

Insider Buying and Selling

In other GeneDx news, CEO Katherine Stueland sold 2,731 shares of the company's stock in a transaction that occurred on Monday, March 10th. The stock was sold at an average price of $94.73, for a total value of $258,707.63. Following the sale, the chief executive officer now owns 7,752 shares in the company, valued at approximately $734,346.96. This represents a 26.05 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, CFO Kevin Feeley sold 402 shares of GeneDx stock in a transaction that occurred on Thursday, March 13th. The shares were sold at an average price of $90.05, for a total transaction of $36,200.10. Following the transaction, the chief financial officer now directly owns 5,044 shares of the company's stock, valued at approximately $454,212.20. This trade represents a 7.38 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 136,848 shares of company stock worth $12,755,813. 27.30% of the stock is owned by company insiders.

GeneDx Stock Performance

GeneDx stock traded down $1.11 during mid-day trading on Thursday, reaching $65.75. 1,820,999 shares of the company traded hands, compared to its average volume of 712,073. GeneDx Holdings Corp. has a fifty-two week low of $16.65 and a fifty-two week high of $117.75. The firm's fifty day moving average is $95.53 and its two-hundred day moving average is $82.50. 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 company has a market capitalization of $1.85 billion, a price-to-earnings ratio of -33.53 and a beta of 1.93.

GeneDx (NASDAQ:WGS - Get Free Report) last issued its quarterly earnings results on Wednesday, April 30th. The company reported $0.28 EPS for the quarter, topping analysts' consensus estimates of $0.11 by $0.17. The company had revenue of $87.12 million during the quarter, compared to analysts' expectations of $79.90 million. GeneDx had a positive return on equity of 3.33% and a negative net margin of 17.12%. On average, equities research analysts expect that GeneDx Holdings Corp. will post 0.97 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on WGS. The Goldman Sachs Group upped their price target on shares of GeneDx from $70.00 to $80.00 and gave the stock a "neutral" rating in a research report on Wednesday, February 19th. TD Cowen upped their target price on GeneDx from $75.00 to $118.00 and gave the stock a "buy" rating in a report on Tuesday, January 7th. TD Securities dropped their target price on GeneDx from $135.00 to $110.00 and set a "buy" rating on the stock in a research report on Thursday. Finally, Wells Fargo & Company reduced their price target on GeneDx from $105.00 to $78.00 and set an "equal weight" rating for the company in a research report on Thursday. Three research analysts have rated the stock with a hold rating and four have issued a buy rating to the company's stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $78.14.

GeneDx 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.