GeneDx Holdings Corp. (NASDAQ:WGS) Receives Consensus Rating of "Moderate Buy" from Analysts

Key Points

• Analysts maintain a “Moderate Buy” consensus on GeneDx, with seven buy ratings, one strong buy, and one sell among nine analysts. The average 12-month price target is $89.57.
• GeneDx shares opened at $94.64, up 5.5%, while the company’s latest quarterly results exceeded expectations: EPS was $0.01 versus a consensus loss of $0.19, and revenue reached $114.44 million.
• Company insiders sold shares to cover tax obligations tied to equity awards, while institutional ownership remains substantial at 61.72%; insiders own 25.17% of the stock.

GeneDx Holdings Corp. (NASDAQ:WGS - Get Free Report) has earned an average recommendation of "Moderate Buy" from the nine brokerages that are covering the stock, Marketbeat reports. One investment analyst has rated the stock with a sell rating, seven have assigned a buy rating and one has given a strong buy rating to the company. The average twelve-month target price among brokerages that have issued ratings on the stock in the last year is $89.5714.

Several research analysts recently commented on the company. Weiss Ratings raised GeneDx from a "sell (e+)" rating to a "sell (d)" rating in a research report on Tuesday, August 4th. Guggenheim reissued a "buy" rating and issued a $74.00 price target (up from $70.00) on shares of GeneDx in a report on Monday, June 29th. Zacks Research upgraded shares of GeneDx from a "hold" rating to a "strong-buy" rating in a research note on Wednesday, August 26th. BTIG Research reaffirmed a "buy" rating and set a $90.00 price objective on shares of GeneDx in a report on Tuesday, August 4th. Finally, Canaccord Genuity Group raised their price objective on shares of GeneDx from $75.00 to $90.00 and gave the stock a "buy" rating in a report on Tuesday, August 4th.

GeneDx Trading Up 5.5%

GeneDx stock opened at $94.64 on Wednesday. The business has a 50 day moving average price of $75.67 and a two-hundred day moving average price of $66.81. The company has a quick ratio of 3.06, a current ratio of 3.30 and a debt-to-equity ratio of 0.40. The stock has a market cap of $2.82 billion, a price-to-earnings ratio of -26.00 and a beta of 1.99. GeneDx has a 12 month low of $32.21 and a 12 month high of $170.87.

GeneDx (NASDAQ:WGS - Get Free Report) last announced its quarterly earnings data on Monday, August 3rd. The company reported $0.01 EPS for the quarter, topping analysts' consensus estimates of ($0.19) by $0.20. The company had revenue of $114.44 million during the quarter, compared to the consensus estimate of $111.01 million. GeneDx had a positive return on equity of 4.12% and a negative net margin of 23.41%.During the same quarter last year, the company earned $0.36 EPS. As a group, equities analysts forecast that GeneDx will post -0.41 EPS for the current year.

Insider Buying and Selling

In related news, CFO Kevin Feeley sold 1,285 shares of the firm's stock in a transaction that occurred on Wednesday, September 9th. The stock was sold at an average price of $84.22, for a total transaction of $108,222.70. Following the completion of the transaction, the chief financial officer owned 41,476 shares in the company, valued at $3,493,108.72. This trade represents a 3.01% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO Katherine Stueland sold 3,692 shares of the firm's stock in a transaction that occurred on Wednesday, September 9th. The stock was sold at an average price of $84.22, for a total value of $310,940.24. Following the transaction, the chief executive officer owned 107,227 shares of the company's stock, valued at $9,030,657.94. This trade represents a 3.33% decrease in their position. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. 25.17% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the stock. Bank of America Corp DE grew its stake in GeneDx by 77.5% during the first quarter. Bank of America Corp DE now owns 234,606 shares of the company's stock worth $15,066,000 after buying an additional 102,456 shares during the last quarter. Sumitomo Mitsui Trust Group Inc. increased its holdings in shares of GeneDx by 65.9% during the first quarter. Sumitomo Mitsui Trust Group Inc. now owns 633,457 shares of the company's stock worth $40,681,000 after buying an additional 251,732 shares in the last quarter. Goldman Sachs Group Inc. raised its stake in shares of GeneDx by 4.5% in the fourth quarter. Goldman Sachs Group Inc. now owns 1,220,502 shares of the company's stock valued at $158,738,000 after acquiring an additional 52,322 shares during the last quarter. Lazard Asset Management LLC bought a new position in shares of GeneDx in the first quarter valued at approximately $2,177,000. Finally, Bank of New York Mellon Corp boosted its holdings in shares of GeneDx by 38.6% in the 1st quarter. Bank of New York Mellon Corp now owns 315,508 shares of the company's stock worth $20,262,000 after acquiring an additional 87,922 shares in the last quarter. 61.72% of the stock is currently owned by institutional investors and hedge funds.

GeneDx Company Profile

GeneDx Holdings Corp., doing business as GeneDx, is a healthcare company focused on genetic testing and genomic diagnostics. The company provides testing designed to help healthcare professionals diagnose rare and inherited conditions, guide clinical management, and support research into genetic disease.

Its offerings include whole exome and whole genome sequencing, targeted genetic tests, chromosomal microarray analysis, and other tests used to identify disease-causing genetic variants.

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