T. Rowe Price Investment Management Inc. Invests $44.61 Million in GeneDx Holdings Corp. $WGS

Key Points

• T. Rowe Price Investment Management Inc. purchased 503,733 shares of GeneDx Holdings Corp., worth approximately $44.6 million, increasing their stake to 1.79% of the company.
• GeneDx has been receiving positive ratings from analysts, with Piper Sandler setting a target price of $120.00 and six analysts rating the stock as a "Buy."
• Insiders have sold a significant amount of stock recently, with Director Casdin Capital selling 500,000 shares at an average price of $120.90, reflecting a 14.26% decrease in their ownership.

T. Rowe Price Investment Management Inc. purchased a new position in shares of GeneDx Holdings Corp. (NASDAQ:WGS - Free Report) during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 503,733 shares of the company's stock, valued at approximately $44,614,000. T. Rowe Price Investment Management Inc. owned approximately 1.79% of GeneDx as of its most recent SEC filing.

Several other hedge funds have also modified their holdings of the stock. Vanguard Group Inc. raised its stake in shares of GeneDx by 2.5% in the first quarter. Vanguard Group Inc. now owns 1,031,326 shares of the company's stock valued at $91,339,000 after acquiring an additional 25,116 shares in the last quarter. Summit Partners Public Asset Management LLC raised its stake in shares of GeneDx by 336.9% in the fourth quarter. Summit Partners Public Asset Management LLC now owns 755,564 shares of the company's stock valued at $58,073,000 after acquiring an additional 582,619 shares in the last quarter. Lord Abbett & CO. LLC acquired a new stake in shares of GeneDx in the fourth quarter valued at $48,458,000. Fred Alger Management LLC increased its holdings in GeneDx by 38.5% in the fourth quarter. Fred Alger Management LLC now owns 546,054 shares of the company's stock valued at $41,970,000 after buying an additional 151,824 shares during the last quarter. Finally, Zweig DiMenna Associates LLC increased its holdings in GeneDx by 47.7% in the first quarter. Zweig DiMenna Associates LLC now owns 457,100 shares of the company's stock valued at $40,483,000 after buying an additional 147,600 shares during the last quarter. 61.72% of the stock is currently owned by institutional investors and hedge funds.

GeneDx Stock Performance

NASDAQ:WGS traded up $2.94 during mid-day trading on Wednesday, reaching $129.19. The stock had a trading volume of 469,874 shares, compared to its average volume of 1,056,853. The company has a debt-to-equity ratio of 0.19, a quick ratio of 2.70 and a current ratio of 2.87. The firm has a market capitalization of $3.71 billion, a price-to-earnings ratio of 2,583.80 and a beta of 2.02. GeneDx Holdings Corp. has a twelve month low of $28.86 and a twelve month high of $130.34. The business has a 50 day simple moving average of $96.19 and a 200 day simple moving average of $88.37.

GeneDx (NASDAQ:WGS - Get Free Report) last announced its quarterly earnings data on Tuesday, July 29th. The company reported $0.50 EPS for the quarter, beating analysts' consensus estimates of $0.10 by $0.40. GeneDx had a net margin of 0.39% and a return on equity of 16.51%. The firm had revenue of $102.69 million during the quarter, compared to the consensus estimate of $86.00 million. GeneDx has set its FY 2025 guidance at EPS. On average, analysts expect that GeneDx Holdings Corp. will post 0.97 earnings per share for the current fiscal year.

Insider Activity

In other news, CFO Kevin Feeley sold 388 shares of GeneDx stock in a transaction that occurred on Tuesday, July 29th. The shares were sold at an average price of $105.31, for a total transaction of $40,860.28. Following the completion of the sale, the chief financial officer directly owned 3,757 shares in the company, valued at approximately $395,649.67. This trade represents a 9.36% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Casdin Capital, Llc sold 500,000 shares of GeneDx stock in a transaction that occurred on Friday, August 22nd. The shares were sold at an average price of $120.90, for a total transaction of $60,450,000.00. Following the sale, the director owned 3,007,164 shares of the company's stock, valued at approximately $363,566,127.60. The trade was a 14.26% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 522,411 shares of company stock worth $62,535,051. Company insiders own 29.60% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on WGS shares. Wells Fargo & Company increased their target price on GeneDx from $78.00 to $95.00 and gave the company an "equal weight" rating in a report on Wednesday, July 30th. Jefferies Financial Group raised GeneDx from a "hold" rating to a "buy" rating and set a $80.00 price objective on the stock in a report on Friday, May 9th. Guggenheim reaffirmed a "buy" rating and set a $115.00 price objective (up previously from $88.00) on shares of GeneDx in a report on Monday, June 30th. Piper Sandler set a $120.00 price objective on GeneDx and gave the stock an "overweight" rating in a report on Monday, August 4th. Finally, TD Securities dropped their price objective on GeneDx from $135.00 to $110.00 and set a "buy" rating on the stock in a report on Thursday, May 1st. Six investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the company's stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $101.63.

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.