Assenagon Asset Management S.A. Cuts Stake in GeneDx Holdings Corp. $WGS

Key Points

• Assenagon Asset Management S.A. significantly cut its stake in GeneDx Holdings Corp. by 55.1%, now owning approximately 0.17% of the company, worth $4.4 million.
• In recent transactions, GeneDx insiders sold a total of 575,870 shares, valued at around $69.3 million, highlighting some decline in their ownership percentages.
• Analyst ratings for GeneDx are optimistic, with six analysts giving it a "buy" rating and the company having a consensus target price of $104.13.

Assenagon Asset Management S.A. reduced its stake in shares of GeneDx Holdings Corp. (NASDAQ:WGS - Free Report) by 55.1% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 47,638 shares of the company's stock after selling 58,481 shares during the quarter. Assenagon Asset Management S.A. owned about 0.17% of GeneDx worth $4,397,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also added to or reduced their stakes in the company. Ameriprise Financial Inc. purchased a new stake in GeneDx during the 4th quarter valued at approximately $2,645,000. Raymond James Financial Inc. grew its holdings in shares of GeneDx by 25.8% in the first quarter. Raymond James Financial Inc. now owns 333,376 shares of the company's stock valued at $29,525,000 after purchasing an additional 68,331 shares in the last quarter. GAMMA Investing LLC grew its holdings in shares of GeneDx by 22,194.3% in the first quarter. GAMMA Investing LLC now owns 38,792 shares of the company's stock valued at $3,436,000 after purchasing an additional 38,618 shares in the last quarter. Allspring Global Investments Holdings LLC grew its holdings in shares of GeneDx by 111.1% in the first quarter. Allspring Global Investments Holdings LLC now owns 190,297 shares of the company's stock valued at $16,097,000 after purchasing an additional 100,146 shares in the last quarter. Finally, Harbor Capital Advisors Inc. grew its holdings in shares of GeneDx by 150.9% in the second quarter. Harbor Capital Advisors Inc. now owns 39,979 shares of the company's stock valued at $3,690,000 after purchasing an additional 24,042 shares in the last quarter. 61.72% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, CFO Kevin Feeley sold 3,728 shares of GeneDx stock in a transaction on Tuesday, September 16th. The stock was sold at an average price of $121.47, for a total transaction of $452,840.16. Following the completion of the sale, the chief financial officer directly owned 8,755 shares in the company, valued at approximately $1,063,469.85. This trade represents a 29.86% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Casdin Capital, Llc sold 500,000 shares of GeneDx stock in a transaction on Friday, August 22nd. The stock was sold at an average price of $120.90, for a total value 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. This trade represents a 14.26% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 575,870 shares of company stock valued at $69,280,301 in the last three months. 29.60% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

WGS has been the subject of a number of recent research reports. Guggenheim reissued a "buy" rating and issued a $115.00 target price (up from $88.00) on shares of GeneDx in a report on Monday, June 30th. Wells Fargo & Company raised their target price on shares of GeneDx from $78.00 to $95.00 and gave the company an "equal weight" rating in a report on Wednesday, July 30th. Piper Sandler raised their target price on shares of GeneDx from $120.00 to $140.00 and gave the company an "overweight" rating in a report on Thursday, September 11th. Finally, Wall Street Zen raised shares of GeneDx from a "hold" rating to a "buy" rating in a report on Saturday, August 2nd. Six equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $104.13.

GeneDx Stock Down 6.0%

NASDAQ WGS opened at $114.22 on Thursday. The company has a quick ratio of 2.70, a current ratio of 2.87 and a debt-to-equity ratio of 0.19. The company has a fifty day moving average of $114.04 and a two-hundred day moving average of $93.37. The firm has a market capitalization of $3.28 billion, a price-to-earnings ratio of 2,284.40 and a beta of 2.04. GeneDx Holdings Corp. has a 52 week low of $35.88 and a 52 week high of $136.00.

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

About GeneDx

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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