Bank of New York Mellon Corp Invests $4.26 Million in GeneDx Holdings Corp. $WGS

Key Points

• Bank of New York Mellon acquired 62,028 GeneDx shares worth approximately $4.26 million, giving it a 0.21% stake. Institutional investors collectively own 61.72% of WGS.
• Analyst sentiment is broadly positive, with a MarketBeat consensus rating of “Moderate Buy” and an average price target of $89.57; individual targets include $90 from BTIG and $63 from Piper Sandler.
• GeneDx exceeded quarterly expectations, reporting $0.01 in adjusted EPS versus a projected loss of $0.19 and revenue of $114.44 million versus $111.01 million expected. Shares recently opened at $85.99, while the stock’s 52-week range is $32.21 to $170.87.

Bank of New York Mellon Corp bought a new stake in GeneDx Holdings Corp. (NASDAQ:WGS - Free Report) in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 62,028 shares of the company's stock, valued at approximately $4,258,000. Bank of New York Mellon Corp owned approximately 0.21% of GeneDx as of its most recent SEC filing.

A number of other hedge funds have also bought and sold shares of WGS. Bank of America Corp DE increased its position in shares of GeneDx by 77.5% during the 1st quarter. Bank of America Corp DE now owns 234,606 shares of the company's stock valued at $15,066,000 after purchasing an additional 102,456 shares during the last quarter. Sumitomo Mitsui Trust Group Inc. boosted its holdings in shares of GeneDx by 65.9% in the 1st 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 during the last quarter. Goldman Sachs Group Inc. grew its position in GeneDx by 4.5% during the fourth quarter. Goldman Sachs Group Inc. now owns 1,220,502 shares of the company's stock valued at $158,738,000 after buying an additional 52,322 shares during the period. Vanguard Group Inc. grew its position in GeneDx by 1.6% during the fourth quarter. Vanguard Group Inc. now owns 1,189,069 shares of the company's stock valued at $154,650,000 after buying an additional 18,647 shares during the period. Finally, Lazard Asset Management LLC bought a new position in GeneDx during the first quarter valued at about $2,177,000. 61.72% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

WGS has been the subject of a number of research reports. BTIG Research reissued a "buy" rating and set a $90.00 target price on shares of GeneDx in a research report on Tuesday, August 4th. Wall Street Zen upgraded GeneDx from a "sell" rating to a "hold" rating in a research note on Saturday, August 8th. Zacks Research upgraded GeneDx from a "hold" rating to a "strong-buy" rating in a research note on Wednesday, August 26th. Piper Sandler reissued an "overweight" rating and set a $63.00 price objective (up from $50.00) on shares of GeneDx in a report on Tuesday, June 23rd. Finally, Weiss Ratings raised GeneDx from a "sell (e+)" rating to a "sell (d)" rating in a research report on Tuesday, August 4th. One equities research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and one has assigned a Sell rating to the company. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $89.57.

GeneDx Price Performance

Shares of NASDAQ WGS opened at $85.99 on Friday. The stock has a market cap of $2.56 billion, a PE ratio of -23.62 and a beta of 1.99. GeneDx Holdings Corp. has a fifty-two week low of $32.21 and a fifty-two week high of $170.87. The company has a debt-to-equity ratio of 0.40, a quick ratio of 3.06 and a current ratio of 3.30. The stock has a fifty day moving average of $73.01 and a 200-day moving average of $66.91.

GeneDx (NASDAQ:WGS - Get Free Report) last issued its quarterly earnings data on Monday, August 3rd. The company reported $0.01 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.19) by $0.20. GeneDx had a positive return on equity of 4.12% and a negative net margin of 23.41%.The business had revenue of $114.44 million for the quarter, compared to analysts' expectations of $111.01 million. During the same quarter in the prior year, the firm posted $0.36 EPS. Equities research analysts anticipate that GeneDx Holdings Corp. will post -0.41 earnings per share for the current year.

Insider Buying and Selling

In other GeneDx news, CEO Katherine Stueland sold 10,501 shares of the firm's stock in a transaction on Tuesday, June 16th. The shares were sold at an average price of $60.77, for a total value of $638,145.77. Following the completion of the transaction, the chief executive officer directly owned 104,372 shares of the company's stock, valued at $6,342,686.44. This trade represents a 9.14% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CFO Kevin Feeley sold 3,729 shares of the company's stock in a transaction on Tuesday, June 16th. The stock was sold at an average price of $60.77, for a total transaction of $226,611.33. Following the completion of the transaction, the chief financial officer directly owned 39,954 shares in the company, valued at approximately $2,428,004.58. The trade was a 8.54% 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. Insiders have sold a total of 19,135 shares of company stock worth $1,128,499 in the last ninety days. 25.17% of the stock is currently owned by insiders.

GeneDx Company Profile

GeneDx is a clinical diagnostics company specializing in comprehensive genetic and genomic testing for rare and inherited disorders. The company offers a broad portfolio of assays, including targeted gene panels, whole exome sequencing, whole genome sequencing and chromosomal microarray analysis. GeneDx's laboratory services support the diagnosis of a wide range of conditions—from rare pediatric diseases and hereditary cancer syndromes to neuromuscular and metabolic disorders—by providing clinicians with detailed variant interpretation and reporting.

Founded in 2000 and based in Gaithersburg, Maryland, GeneDx was established with the aim of accelerating the translation of genomic discoveries into clinical care.

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