GeneDx Holdings Corp. $WGS Holdings Lifted by Comerica Bank

Key Points

• Comerica Bank significantly increased its stake in GeneDx Holdings Corp. by 2,271% during the 1st quarter, owning 15,388 shares valued at approximately $1.36 million.
• GeneDx reported earnings of $0.50 per share for the quarter, exceeding analyst expectations of $0.10, with revenue reaching $102.69 million.
• Several analysts have upgraded their ratings on GeneDx, with price targets now ranging from $80 to $120, reflecting a consensus rating of "Moderate Buy".

Comerica Bank boosted its holdings in GeneDx Holdings Corp. (NASDAQ:WGS - Free Report) by 2,271.0% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 15,388 shares of the company's stock after purchasing an additional 14,739 shares during the quarter. Comerica Bank owned approximately 0.05% of GeneDx worth $1,363,000 as of its most recent SEC filing.

Several other hedge funds have also modified their holdings of the company. Jump Financial LLC bought a new stake in GeneDx in the first quarter worth $4,093,000. T. Rowe Price Investment Management Inc. purchased a new stake in GeneDx in the first quarter worth $44,614,000. Wellington Management Group LLP increased its stake in GeneDx by 202.3% in the first quarter. Wellington Management Group LLP now owns 425,647 shares of the company's stock worth $37,697,000 after purchasing an additional 284,855 shares during the period. Northern Trust Corp increased its stake in GeneDx by 3.1% in the first quarter. Northern Trust Corp now owns 185,189 shares of the company's stock worth $16,401,000 after purchasing an additional 5,538 shares during the period. Finally, Algert Global LLC increased its stake in GeneDx by 11.2% in the first quarter. Algert Global LLC now owns 47,726 shares of the company's stock worth $4,227,000 after purchasing an additional 4,800 shares during the period. 61.72% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other GeneDx news, CEO Katherine Stueland sold 2,154 shares of the stock in a transaction that occurred on Tuesday, July 29th. The stock was sold at an average price of $105.31, for a total transaction of $226,837.74. Following the transaction, the chief executive officer owned 3,440 shares of the company's stock, valued at $362,266.40. This trade represents a 38.51% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CFO Kevin Feeley sold 378 shares of the stock in a transaction that occurred on Tuesday, September 2nd. The stock was sold at an average price of $125.81, for a total value of $47,556.18. Following the transaction, the chief financial officer directly owned 4,096 shares in the company, valued at approximately $515,317.76. This represents a 8.45% decrease in their position. The disclosure for this sale can be found here. Insiders sold 561,641 shares of company stock worth $67,551,904 over the last three months. 29.60% of the stock is currently owned by corporate insiders.

GeneDx Stock Performance

Shares of NASDAQ WGS traded down $2.63 during trading hours on Tuesday, reaching $126.70. The stock had a trading volume of 96,174 shares, compared to its average volume of 1,027,574. GeneDx Holdings Corp. has a fifty-two week low of $32.11 and a fifty-two week high of $136.00. The firm has a 50-day moving average of $104.92 and a 200-day moving average of $91.12. The company has a current ratio of 2.87, a quick ratio of 2.70 and a debt-to-equity ratio of 0.19. The firm has a market cap of $3.64 billion, a price-to-earnings ratio of 2,530.16 and a beta of 2.03.

GeneDx (NASDAQ:WGS - Get Free Report) last released its quarterly earnings data on Tuesday, July 29th. The company reported $0.50 earnings per share for the quarter, beating the consensus estimate of $0.10 by $0.40. GeneDx had a return on equity of 16.51% and a net margin of 0.39%.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. Equities research analysts predict that GeneDx Holdings Corp. will post 0.97 earnings per share for the current year.

Wall Street Analyst Weigh In

Several brokerages have recently commented on WGS. Wells Fargo & Company raised their price target on GeneDx from $78.00 to $95.00 and gave the company an "equal weight" rating in a research note on Wednesday, July 30th. Wall Street Zen raised GeneDx from a "hold" rating to a "buy" rating in a research report on Saturday, August 2nd. Piper Sandler set a $120.00 price objective on GeneDx and gave the company an "overweight" rating in a research report on Monday, August 4th. Finally, Guggenheim reaffirmed a "buy" rating and set a $115.00 price objective (up previously from $88.00) on shares of GeneDx in a research report on Monday, June 30th. Six research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target 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.