Corient Private Wealth LP Makes New $3.07 Million Investment in GeneDx Holdings Corp. $WGS

Key Points

• Corient Private Wealth LP initiated a $3.07 million position in GeneDx, purchasing 44,658 shares, while institutional investors collectively own 61.72% of the company.
• GeneDx reported quarterly EPS of $0.01, beating estimates by $0.20, and revenue of $114.44 million versus expectations of $111.01 million. Shares opened at $101.10, with a 52-week range of $32.21 to $170.87.
• Analysts maintain a generally positive outlook, with an average “Moderate Buy” rating and $89.57 price target; meanwhile, the CEO and CFO sold shares to cover tax withholding tied to vested equity awards.

Corient Private Wealth LP purchased a new position in shares of GeneDx Holdings Corp. (NASDAQ:WGS - Free Report) in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 44,658 shares of the company's stock, valued at approximately $3,066,000. Corient Private Wealth LP owned about 0.15% of GeneDx as of its most recent SEC filing.

Several other hedge funds also recently modified their holdings of the business. Goldman Sachs Group Inc. increased 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 worth $158,738,000 after acquiring an additional 52,322 shares during the period. Franklin Resources Inc. lifted its position in shares of GeneDx by 60.4% in the 4th quarter. Franklin Resources Inc. now owns 1,092,988 shares of the company's stock worth $142,154,000 after acquiring an additional 411,607 shares during the period. Westfield Capital Management Co. LP lifted its position in shares of GeneDx by 87.1% in the 4th quarter. Westfield Capital Management Co. LP now owns 1,018,261 shares of the company's stock worth $132,435,000 after acquiring an additional 474,167 shares during the period. Geode Capital Management LLC lifted its position in shares of GeneDx by 3.1% in the 4th quarter. Geode Capital Management LLC now owns 504,567 shares of the company's stock worth $65,635,000 after acquiring an additional 15,170 shares during the period. Finally, Amova Asset Management Americas Inc. grew its holdings in shares of GeneDx by 30.6% during the 4th quarter. Amova Asset Management Americas Inc. now owns 381,725 shares of the company's stock worth $49,647,000 after purchasing an additional 89,470 shares in the last quarter. 61.72% of the stock is owned by institutional investors.

GeneDx Stock Performance

Shares of NASDAQ:WGS opened at $101.10 on Monday. The company has a current ratio of 3.30, a quick ratio of 3.06 and a debt-to-equity ratio of 0.40. GeneDx Holdings Corp. has a 1-year low of $32.21 and a 1-year high of $170.87. The stock has a market capitalization of $3.01 billion, a P/E ratio of -27.77 and a beta of 1.99. The business has a 50-day moving average price of $77.73 and a two-hundred day moving average price of $67.29.

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

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on WGS shares. TD Cowen reaffirmed a "buy" rating on shares of GeneDx in a report on Wednesday, July 15th. Piper Sandler reissued an "overweight" rating and issued a $63.00 target price (up from $50.00) on shares of GeneDx in a report on Tuesday, June 23rd. Canaccord Genuity Group raised their target price on GeneDx from $75.00 to $90.00 and gave the stock a "buy" rating in a research report on Tuesday, August 4th. BTIG Research reaffirmed a "buy" rating and issued a $90.00 target price on shares of GeneDx in a report on Tuesday, August 4th. Finally, Weiss Ratings raised shares of GeneDx from a "sell (e+)" rating to a "sell (d)" rating in a report on Tuesday, August 4th. One analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and one has issued a Sell rating to the stock. According to data from MarketBeat, GeneDx currently has an average rating of "Moderate Buy" and an average target price of $89.57.

Insider Transactions at GeneDx

In related news, CFO Kevin Feeley sold 3,728 shares of GeneDx stock in a transaction that occurred on Wednesday, September 16th. The shares were sold at an average price of $97.61, for a total transaction of $363,890.08. Following the transaction, the chief financial officer owned 44,945 shares of the company's stock, valued at $4,387,081.45. This trade represents a 7.66% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO Katherine Stueland sold 10,501 shares of the business's stock in a transaction that occurred on Wednesday, September 16th. The shares were sold at an average price of $97.61, for a total transaction of $1,025,002.61. Following the transaction, the chief executive officer owned 115,476 shares of the company's stock, valued at approximately $11,271,612.36. This represents a 8.34% 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. Over the last ninety days, insiders sold 19,206 shares of company stock valued at $1,808,056. 25.17% of the stock is currently owned by company insiders.

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.

Want to see what other hedge funds are holding WGS? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for GeneDx Holdings Corp. (NASDAQ:WGS - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.