First Light Asset Management LLC Has $53.82 Million Position in GeneDx Holdings Corp. $WGS

Key Points

• First Light Asset Management increased its GeneDx stake by 222.7% in the second quarter, owning 783,923 shares valued at $53.82 million, or about 2.63% of the company. Institutional investors collectively own 61.72% of WGS.
• GeneDx executives sold shares to cover tax withholding related to vested equity awards: CEO Katherine Stueland sold $638,146 worth and CFO Kevin Feeley sold $226,611 worth. Corporate insiders retain 25.17% of the stock.
• GeneDx reported quarterly revenue of $114.44 million and adjusted earnings of $0.01 per share, beating analyst expectations. Analysts maintain a consensus “Moderate Buy” rating with an average price target of $89.57, compared with a recent share price of $86.48.

First Light Asset Management LLC increased its position in shares of GeneDx Holdings Corp. (NASDAQ:WGS - Free Report) by 222.7% in the second quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 783,923 shares of the company's stock after buying an additional 540,996 shares during the quarter. GeneDx accounts for about 3.3% of First Light Asset Management LLC's portfolio, making the stock its 11th biggest holding. First Light Asset Management LLC owned about 2.63% of GeneDx worth $53,816,000 at the end of the most recent reporting period.

Several other institutional investors have also recently bought and sold shares of WGS. Kestra Advisory Services LLC bought a new position in shares of GeneDx during the 4th quarter worth approximately $27,000. Fifth Third Bancorp acquired a new position in GeneDx during the first quarter worth $31,000. Quarry LP boosted its holdings in GeneDx by 248.8% during the third quarter. Quarry LP now owns 293 shares of the company's stock worth $32,000 after purchasing an additional 209 shares during the last quarter. Ramirez Asset Management Inc. bought a new position in GeneDx in the fourth quarter valued at $33,000. Finally, Greenline Wealth Management LLC acquired a new stake in GeneDx in the 4th quarter valued at $33,000. Institutional investors own 61.72% of the company's stock.

Insider Activity

In other news, CEO Katherine Stueland sold 10,501 shares of the firm's stock in a transaction dated Tuesday, June 16th. The shares were sold at an average price of $60.77, for a total transaction of $638,145.77. Following the completion of the sale, the chief executive officer owned 104,372 shares in the company, valued at approximately $6,342,686.44. This trade represents a 9.14% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through 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 dated Tuesday, June 16th. The shares were 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 owned 39,954 shares in the company, valued at approximately $2,428,004.58. This trade represents a 8.54% decrease in their position. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. 25.17% of the stock is owned by corporate insiders.

GeneDx Price Performance

Shares of NASDAQ WGS opened at $86.48 on Thursday. The company has a quick ratio of 3.06, a current ratio of 3.30 and a debt-to-equity ratio of 0.40. The business's 50 day moving average price is $73.98 and its two-hundred day moving average price is $66.64. The company has a market cap of $2.58 billion, a PE ratio of -23.76 and a beta of 1.99. GeneDx Holdings Corp. has a twelve month low of $32.21 and a twelve month high of $170.87.

GeneDx (NASDAQ:WGS - Get Free Report) last released its quarterly earnings data on Monday, August 3rd. The company reported $0.01 earnings per share (EPS) for the quarter, beating 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 company had revenue of $114.44 million during the quarter, compared to analysts' expectations of $111.01 million. During the same period last year, the firm posted $0.36 earnings per share. On average, analysts predict that GeneDx Holdings Corp. will post -0.41 EPS for the current year.

Wall Street Analyst Weigh In

WGS has been the subject of a number of recent research reports. BTIG Research restated a "buy" rating and set a $90.00 price objective on shares of GeneDx in a research note on Tuesday, August 4th. Wall Street Zen upgraded GeneDx from a "sell" rating to a "hold" rating in a report on Saturday, August 8th. Weiss Ratings raised GeneDx from a "sell (e+)" rating to a "sell (d)" rating in a research report on Tuesday, August 4th. Canaccord Genuity Group raised their price target on GeneDx from $75.00 to $90.00 and gave the company a "buy" rating in a research note on Tuesday, August 4th. Finally, Piper Sandler reiterated an "overweight" rating and set a $63.00 price objective (up from $50.00) on shares of GeneDx in a research note on Tuesday, June 23rd. One research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $89.57.

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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