GeneDx Holdings Corp. $WGS Shares Acquired by Fred Alger Management LLC

Key Points

• Fred Alger Management LLC increased its stake in GeneDx Holdings Corp. by 2.0%, acquiring 10,964 additional shares, bringing its total ownership to approximately 557,018 shares valued at $49.3 million.
• Several other institutional investors also boosted their positions in GeneDx, with Vanguard Group increasing its stake by 2.5%, while Summit Partners Public Asset Management saw a 336.9% increase in their ownership during the last quarter.
• Wall Street analysts maintain a positive outlook on GeneDx, with multiple firms setting price targets between $95.00 and $120.00, reflecting growth expectations for the company.

Fred Alger Management LLC grew its holdings in GeneDx Holdings Corp. (NASDAQ:WGS - Free Report) by 2.0% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 557,018 shares of the company's stock after buying an additional 10,964 shares during the period. Fred Alger Management LLC owned 1.95% of GeneDx worth $49,332,000 at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. Ameriprise Financial Inc. acquired a new stake in GeneDx during the 4th quarter worth approximately $2,645,000. Raymond James Financial Inc. lifted its holdings in GeneDx by 25.8% during the 1st quarter. Raymond James Financial Inc. now owns 333,376 shares of the company's stock worth $29,525,000 after purchasing an additional 68,331 shares during the last quarter. Voya Investment Management LLC acquired a new stake in GeneDx during the 4th quarter worth approximately $292,000. GAMMA Investing LLC lifted its holdings in GeneDx by 22,194.3% during the 1st quarter. GAMMA Investing LLC now owns 38,792 shares of the company's stock worth $3,436,000 after purchasing an additional 38,618 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC lifted its holdings in GeneDx by 111.1% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 190,297 shares of the company's stock worth $16,097,000 after purchasing an additional 100,146 shares during the last quarter. 61.72% of the stock is owned by institutional investors and hedge funds.

GeneDx Price Performance

NASDAQ WGS traded down $1.94 during trading hours on Friday, reaching $123.95. 311,861 shares of the stock traded hands, compared to its average volume of 597,576. The company has a market cap of $3.56 billion, a price-to-earnings ratio of 2,479.00 and a beta of 2.04. The stock has a 50 day simple moving average of $107.63 and a two-hundred day simple moving average of $91.94. The company has a debt-to-equity ratio of 0.19, a current ratio of 2.87 and a quick ratio of 2.70. GeneDx Holdings Corp. has a 1 year low of $35.88 and a 1 year high of $136.00.

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

Insider Activity

In other GeneDx news, CFO Kevin Feeley sold 5,278 shares of the stock in a transaction dated Wednesday, July 9th. The shares were sold at an average price of $93.00, for a total transaction of $490,854.00. Following the completion of the transaction, the chief financial officer owned 3,392 shares of the company's stock, valued at $315,456. This represents a 60.88% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Casdin Capital, Llc sold 500,000 shares of the stock in a transaction dated Friday, August 22nd. The stock was sold at an average price of $120.90, for a total transaction of $60,450,000.00. Following the completion of the sale, the director directly owned 3,007,164 shares in the company, valued at $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 561,641 shares of company stock valued at $67,551,904 in the last quarter. Insiders own 29.60% of the company's stock.

Analyst Upgrades and Downgrades

Several equities analysts have weighed in on WGS shares. Piper Sandler lifted their price objective on GeneDx from $120.00 to $140.00 and gave the company an "overweight" rating in a report on Thursday. Guggenheim reaffirmed a "buy" rating and set a $115.00 target price (up from $88.00) on shares of GeneDx in a report on Monday, June 30th. Wall Street Zen upgraded GeneDx from a "hold" rating to a "buy" rating in a research report on Saturday, August 2nd. Finally, Wells Fargo & Company upped their target price on GeneDx from $78.00 to $95.00 and gave the company an "equal weight" rating in a research report on Wednesday, July 30th. Six analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat, GeneDx currently has an average rating of "Moderate Buy" and a consensus target price of $104.13.

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.