GeneDx Holdings Corp. $WGS Stake Lifted 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 lifted its position in shares of GeneDx Holdings Corp. (NASDAQ:WGS - Free Report) by 2.0% in the first quarter, according to its most recent 13F filing with the SEC. The firm owned 557,018 shares of the company's stock after purchasing an additional 10,964 shares during the quarter. Fred Alger Management LLC owned about 1.95% of GeneDx worth $49,332,000 as of its most recent filing with the SEC.

A number of other institutional investors have also modified their holdings of the company. Scientech Research LLC purchased a new stake in shares of GeneDx during the 1st quarter worth about $675,000. Polar Asset Management Partners Inc. grew its holdings in shares of GeneDx by 49.0% during the 1st quarter. Polar Asset Management Partners Inc. now owns 19,520 shares of the company's stock worth $1,729,000 after purchasing an additional 6,420 shares during the period. NewEdge Advisors LLC grew its holdings in shares of GeneDx by 270,700.0% during the 1st quarter. NewEdge Advisors LLC now owns 2,708 shares of the company's stock worth $240,000 after purchasing an additional 2,707 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in shares of GeneDx by 6.3% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 7,641 shares of the company's stock worth $677,000 after purchasing an additional 453 shares during the period. Finally, Jacobs Levy Equity Management Inc. purchased a new stake in shares of GeneDx during the 1st quarter worth about $488,000. Hedge funds and other institutional investors own 61.72% of the company's stock.

GeneDx Stock Down 1.5%

Shares of WGS traded down $1.85 during trading on Friday, reaching $124.05. The company's stock had a trading volume of 234,434 shares, compared to its average volume of 1,018,298. The company has a fifty day moving average of $106.99 and a two-hundred day moving average of $91.80. GeneDx Holdings Corp. has a twelve month low of $35.88 and a twelve month high of $136.00. The company has a market cap of $3.56 billion, a price-to-earnings ratio of 2,480.90 and a beta of 2.04. The company has a quick ratio of 2.70, a current ratio of 2.87 and a debt-to-equity ratio of 0.19.

GeneDx (NASDAQ:WGS - Get Free Report) last announced its 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. GeneDx had a return on equity of 16.51% and a net margin of 0.39%.The company had revenue of $102.69 million for the quarter, compared to analyst estimates of $86.00 million. GeneDx has set its FY 2025 guidance at EPS. On average, sell-side analysts predict that GeneDx Holdings Corp. will post 0.97 EPS for the current fiscal year.

Analysts Set New Price Targets

Several research firms recently commented on WGS. Piper Sandler boosted their price target on GeneDx from $120.00 to $140.00 and gave the stock an "overweight" rating in a research report on Thursday. Wall Street Zen raised GeneDx from a "hold" rating to a "buy" rating in a research report on Saturday, August 2nd. Wells Fargo & Company boosted their price target on GeneDx from $78.00 to $95.00 and gave the stock an "equal weight" rating in a research report on Wednesday, July 30th. Finally, Guggenheim reissued a "buy" rating and set a $115.00 price target (up 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 given a Hold rating to the company's stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $104.13.

Insider Transactions at GeneDx

In related news, CEO Katherine Stueland sold 2,154 shares of the company's 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 sale, the chief executive officer directly owned 3,440 shares of the company's stock, valued at approximately $362,266.40. This represents a 38.51% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Jason Ryan sold 38,072 shares of the company's stock in a transaction that occurred on Wednesday, August 27th. The shares were sold at an average price of $127.30, for a total value of $4,846,565.60. Following the sale, the director directly owned 103,284 shares in the company, valued at approximately $13,148,053.20. This represents a 26.93% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 561,641 shares of company stock valued at $67,551,904. 29.60% of the stock is currently owned by insiders.

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.