GeneDx Holdings Corp. (NASDAQ:WGS) Position Increased by TD Asset Management Inc

Key Points

• TD Asset Management Inc increased its position in GeneDx Holdings Corp. by 116.3% during the 1st quarter, now owning approximately 16,948 shares valued at about $1.5 million.
• Shares of GeneDx opened at $101.60 with a market cap of $2.90 billion and a significant recent earnings report showing a net revenue of $102.69 million for the quarter.
• Several institutional investors, such as Zweig DiMenna Associates and KLP Kapitalforvaltning, have also increased their stakes, indicating a strong institutional interest with approximately 61.72% of the stock owned by institutional investors.

TD Asset Management Inc lifted its position in GeneDx Holdings Corp. (NASDAQ:WGS - Free Report) by 116.3% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 16,948 shares of the company's stock after acquiring an additional 9,114 shares during the period. TD Asset Management Inc owned about 0.06% of GeneDx worth $1,501,000 as of its most recent SEC filing.

Other institutional investors have also made changes to their positions in the company. Zweig DiMenna Associates LLC lifted its stake in GeneDx by 47.7% in the 1st quarter. Zweig DiMenna Associates LLC now owns 457,100 shares of the company's stock worth $40,483,000 after acquiring an additional 147,600 shares in the last quarter. KLP Kapitalforvaltning AS lifted its position in shares of GeneDx by 65.4% in the first quarter. KLP Kapitalforvaltning AS now owns 4,300 shares of the company's stock worth $381,000 after purchasing an additional 1,700 shares in the last quarter. Universal Beteiligungs und Servicegesellschaft mbH purchased a new stake in shares of GeneDx in the first quarter worth approximately $1,357,000. Morse Asset Management Inc acquired a new stake in shares of GeneDx during the first quarter worth approximately $1,808,000. Finally, Hussman Strategic Advisors Inc. purchased a new position in GeneDx during the first quarter valued at approximately $2,790,000. 61.72% of the stock is owned by hedge funds and other institutional investors.

GeneDx Stock Performance

Shares of NASDAQ WGS opened at $101.60 on Monday. The business's 50-day simple moving average is $80.02 and its 200-day simple moving average is $83.14. GeneDx Holdings Corp. has a 52 week low of $25.32 and a 52 week high of $117.75. The company has a debt-to-equity ratio of 0.19, a quick ratio of 2.70 and a current ratio of 2.87. The firm has a market cap of $2.90 billion, a price-to-earnings ratio of 2,032.00 and a beta of 2.02.

GeneDx (NASDAQ:WGS - Get Free Report) last announced its quarterly earnings results on Tuesday, July 29th. The company reported $0.50 EPS 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 company had revenue of $102.69 million for the quarter, compared to the consensus estimate of $86.00 million. As a group, equities research analysts expect that GeneDx Holdings Corp. will post 0.97 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on the stock. Guggenheim reiterated a "buy" rating and issued a $115.00 target price (up previously from $88.00) on shares of GeneDx in a research report on Monday, June 30th. Jefferies Financial Group raised shares of GeneDx from a "hold" rating to a "buy" rating and set a $80.00 price target on the stock in a research note on Friday, May 9th. TD Securities reduced their price objective on GeneDx from $135.00 to $110.00 and set a "buy" rating for the company in a research report on Thursday, May 1st. Piper Sandler initiated coverage on GeneDx in a research note on Wednesday, July 9th. They issued an "overweight" rating and a $110.00 target price on the stock. Finally, Wells Fargo & Company raised their price target on GeneDx from $78.00 to $95.00 and gave the stock an "equal weight" rating in a research note on Wednesday, July 30th. Two equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat.com, GeneDx presently has a consensus rating of "Moderate Buy" and an average target price of $100.38.

Insider Activity at GeneDx

In other news, Director Keith A. Meister bought 100,000 shares of the business's stock in a transaction on Thursday, May 8th. The stock was purchased at an average price of $56.01 per share, with a total value of $5,601,000.00. Following the transaction, the director directly owned 3,008,629 shares in the company, valued at approximately $168,513,310.29. The trade was a 3.44% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CFO Kevin Feeley sold 5,278 shares of the firm's stock in a transaction dated Wednesday, July 9th. The shares were sold at an average price of $93.00, for a total value of $490,854.00. Following the completion of the sale, the chief financial officer directly owned 3,392 shares in the company, valued at approximately $315,456. This represents a 60.88% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 22,411 shares of company stock worth $2,085,051. 29.60% of the stock is 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.

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