GeneDx Holdings Corp. $WGS Shares Purchased by Bank of America Corp DE

Key Points

• Bank of America increased its GeneDx stake by 77.5% in the first quarter, owning 234,606 shares valued at approximately $15.1 million. Institutional investors collectively hold 61.72% of the company.
• GeneDx reported quarterly revenue of $114.44 million and adjusted EPS of $0.01, beating analyst expectations of $111.01 million in revenue and a $0.19 per-share loss.
• Analyst sentiment remains a “Moderate Buy,” with seven Buy ratings, one Hold and one Sell; the average price target is $89.57 versus a recent share price of $82.55.

Bank of America Corp DE boosted its position in shares of GeneDx Holdings Corp. (NASDAQ:WGS - Free Report) by 77.5% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 234,606 shares of the company's stock after purchasing an additional 102,456 shares during the period. Bank of America Corp DE owned approximately 0.79% of GeneDx worth $15,066,000 at the end of the most recent quarter.

Other hedge funds have also made changes to their positions in the company. Kestra Advisory Services LLC acquired a new position in GeneDx in the fourth quarter valued at approximately $27,000. Fifth Third Bancorp acquired a new stake in GeneDx during the first quarter worth $31,000. Quarry LP raised its position in GeneDx by 248.8% in the third quarter. Quarry LP now owns 293 shares of the company's stock valued at $32,000 after purchasing an additional 209 shares during the period. Ramirez Asset Management Inc. purchased a new stake in GeneDx in the fourth quarter valued at $33,000. Finally, Greenline Wealth Management LLC acquired a new position in shares of GeneDx in the 4th quarter valued at $33,000. Hedge funds and other institutional investors own 61.72% of the company's stock.

Insider Buying and Selling at GeneDx

In other news, CEO Katherine Stueland sold 10,501 shares of GeneDx stock in a transaction on Tuesday, June 16th. The shares were sold at an average price of $60.77, for a total value of $638,145.77. Following the transaction, the chief executive officer directly owned 104,372 shares of the company's stock, valued at $6,342,686.44. The trade was a 9.14% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available 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 GeneDx stock in a transaction on 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 directly owned 39,954 shares in the company, valued at $2,428,004.58. The trade was a 8.54% decrease in their ownership of the stock. 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 quarter, insiders sold 19,135 shares of company stock worth $1,128,499. 25.17% of the stock is owned by insiders.

GeneDx Price Performance

Shares of WGS opened at $82.55 on Friday. The firm has a market capitalization of $2.46 billion, a price-to-earnings ratio of -22.68 and a beta of 1.92. The firm's fifty day simple moving average is $67.34 and its 200-day simple moving average is $67.04. GeneDx Holdings Corp. has a twelve month low of $32.21 and a twelve month high of $170.87. 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 (NASDAQ:WGS - Get Free Report) last issued its earnings results on Monday, August 3rd. The company reported $0.01 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.19) by $0.20. The business 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 prior year, the business posted $0.36 EPS. Equities analysts forecast that GeneDx Holdings Corp. will post -0.41 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

WGS has been the subject of several research analyst reports. Wells Fargo & Company reaffirmed an "overweight" rating and set a $75.00 target price (down from $155.00) on shares of GeneDx in a research note on Tuesday, May 5th. Craig Hallum reissued a "buy" rating and issued a $85.00 price target on shares of GeneDx in a research note on Tuesday, May 5th. Zacks Research upgraded shares of GeneDx from a "strong sell" rating to a "hold" rating in a report on Tuesday, July 28th. BTIG Research reaffirmed a "buy" rating and set a $90.00 price objective on shares of GeneDx in a research report on Tuesday, August 4th. Finally, Weiss Ratings upgraded shares of GeneDx from a "sell (e+)" rating to a "sell (d)" rating in a report on Tuesday, August 4th. Seven investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $89.57.

GeneDx 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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