Invesco Ltd. Acquires 134,228 Shares of GeneDx Holdings Corp. $WGS

Key Points

• Invesco Ltd. increased its holdings in GeneDx Holdings Corp. by 52.6% during the first quarter, acquiring an additional 134,228 shares and totaling 389,579 shares valued at approximately $34.5 million.
• Research firms have a generally positive outlook on GeneDx, with seven analysts issuing a "buy" rating and a consensus target price of $101.63 for the stock.
• Despite insider selling activity, where CFO Kevin Feeley and CEO Katherine Stueland sold shares, corporate insiders collectively own 29.60% of GeneDx stock.

Invesco Ltd. lifted its holdings in GeneDx Holdings Corp. (NASDAQ:WGS - Free Report) by 52.6% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 389,579 shares of the company's stock after purchasing an additional 134,228 shares during the quarter. Invesco Ltd. owned 1.39% of GeneDx worth $34,503,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in WGS. Sterling Capital Management LLC raised its position in GeneDx by 877.8% during the fourth quarter. Sterling Capital Management LLC now owns 352 shares of the company's stock worth $27,000 after acquiring an additional 316 shares in the last quarter. Lazard Asset Management LLC bought a new stake in GeneDx during the fourth quarter worth $35,000. GAMMA Investing LLC raised its position in GeneDx by 151.7% during the first quarter. GAMMA Investing LLC now owns 438 shares of the company's stock worth $39,000 after acquiring an additional 264 shares in the last quarter. Comerica Bank bought a new stake in GeneDx during the fourth quarter worth $50,000. Finally, US Bancorp DE raised its position in GeneDx by 3,223.5% during the first quarter. US Bancorp DE now owns 565 shares of the company's stock worth $50,000 after acquiring an additional 548 shares in the last quarter. 61.72% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on WGS. Guggenheim reaffirmed 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. TD Securities dropped their price objective on shares of GeneDx from $135.00 to $110.00 and set a "buy" rating on the stock in a research report on Thursday, May 1st. Jefferies Financial Group raised shares of GeneDx from a "hold" rating to a "buy" rating and set a $80.00 price objective on the stock in a research report on Friday, May 9th. Wall Street Zen raised shares of GeneDx from a "hold" rating to a "buy" rating in a research report on Saturday, August 2nd. Finally, Wells Fargo & Company increased their price objective on shares of GeneDx from $78.00 to $95.00 and gave the company an "equal weight" rating in a research report 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 company's stock. According to data from MarketBeat.com, GeneDx has an average rating of "Moderate Buy" and a consensus target price of $101.63.

GeneDx Trading Down 0.4%

WGS stock opened at $125.90 on Tuesday. 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 company's 50-day simple moving average is $89.46 and its 200 day simple moving average is $86.14. GeneDx Holdings Corp. has a 52 week low of $28.86 and a 52 week high of $127.36. The company has a market capitalization of $3.62 billion, a PE ratio of 2,518.00 and a beta of 2.02.

GeneDx (NASDAQ:WGS - Get Free Report) last released 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 net margin of 0.39% and a return on equity of 16.51%. The business had revenue of $102.69 million for the quarter, compared to the consensus estimate of $86.00 million. As a group, sell-side analysts anticipate that GeneDx Holdings Corp. will post 0.97 earnings per share for the current year.

Insider Activity

In related news, CFO Kevin Feeley sold 5,278 shares of the company'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 transaction, 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 transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Katherine Stueland sold 9,657 shares of the stock in a transaction dated Tuesday, July 1st. The stock was sold at an average price of $90.94, for a total transaction of $878,207.58. Following the sale, the chief executive officer owned 4,940 shares in the company, valued at $449,243.60. The trade was a 66.16% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 22,411 shares of company stock worth $2,085,051 over the last 90 days. 29.60% of the stock is currently owned by corporate 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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