Jennison Associates LLC Takes Position in GeneDx Holdings Corp. (NASDAQ:WGS)

Jennison Associates LLC purchased a new position in shares of GeneDx Holdings Corp. (NASDAQ:WGS - Free Report) during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 6,353 shares of the company's stock, valued at approximately $563,000.

Other institutional investors have also recently bought and sold shares of the company. Ameriprise Financial Inc. bought a new position in shares of GeneDx in the fourth quarter valued at about $2,645,000. Envestnet Asset Management Inc. acquired a new position in shares of GeneDx in the 4th quarter valued at approximately $380,000. Prudential Financial Inc. acquired a new position in GeneDx during the 4th quarter worth approximately $7,938,000. Voya Investment Management LLC acquired a new stake in shares of GeneDx in the 4th quarter valued at approximately $292,000. Finally, GAMMA Investing LLC boosted its holdings in shares of GeneDx by 22,194.3% in the 1st quarter. GAMMA Investing LLC now owns 38,792 shares of the company's stock valued at $3,436,000 after buying an additional 38,618 shares during the last quarter. Institutional investors and hedge funds own 61.72% of the company's stock.

Insiders Place Their Bets

In other GeneDx news, Director Keith A. Meister purchased 100,000 shares of the stock in a transaction that occurred on Thursday, May 8th. The shares were bought at an average cost of $56.01 per share, with a total value of $5,601,000.00. Following the acquisition, the director owned 3,008,629 shares in the company, valued at approximately $168,513,310.29. This trade represents a 3.44% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO Kevin Feeley sold 5,278 shares of the stock in a transaction that occurred on 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 of the company's stock, valued at approximately $315,456. The trade was a 60.88% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 22,411 shares of company stock worth $2,104,828 over the last quarter. 29.60% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on the company. Wall Street Zen cut GeneDx from a "buy" rating to a "hold" rating in a research report on Sunday, July 13th. Jefferies Financial Group raised 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. Guggenheim restated a "buy" rating and set a $115.00 price objective (up from $88.00) on shares of GeneDx in a research report on Monday, June 30th. TD Securities decreased their price objective on GeneDx from $135.00 to $110.00 and set a "buy" rating for the company in a report on Thursday, May 1st. Finally, Wells Fargo & Company decreased their price target on GeneDx from $105.00 to $78.00 and set an "equal weight" rating for the company in a report on Thursday, May 1st. Three analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $92.33.

GeneDx Stock Down 1.8%

Shares of GeneDx stock traded down $1.44 on Friday, reaching $80.01. The company's stock had a trading volume of 347,325 shares, compared to its average volume of 1,061,048. The company has a market capitalization of $2.28 billion, a price-to-earnings ratio of -56.84 and a beta of 2.01. The firm's fifty day simple moving average is $77.11 and its two-hundred day simple moving average is $82.78. GeneDx Holdings Corp. has a 52 week low of $25.32 and a 52 week high of $117.75. The company has a quick ratio of 3.07, a current ratio of 3.25 and a debt-to-equity ratio of 0.20.

GeneDx (NASDAQ:WGS - Get Free Report) last issued its quarterly earnings data on Wednesday, April 30th. The company reported $0.28 EPS for the quarter, topping the consensus estimate of $0.11 by $0.17. The company had revenue of $87.12 million during the quarter, compared to analyst estimates of $79.90 million. GeneDx had a positive return on equity of 10.17% and a negative net margin of 11.69%. Equities analysts anticipate that GeneDx Holdings Corp. will post 0.97 earnings per share for the current year.

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.