Jennison Associates LLC Has $39.30 Million Position in GeneDx Holdings Corp. $WGS

Key Points

• Jennison Associates cut its stake in GeneDx by 49.5% in Q4 to 302,149 shares worth about $39.3M, and institutional investors now own 61.72% of the company while other firms (including ARK and Sumitomo Mitsui) have recently built or boosted sizable positions.
• Company insiders have been net sellers: CEO Katherine Stueland sold 46,933 shares (~$2.96M) and CFO Kevin Feeley sold 6,187 shares (~$486K), with 113,402 insider shares (~$8.23M) sold in the past 90 days, leaving insiders with 29.6% ownership.
• Analyst sentiment is mixed-but-positive: the consensus is a Moderate Buy with an average price target of $134.17 despite several target cuts, while shares trade around $65.38 (market cap ~$1.91B) after GeneDx beat Q4 EPS estimates ($0.14 vs. $0.11).

Jennison Associates LLC lowered its stake in GeneDx Holdings Corp. (NASDAQ:WGS - Free Report) by 49.5% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 302,149 shares of the company's stock after selling 296,277 shares during the period. Jennison Associates LLC owned 1.05% of GeneDx worth $39,297,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also modified their holdings of the company. ARK Investment Management LLC acquired a new position in GeneDx during the 3rd quarter worth about $48,157,000. Principal Financial Group Inc. lifted its holdings in GeneDx by 340.4% during the 3rd quarter. Principal Financial Group Inc. now owns 59,624 shares of the company's stock worth $6,424,000 after buying an additional 46,085 shares during the period. Impax Asset Management Group plc acquired a new position in GeneDx during the 3rd quarter worth about $5,387,000. Telemark Asset Management LLC acquired a new position in GeneDx during the 3rd quarter worth about $12,929,000. Finally, Sumitomo Mitsui Trust Group Inc. lifted its holdings in GeneDx by 30.6% during the 4th quarter. Sumitomo Mitsui Trust Group Inc. now owns 381,725 shares of the company's stock worth $49,647,000 after buying an additional 89,470 shares during the period. Institutional investors and hedge funds own 61.72% of the company's stock.

Insiders Place Their Bets

In other news, CEO Katherine Stueland sold 46,933 shares of the business's stock in a transaction dated Thursday, March 26th. The stock was sold at an average price of $63.17, for a total value of $2,964,757.61. Following the transaction, the chief executive officer directly owned 91,514 shares of the company's stock, valued at $5,780,939.38. The trade was a 33.90% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO Kevin Feeley sold 6,187 shares of the business's stock in a transaction dated Wednesday, March 4th. The shares were sold at an average price of $78.61, for a total value of $486,360.07. Following the completion of the transaction, the chief financial officer directly owned 18,674 shares in the company, valued at $1,467,963.14. This represents a 24.89% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 113,402 shares of company stock valued at $8,227,718 over the last 90 days. 29.60% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

Several research analysts have commented on the company. Piper Sandler reaffirmed an "overweight" rating and set a $130.00 target price (down from $160.00) on shares of GeneDx in a report on Tuesday, February 24th. Zacks Research downgraded GeneDx from a "strong-buy" rating to a "hold" rating in a report on Friday, April 24th. Guggenheim cut their target price on GeneDx from $170.00 to $100.00 and set a "buy" rating on the stock in a report on Monday, March 30th. Wells Fargo & Company raised GeneDx from an "equal weight" rating to an "overweight" rating and set a $155.00 target price on the stock in a report on Monday, February 9th. Finally, Weiss Ratings reaffirmed a "sell (d)" rating on shares of GeneDx in a report on Wednesday, January 21st. Six equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $134.17.

GeneDx Stock Up 4.0%

Shares of NASDAQ:WGS opened at $65.38 on Friday. The company has a market capitalization of $1.91 billion, a price-to-earnings ratio of -87.17 and a beta of 2.06. The company has a debt-to-equity ratio of 0.16, a current ratio of 2.46 and a quick ratio of 2.34. The business's 50-day moving average is $71.45 and its 200-day moving average is $107.37. GeneDx Holdings Corp. has a 1 year low of $55.17 and a 1 year high of $170.87.

GeneDx (NASDAQ:WGS - Get Free Report) last announced its quarterly earnings data on Monday, February 23rd. The company reported $0.14 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.11 by $0.03. The company had revenue of $120.99 million for the quarter, compared to the consensus estimate of $120.80 million. GeneDx had a positive return on equity of 14.73% and a negative net margin of 4.92%. Equities research analysts predict that GeneDx Holdings Corp. will post 0.75 earnings per share for the current year.

GeneDx Company 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.