Westfield Capital Management Co. LP Buys New Position in GeneDx Holdings Corp. (NASDAQ:WGS)

Key Points

• Westfield Capital Management Co. LP acquired 222,477 shares of GeneDx Holdings Corp. (NASDAQ:WGS) in the first quarter, valued at approximately $19.7 million, marking a 0.79% ownership in the company.
• GeneDx reported $0.50 earnings per share (EPS) for the last quarter, exceeding analysts' expectations of $0.10, with revenue of $102.69 million surpassing the projected $86 million.
• Major investor interest is evident, with 61.72% of the stock owned by institutional investors and hedge funds, and several analysts assigning a "buy" rating to the stock, with prices targets ranging from $95.00 to $120.00.

Westfield Capital Management Co. LP bought a new stake in shares of GeneDx Holdings Corp. (NASDAQ:WGS - Free Report) in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 222,477 shares of the company's stock, valued at approximately $19,704,000. Westfield Capital Management Co. LP owned approximately 0.79% of GeneDx as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Vanguard Group Inc. grew its stake in GeneDx by 18.5% in the fourth quarter. Vanguard Group Inc. now owns 1,006,210 shares of the company's stock worth $77,337,000 after purchasing an additional 156,768 shares during the period. Summit Partners Public Asset Management LLC grew its stake in GeneDx by 336.9% in the fourth quarter. Summit Partners Public Asset Management LLC now owns 755,564 shares of the company's stock worth $58,073,000 after purchasing an additional 582,619 shares during the period. Lord Abbett & CO. LLC purchased a new stake in GeneDx in the fourth quarter worth $48,458,000. Fred Alger Management LLC grew its stake in GeneDx by 38.5% in the fourth quarter. Fred Alger Management LLC now owns 546,054 shares of the company's stock worth $41,970,000 after purchasing an additional 151,824 shares during the period. Finally, Zweig DiMenna Associates LLC grew its stake in GeneDx by 47.7% in the first quarter. Zweig DiMenna Associates LLC now owns 457,100 shares of the company's stock worth $40,483,000 after purchasing an additional 147,600 shares during the period. Institutional investors own 61.72% of the company's stock.

GeneDx Price Performance

WGS traded up $0.10 on Thursday, hitting $105.95. 599,467 shares of the company's stock traded hands, compared to its average volume of 997,531. The company's 50 day simple moving average is $82.93 and its 200-day simple moving average is $83.98. The firm has a market cap of $3.02 billion, a price-to-earnings ratio of 2,119.00 and a beta of 2.02. GeneDx Holdings Corp. has a one year low of $28.86 and a one year high of $117.75. The company has a current ratio of 2.87, a quick ratio of 2.70 and a debt-to-equity ratio of 0.19.

GeneDx (NASDAQ:WGS - Get Free Report) last issued its earnings results on Tuesday, July 29th. The company reported $0.50 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.10 by $0.40. The company had revenue of $102.69 million for the quarter, compared to the consensus estimate of $86.00 million. GeneDx had a return on equity of 16.51% and a net margin of 0.39%. As a group, research analysts anticipate that GeneDx Holdings Corp. will post 0.97 EPS for the current year.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on WGS. Wall Street Zen raised GeneDx from a "hold" rating to a "buy" rating in a research note on Saturday, August 2nd. Jefferies Financial Group raised GeneDx from a "hold" rating to a "buy" rating and set a $80.00 target price on the stock in a research note on Friday, May 9th. Piper Sandler set a $120.00 target price on GeneDx and gave the stock an "overweight" rating in a research note on Monday. TD Securities cut their target price on GeneDx from $135.00 to $110.00 and set a "buy" rating on the stock in a research note on Thursday, May 1st. Finally, Wells Fargo & Company increased their target price 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 research analysts have rated the stock with a hold rating and seven have given a buy rating to the company's stock. According to MarketBeat, GeneDx has a consensus rating of "Moderate Buy" and an average target price of $101.63.

Insider Activity at GeneDx

In other news, CEO Katherine Stueland sold 9,657 shares of GeneDx stock in a transaction that occurred on Tuesday, July 1st. The stock was sold at an average price of $90.94, for a total value of $878,207.58. Following the completion of the transaction, the chief executive officer owned 4,940 shares in the company, valued at approximately $449,243.60. The trade was a 66.16% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Kevin Feeley sold 5,278 shares of the business's stock in a transaction 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 owned 3,392 shares of the company's stock, valued at approximately $315,456. The trade was a 60.88% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 22,411 shares of company stock valued at $2,085,051 in the last 90 days. 29.60% of the stock is currently owned by company insiders.

About GeneDx

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.