Zweig DiMenna Associates LLC Buys 147,600 Shares of GeneDx Holdings Corp. (NASDAQ:WGS)

Key Points

• Zweig DiMenna Associates LLC increased its stake in GeneDx Holdings Corp. by 47.7%, acquiring an additional 147,600 shares, making it the second largest position in their portfolio.
• GeneDx reported a quarterly EPS of $0.28, surpassing analysts' expectations and achieving a revenue of $87.12 million for the quarter.
• Institutional investors currently own 61.72% of GeneDx's stock, with multiple funds recently adjusting their positions, including Vanguard Group, which boosted its holdings by 18.5%.

Zweig DiMenna Associates LLC increased its stake in shares of GeneDx Holdings Corp. (NASDAQ:WGS - Free Report) by 47.7% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 457,100 shares of the company's stock after acquiring an additional 147,600 shares during the period. GeneDx comprises about 6.4% of Zweig DiMenna Associates LLC's portfolio, making the stock its 2nd largest position. Zweig DiMenna Associates LLC owned about 1.63% of GeneDx worth $40,483,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also made changes to their positions in the stock. Swiss National Bank lifted its position in shares of GeneDx by 16.7% in the fourth quarter. Swiss National Bank now owns 23,800 shares of the company's stock worth $1,829,000 after purchasing an additional 3,400 shares in the last quarter. Sei Investments Co. acquired a new position in GeneDx during the fourth quarter worth $1,384,000. KLP Kapitalforvaltning AS acquired a new position in GeneDx during the fourth quarter worth $200,000. LPL Financial LLC acquired a new position in GeneDx during the fourth quarter worth $2,738,000. Finally, Vanguard Group Inc. boosted its holdings in GeneDx by 18.5% during 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 last quarter. 61.72% of the stock is currently owned by institutional investors and hedge funds.

GeneDx Price Performance

Shares of WGS opened at $81.45 on Friday. The company has a market cap of $2.32 billion, a price-to-earnings ratio of -57.77 and a beta of 2.01. GeneDx Holdings Corp. has a 1-year low of $25.32 and a 1-year high of $117.75. The company's fifty day simple moving average is $77.11 and its 200 day simple moving average is $82.78. The company has a current ratio of 3.25, a quick ratio of 3.07 and a debt-to-equity ratio of 0.20.

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

Insider Buying and Selling at GeneDx

In related news, Director Keith A. Meister acquired 100,000 shares of the firm's stock in a transaction on Thursday, May 8th. The shares were purchased at an average cost of $56.01 per share, for a total transaction of $5,601,000.00. Following the completion of the acquisition, the director directly 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 filing with the SEC, which is accessible through the SEC website. Also, CFO Kevin Feeley sold 5,278 shares of the company's stock in a transaction on Wednesday, July 9th. The shares were sold at an average price of $93.00, for a total transaction of $490,854.00. Following the completion of the transaction, the chief financial officer 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 disclosure for this sale can be found here. Insiders have sold a total of 22,411 shares of company stock worth $2,104,828 over the last ninety days. Insiders own 29.60% of the company's stock.

Analysts Set New Price Targets

WGS has been the subject of several recent research reports. Piper Sandler initiated coverage on shares of GeneDx in a report on Wednesday, July 9th. They set an "overweight" rating and a $110.00 target price for the company. TD Securities reduced their target price on shares of GeneDx from $135.00 to $110.00 and set a "buy" rating for the company in a report on Thursday, May 1st. Wall Street Zen cut shares of GeneDx from a "buy" rating to a "hold" rating in a report on Sunday, July 13th. Jefferies Financial Group upgraded shares of GeneDx from a "hold" rating to a "buy" rating and set a $80.00 target price for the company in a report on Friday, May 9th. Finally, Wells Fargo & Company reduced their target price on shares of GeneDx from $105.00 to $78.00 and set an "equal weight" rating for the company in a report on Thursday, May 1st. Three investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company's stock. According to MarketBeat, GeneDx presently has an average rating of "Moderate Buy" and an average price target of $92.33.

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.

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