Fred Alger Management LLC Purchases 151,824 Shares of GeneDx Holdings Corp. (NASDAQ:WGS)

Fred Alger Management LLC grew its position in GeneDx Holdings Corp. (NASDAQ:WGS - Free Report) by 38.5% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 546,054 shares of the company's stock after acquiring an additional 151,824 shares during the period. Fred Alger Management LLC owned 1.99% of GeneDx worth $41,970,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also modified their holdings of WGS. Divisadero Street Capital Management LP increased its position in GeneDx by 29.9% in the 4th quarter. Divisadero Street Capital Management LP now owns 288,240 shares of the company's stock valued at $22,154,000 after acquiring an additional 66,296 shares in the last quarter. BNP Paribas Financial Markets bought a new stake in shares of GeneDx during the fourth quarter valued at approximately $4,349,000. Ameriprise Financial Inc. acquired a new stake in shares of GeneDx in the fourth quarter valued at approximately $2,645,000. Freestone Grove Partners LP bought a new position in GeneDx in the 4th quarter worth approximately $445,000. Finally, Comerica Bank acquired a new position in GeneDx during the 4th quarter worth $50,000. 61.72% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on WGS shares. The Goldman Sachs Group boosted their target price on GeneDx from $70.00 to $80.00 and gave the stock a "neutral" rating in a research report on Wednesday, February 19th. Wells Fargo & Company dropped their price objective on GeneDx from $105.00 to $78.00 and set an "equal weight" rating for the company in a report on Thursday, May 1st. TD Securities reduced their target price on shares of GeneDx from $135.00 to $110.00 and set a "buy" rating on the stock in a research note on Thursday, May 1st. Finally, Jefferies Financial Group raised shares of GeneDx from a "hold" rating to a "buy" rating and set a $80.00 price target for the company in a research note on Friday. Two research analysts have rated the stock with a hold rating and five have given a buy rating to the company's stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $86.57.

Insider Activity at GeneDx

In related news, CFO Kevin Feeley sold 402 shares of the stock in a transaction dated Thursday, March 13th. The stock was sold at an average price of $90.05, for a total transaction of $36,200.10. Following the completion of the transaction, the chief financial officer now directly owns 5,044 shares in the company, valued at approximately $454,212.20. This trade represents a 7.38 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Katherine Stueland sold 2,731 shares of the business's stock in a transaction that occurred on Monday, March 10th. The shares were sold at an average price of $94.73, for a total value of $258,707.63. Following the completion of the sale, the chief executive officer now owns 7,752 shares in the company, valued at $734,346.96. The trade was a 26.05 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 139,390 shares of company stock worth $13,043,288. 27.30% of the stock is owned by company insiders.

GeneDx Trading Up 4.6 %

Shares of NASDAQ:WGS traded up $2.57 during mid-day trading on Friday, reaching $58.93. The stock had a trading volume of 1,575,298 shares, compared to its average volume of 738,880. The firm has a market cap of $1.65 billion, a PE ratio of -30.07 and a beta of 1.96. The firm has a 50 day simple moving average of $90.42 and a two-hundred day simple moving average of $82.82. The company has a current ratio of 2.40, a quick ratio of 2.27 and a debt-to-equity ratio of 0.25. GeneDx Holdings Corp. has a twelve month low of $19.16 and a twelve month high of $117.75.

GeneDx (NASDAQ:WGS - Get Free Report) last announced its quarterly earnings results on Wednesday, April 30th. The company reported $0.28 earnings per share (EPS) for the quarter, beating 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 negative net margin of 17.12% and a positive return on equity of 3.33%. On average, research analysts predict that GeneDx Holdings Corp. will post 0.97 EPS for the current fiscal year.

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.