GeneDx (NASDAQ:WGS) Coverage Initiated by Analysts at Piper Sandler

Investment analysts at Piper Sandler initiated coverage on shares of GeneDx (NASDAQ:WGS - Get Free Report) in a research report issued on Wednesday, MarketBeat reports. The brokerage set an "overweight" rating and a $110.00 price target on the stock. Piper Sandler's target price would suggest a potential upside of 24.15% from the company's previous close.

A number of other brokerages have also recently weighed in on WGS. TD Securities cut their price objective 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. Guggenheim restated a "buy" rating and set a $115.00 price objective (up from $88.00) on shares of GeneDx in a research note on Monday, June 30th. Wells Fargo & Company cut their price objective on shares of GeneDx from $105.00 to $78.00 and set an "equal weight" rating on the stock in a research note on Thursday, May 1st. Jefferies Financial Group upgraded shares of GeneDx from a "hold" rating to a "buy" rating and set a $80.00 price objective on the stock in a research note on Friday, May 9th. Finally, Wall Street Zen upgraded shares of GeneDx from a "hold" rating to a "buy" rating in a research note on Saturday, July 5th. Two investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $92.33.

GeneDx Stock Performance

WGS traded down $3.28 during trading hours on Wednesday, hitting $88.60. 369,347 shares of the stock were exchanged, compared to its average volume of 1,095,476. The company has a debt-to-equity ratio of 0.20, a current ratio of 3.25 and a quick ratio of 3.07. The stock has a market cap of $2.53 billion, a price-to-earnings ratio of -62.91 and a beta of 2.01. GeneDx has a 12 month low of $25.32 and a 12 month high of $117.75. The stock has a 50-day simple moving average of $72.69 and a 200-day simple moving average of $82.58.

GeneDx (NASDAQ:WGS - Get Free Report) last posted its earnings results on Wednesday, April 30th. The company reported $0.28 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.11 by $0.17. The company had revenue of $87.12 million for the quarter, compared to analysts' expectations of $79.90 million. GeneDx had a positive return on equity of 10.17% and a negative net margin of 11.69%. Analysts anticipate that GeneDx will post 0.97 earnings per share for the current year.

Insiders Place Their Bets

In other GeneDx news, CEO Katherine Stueland sold 9,657 shares of the business's stock in a transaction dated Tuesday, July 1st. The shares were sold at an average price of $90.94, for a total value of $878,207.58. Following the sale, the chief executive officer directly owned 4,940 shares in the company, valued at approximately $449,243.60. The trade was a 66.16% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Keith A. Meister purchased 100,000 shares of the company's stock in a transaction on Thursday, May 8th. The stock was acquired at an average price of $56.01 per share, for a total transaction of $5,601,000.00. Following the completion of the transaction, the director owned 3,008,629 shares of the company's stock, valued at $168,513,310.29. This represents a 3.44% increase in their position. The disclosure for this purchase can be found here. Over the last three months, insiders have sold 13,913 shares of company stock worth $1,314,514. 29.60% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On GeneDx

Several hedge funds and other institutional investors have recently bought and sold shares of WGS. Vanguard Group Inc. grew its stake in GeneDx by 2.5% during the 1st quarter. Vanguard Group Inc. now owns 1,031,326 shares of the company's stock valued at $91,339,000 after acquiring an additional 25,116 shares in the last quarter. Summit Partners Public Asset Management LLC boosted its position in GeneDx by 336.9% during 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. William Blair Investment Management LLC bought a new stake in GeneDx during the fourth quarter worth approximately $51,496,000. Lord Abbett & CO. LLC bought a new stake in shares of GeneDx in the fourth quarter valued at approximately $48,458,000. Finally, Fred Alger Management LLC boosted its position in shares of GeneDx by 2.0% in the first quarter. Fred Alger Management LLC now owns 557,018 shares of the company's stock valued at $49,332,000 after acquiring an additional 10,964 shares during the period. 61.72% of the stock is currently owned by institutional investors.

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.