GeneDx (NASDAQ:WGS) Shares Down 5.1% - Here's Why

Shares of GeneDx Holdings Corp. (NASDAQ:WGS - Get Free Report) traded down 5.1% during mid-day trading on Thursday . The stock traded as low as $87.00 and last traded at $87.17. 463,343 shares traded hands during trading, a decline of 58% from the average session volume of 1,096,614 shares. The stock had previously closed at $91.88.

Analysts Set New Price Targets

Several equities research analysts have issued reports on the company. Wall Street Zen raised GeneDx from a "hold" rating to a "buy" rating in a research note on Saturday, July 5th. Piper Sandler started coverage on GeneDx in a research note on Wednesday. They issued an "overweight" rating and a $110.00 target price for the company. Jefferies Financial Group upgraded GeneDx from a "hold" rating to a "buy" rating and set a $80.00 price target on the stock in a report on Friday, May 9th. Wells Fargo & Company reduced their target price on GeneDx from $105.00 to $78.00 and set an "equal weight" rating on the stock in a report on Thursday, May 1st. Finally, TD Securities dropped their price target on GeneDx from $135.00 to $110.00 and set a "buy" rating on the stock in a research report on Thursday, May 1st. Two analysts have rated the stock with a hold rating and eight have given a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $92.33.

GeneDx Trading Down 5.2%

The firm has a 50 day simple moving average of $72.69 and a 200 day simple moving average of $82.58. The firm has a market capitalization of $2.49 billion, a PE ratio of -61.91 and a beta of 2.01. 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 results on Wednesday, April 30th. The company reported $0.28 earnings per share for the quarter, beating the consensus estimate of $0.11 by $0.17. The firm 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%. Equities analysts expect that GeneDx Holdings Corp. will post 0.97 earnings per share for the current fiscal year.

Insider Buying and Selling

In other GeneDx news, CFO Kevin Feeley sold 1,344 shares of the stock in a transaction on Tuesday, July 1st. The stock was sold at an average price of $91.12, for a total value of $122,465.28. Following the completion of the sale, the chief financial officer owned 7,425 shares in the company, valued at approximately $676,566. This represents a 15.33% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Keith A. Meister purchased 100,000 shares of the business's stock in a transaction on Thursday, May 8th. The stock was acquired at an average price of $56.01 per share, with a total value of $5,601,000.00. Following the purchase, the director directly owned 3,008,629 shares in the company, valued at $168,513,310.29. This represents a 3.44% increase in their position. The disclosure for this purchase can be found here. In the last three months, insiders have sold 13,913 shares of company stock valued at $1,314,514. 29.60% of the stock is owned by company insiders.

Institutional Investors Weigh In On GeneDx

A number of institutional investors have recently bought and sold shares of the business. William Blair Investment Management LLC purchased a new position in GeneDx during the 4th quarter valued at approximately $51,496,000. Lord Abbett & CO. LLC purchased a new position in GeneDx during the 4th quarter valued at approximately $48,458,000. Summit Partners Public Asset Management LLC grew its holdings in GeneDx by 336.9% during the 4th quarter. Summit Partners Public Asset Management LLC now owns 755,564 shares of the company's stock valued at $58,073,000 after buying an additional 582,619 shares in the last quarter. T. Rowe Price Investment Management Inc. purchased a new position in GeneDx during the 1st quarter valued at approximately $44,614,000. Finally, Alliancebernstein L.P. grew its holdings in GeneDx by 3,054.5% during the 1st quarter. Alliancebernstein L.P. now owns 436,900 shares of the company's stock valued at $38,694,000 after buying an additional 423,050 shares in the last quarter. Hedge funds and other institutional investors own 61.72% of the company's stock.

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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