GeneDx (NASDAQ:WGS) Trading 7.1% Higher - Here's What Happened

GeneDx Holdings Corp. (NASDAQ:WGS - Get Free Report) shot up 7.1% during mid-day trading on Tuesday . The company traded as high as $97.14 and last traded at $97.51. 35,045 shares changed hands during mid-day trading, a decline of 95% from the average session volume of 683,082 shares. The stock had previously closed at $91.04.

Analyst Upgrades and Downgrades

Several research analysts have recently commented on the stock. TD Cowen raised their target price on shares of GeneDx from $75.00 to $118.00 and gave the stock a "buy" rating in a report on Tuesday, January 7th. The Goldman Sachs Group raised their price objective on GeneDx from $70.00 to $80.00 and gave the stock a "neutral" rating in a research note on Wednesday, February 19th. Three research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $72.33.

GeneDx Trading Up 1.5 %

The business's 50 day moving average price is $95.78 and its two-hundred day moving average price is $81.81. The company has a market capitalization of $3.12 billion, a price-to-earnings ratio of -56.64 and a beta of 1.93. 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 (NASDAQ:WGS - Get Free Report) last posted its earnings results on Tuesday, February 18th. The company reported $0.70 earnings per share for the quarter, topping analysts' consensus estimates of $0.04 by $0.66. GeneDx had a negative net margin of 17.12% and a positive return on equity of 3.33%. The firm had revenue of $95.64 million for the quarter, compared to analysts' expectations of $82.24 million. On average, equities analysts predict that GeneDx Holdings Corp. will post 0.97 earnings per share for the current fiscal year.

Insider Activity

In other GeneDx news, CFO Kevin Feeley sold 922 shares of GeneDx stock in a transaction dated Monday, March 10th. The stock was sold at an average price of $94.72, for a total transaction of $87,331.84. Following the transaction, the chief financial officer now directly owns 5,446 shares of the company's stock, valued at approximately $515,845.12. The trade was a 14.48 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Katherine Stueland sold 2,731 shares of GeneDx stock in a transaction that occurred on Monday, March 10th. The stock was sold at an average price of $94.73, for a total value of $258,707.63. Following the completion of the transaction, the chief executive officer now directly owns 7,752 shares in the company, valued at approximately $734,346.96. This represents a 26.05 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 138,780 shares of company stock valued at $12,907,437 over the last quarter. 27.30% of the stock is owned by company insiders.

Institutional Investors Weigh In On GeneDx

Several large investors have recently modified their holdings of the company. Barclays PLC boosted its position in GeneDx by 346.3% during the third quarter. Barclays PLC now owns 18,921 shares of the company's stock valued at $803,000 after acquiring an additional 14,681 shares during the last quarter. Franklin Resources Inc. acquired a new stake in GeneDx during the third quarter worth approximately $301,000. Prudential Financial Inc. bought a new stake in GeneDx in the fourth quarter worth approximately $7,938,000. JPMorgan Chase & Co. lifted its stake in GeneDx by 617.3% in the third quarter. JPMorgan Chase & Co. now owns 52,161 shares of the company's stock valued at $2,214,000 after buying an additional 44,889 shares during the period. Finally, Principal Financial Group Inc. bought a new position in shares of GeneDx during the 3rd quarter worth approximately $604,000. 61.72% of the stock is currently owned by institutional investors and hedge funds.

GeneDx Company Profile

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.