GeneDx (NASDAQ:WGS) Now Covered by Canaccord Genuity Group

Key Points

• Canaccord Genuity Group has initiated coverage on GeneDx (NASDAQ:WGS) with a "buy" rating and a price target of $155.00, indicating a potential upside of 30.24% from the last closing price.
• Although multiple analysts have varying ratings for GeneDx, the consensus price target stands at $112.80, reflecting an overall moderate buy sentiment among analysts.
• Recent insider activity shows significant share sales, with insiders having offloaded over 556,371 shares in the last three months, leading to a reduction in their ownership stakes.

Stock analysts at Canaccord Genuity Group initiated coverage on shares of GeneDx (NASDAQ:WGS - Get Free Report) in a report released on Monday, Marketbeat reports. The brokerage set a "buy" rating and a $155.00 price target on the stock. Canaccord Genuity Group's target price indicates a potential upside of 30.24% from the stock's previous close.

Other analysts also recently issued research reports about the company. Piper Sandler boosted their price objective on GeneDx from $120.00 to $140.00 and gave the stock an "overweight" rating in a report on Thursday, September 11th. Zacks Research downgraded GeneDx from a "strong-buy" rating to a "hold" rating in a report on Thursday, October 2nd. Weiss Ratings reissued a "sell (d)" rating on shares of GeneDx in a research report on Wednesday, October 8th. Wall Street Zen raised shares of GeneDx from a "hold" rating to a "buy" rating in a research report on Saturday, August 2nd. Finally, Guggenheim reissued a "buy" rating and issued a $115.00 price target (up from $88.00) on shares of GeneDx in a research report on Monday, June 30th. One analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $112.80.

GeneDx Price Performance

NASDAQ WGS traded down $2.76 on Monday, reaching $119.01. The company's stock had a trading volume of 170,136 shares, compared to its average volume of 942,713. GeneDx has a twelve month low of $55.17 and a twelve month high of $136.00. The company has a debt-to-equity ratio of 0.19, a quick ratio of 2.70 and a current ratio of 2.87. The stock has a market cap of $3.42 billion, a PE ratio of 2,380.20 and a beta of 1.98. The firm's 50 day moving average is $123.17 and its two-hundred day moving average is $96.91.

GeneDx (NASDAQ:WGS - Get Free Report) last posted its quarterly earnings data on Tuesday, July 29th. The company reported $0.50 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.10 by $0.40. The firm had revenue of $102.69 million for the quarter, compared to the consensus estimate of $86.00 million. GeneDx had a return on equity of 16.51% and a net margin of 0.39%. GeneDx has set its FY 2025 guidance at EPS. As a group, sell-side analysts predict that GeneDx will post 0.97 EPS for the current year.

Insider Activity at GeneDx

In other news, Director Jason Ryan sold 38,072 shares of the firm's stock in a transaction on Wednesday, August 27th. The shares were sold at an average price of $127.30, for a total value of $4,846,565.60. Following the sale, the director owned 103,284 shares in the company, valued at approximately $13,148,053.20. This trade represents a 26.93% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CFO Kevin Feeley sold 3,728 shares of the firm's stock in a transaction on Tuesday, September 16th. The stock was sold at an average price of $121.47, for a total transaction of $452,840.16. Following the completion of the sale, the chief financial officer owned 8,755 shares in the company, valued at approximately $1,063,469.85. The trade was a 29.86% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 556,371 shares of company stock worth $67,489,314. Insiders own 29.60% of the company's stock.

Institutional Investors Weigh In On GeneDx

Hedge funds and other institutional investors have recently modified their holdings of the stock. Raymond James Financial Inc. lifted its position in GeneDx by 25.8% in the first quarter. Raymond James Financial Inc. now owns 333,376 shares of the company's stock worth $29,525,000 after purchasing an additional 68,331 shares during the period. Harbor Capital Advisors Inc. lifted its position in GeneDx by 150.9% in the second quarter. Harbor Capital Advisors Inc. now owns 39,979 shares of the company's stock worth $3,690,000 after purchasing an additional 24,042 shares during the period. Allspring Global Investments Holdings LLC lifted its position in GeneDx by 111.1% in the first quarter. Allspring Global Investments Holdings LLC now owns 190,297 shares of the company's stock worth $16,097,000 after purchasing an additional 100,146 shares during the period. GAMMA Investing LLC lifted its position in GeneDx by 151.7% in the first quarter. GAMMA Investing LLC now owns 438 shares of the company's stock worth $39,000 after purchasing an additional 264 shares during the period. Finally, MRA Advisory Group bought a new position in GeneDx in the second quarter worth $298,000. Institutional investors and hedge funds own 61.72% of the company's stock.

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.