GeneDx (NASDAQ:WGS) Raised to Buy at Wall Street Zen

Key Points

• GeneDx has been upgraded from a "hold" to a "buy" rating by Wall Street Zen, signaling increased confidence in the company's stock.
• Wells Fargo raised its price objective for GeneDx from $78.00 to $95.00, while other analysts like TD Securities and Jefferies have also issued favorable ratings and targets.
• The company reported stronger than expected earnings with $0.50 per share, exceeding estimates by $0.40, and its revenue was $102.69 million, surpassing projections of $86 million.

Wall Street Zen upgraded shares of GeneDx (NASDAQ:WGS - Free Report) from a hold rating to a buy rating in a research note released on Saturday.

A number of other equities analysts also recently weighed in on WGS. Piper Sandler assumed coverage on shares of GeneDx in a research note on Wednesday, July 9th. They set an "overweight" rating and a $110.00 target price for the company. 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 report on Friday, May 9th. TD Securities reduced their price target on shares of GeneDx from $135.00 to $110.00 and set a "buy" rating for the company in a research report on Thursday, May 1st. Wells Fargo & Company raised their price target on shares of GeneDx from $78.00 to $95.00 and gave the company an "equal weight" rating in a research report on Wednesday, July 30th. Finally, Guggenheim reissued a "buy" rating and set a $115.00 price target (up previously from $88.00) on shares of GeneDx in a research report on Monday, June 30th. Two analysts have rated the stock with a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $101.63.

GeneDx Trading Down 1.7%

WGS stock traded down $1.79 during trading on Friday, reaching $104.86. The company had a trading volume of 287,641 shares, compared to its average volume of 1,084,734. GeneDx has a 52 week low of $28.45 and a 52 week high of $117.75. The business has a 50 day moving average of $81.49 and a 200 day moving average of $83.57. The company has a market cap of $2.99 billion, a P/E ratio of 2,100.28 and a beta of 2.02. The company has a debt-to-equity ratio of 0.19, a current ratio of 2.87 and a quick ratio of 2.70.

GeneDx (NASDAQ:WGS - Get Free Report) last announced its earnings results on Tuesday, July 29th. The company reported $0.50 earnings per share for the quarter, beating analysts' consensus estimates of $0.10 by $0.40. GeneDx had a net margin of 0.39% and a return on equity of 16.51%. The business had revenue of $102.69 million during the quarter, compared to the consensus estimate of $86.00 million. As a group, sell-side analysts forecast that GeneDx will post 0.97 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, CEO Katherine Stueland sold 2,154 shares of the business's stock in a transaction on Tuesday, July 29th. The shares were sold at an average price of $105.31, for a total transaction of $226,837.74. Following the completion of the sale, the chief executive officer owned 3,440 shares of the company's stock, valued at $362,266.40. The trade was a 38.51% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CFO Kevin Feeley sold 388 shares of the business's stock in a transaction on Tuesday, July 29th. The shares were sold at an average price of $105.31, for a total transaction of $40,860.28. Following the sale, the chief financial officer directly owned 3,757 shares of the company's stock, valued at approximately $395,649.67. The trade was a 9.36% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 22,411 shares of company stock valued at $2,085,051. Company insiders own 29.60% of the company's stock.

Institutional Investors Weigh In On GeneDx

Hedge funds have recently modified their holdings of the business. EFG Asset Management North America Corp. lifted its stake in shares of GeneDx by 164.5% during the 2nd quarter. EFG Asset Management North America Corp. now owns 29,127 shares of the company's stock valued at $2,688,000 after buying an additional 18,114 shares in the last quarter. Bryce Point Capital LLC purchased a new stake in GeneDx in the 2nd quarter worth $579,000. Corton Capital Inc. purchased a new stake in GeneDx in the 2nd quarter worth $339,000. Zweig DiMenna Associates LLC lifted its stake in GeneDx by 28.2% in the 2nd quarter. Zweig DiMenna Associates LLC now owns 586,100 shares of the company's stock worth $54,103,000 after purchasing an additional 129,000 shares in the last quarter. Finally, Kovack Advisors Inc. purchased a new stake in GeneDx in the 2nd quarter worth $232,000. 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.