GeneDx (NASDAQ:WGS) Sees Large Volume Increase – Here’s Why

GeneDx Holdings Corp. (NASDAQ:WGS) shares saw unusually-high trading volume on Tuesday . Approximately 1,016,508 shares were traded during mid-day trading, an increase of 6% from the previous session’s volume of 962,387 shares.The stock last traded at $74.65 and had previously closed at $85.01.

Analysts Set New Price Targets

WGS has been the subject of a number of research reports. Craig Hallum raised their price target on shares of GeneDx from $70.00 to $95.00 and gave the stock a “buy” rating in a report on Wednesday, October 30th. TD Cowen raised their price target on shares of GeneDx from $75.00 to $118.00 and gave the stock a “buy” rating in a report on Tuesday, January 7th. Wells Fargo & Company raised their price target on shares of GeneDx from $34.00 to $75.00 and gave the stock an “equal weight” rating in a report on Wednesday, October 30th. Finally, The Goldman Sachs Group raised their price target on shares of GeneDx from $54.00 to $70.00 and gave the stock a “neutral” rating in a report on Wednesday, October 30th. Three investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $70.67.

GeneDx Trading Down 13.8 %

The firm’s 50-day moving average price is $78.21 and its 200-day moving average price is $53.98. The company has a quick ratio of 2.27, a current ratio of 2.40 and a debt-to-equity ratio of 0.25. The company has a market cap of $2.01 billion, a P/E ratio of -23.57 and a beta of 2.02.

GeneDx (NASDAQ:WGS) last posted its quarterly earnings results on Tuesday, October 29th. The company reported $0.04 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.21) by $0.25. GeneDx had a negative net margin of 31.25% and a negative return on equity of 13.35%. The company had revenue of $76.90 million for the quarter, compared to analyst estimates of $64.98 million. During the same quarter in the previous year, the firm posted ($0.82) earnings per share. The company’s quarterly revenue was up 44.3% compared to the same quarter last year. As a group, equities research analysts expect that GeneDx Holdings Corp. will post -0.24 earnings per share for the current fiscal year.

Insider Activity at GeneDx

In other GeneDx news, major shareholder School Of Medicine At Mo Icahn sold 20,359 shares of the business’s stock in a transaction that occurred on Friday, November 15th. The shares were sold at an average price of $69.78, for a total value of $1,420,651.02. Following the completion of the transaction, the insider now owns 2,846,474 shares of the company’s stock, valued at $198,626,955.72. The trade was a 0.71 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Katherine Stueland sold 2,154 shares of the business’s stock in a transaction that occurred on Tuesday, October 29th. The stock was sold at an average price of $66.60, for a total transaction of $143,456.40. Following the completion of the transaction, the chief executive officer now directly owns 105,426 shares of the company’s stock, valued at approximately $7,021,371.60. This represents a 2.00 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 1,229,965 shares of company stock valued at $93,006,163. Corporate insiders own 27.30% of the company’s stock.

Institutional Investors Weigh In On GeneDx

A number of institutional investors have recently made changes to their positions in WGS. Bank of New York Mellon Corp purchased a new stake in shares of GeneDx in the 2nd quarter valued at $991,000. Rhumbline Advisers boosted its stake in shares of GeneDx by 8,096.4% in the 2nd quarter. Rhumbline Advisers now owns 18,360 shares of the company’s stock valued at $480,000 after purchasing an additional 18,136 shares in the last quarter. Acadian Asset Management LLC bought a new stake in GeneDx during the 2nd quarter valued at $34,000. American Century Companies Inc. raised its holdings in GeneDx by 36.1% during the 2nd quarter. American Century Companies Inc. now owns 17,258 shares of the company’s stock valued at $451,000 after buying an additional 4,573 shares during the last quarter. Finally, Renaissance Technologies LLC bought a new stake in GeneDx during the 2nd quarter valued at $2,362,000. 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.