GeneDx (NASDAQ:WGS) Shares Gap Down – Here’s What Happened

GeneDx Holdings Corp. (NASDAQ:WGS) shares gapped down before the market opened on Monday . The stock had previously closed at $68.43, but opened at $66.36. GeneDx shares last traded at $69.32, with a volume of 72,210 shares.

Wall Street Analysts Forecast Growth

WGS has been the subject of a number of recent research reports. Wells Fargo & Company upped their price objective 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. Craig Hallum raised their target price on shares of GeneDx from $70.00 to $95.00 and gave the company a “buy” rating in a research note on Wednesday, October 30th. The Goldman Sachs Group upped their price target on shares of GeneDx from $54.00 to $70.00 and gave the company a “neutral” rating in a report on Wednesday, October 30th. TD Cowen boosted their price objective on GeneDx from $46.00 to $50.00 and gave the stock a “buy” rating in a research report on Wednesday, July 31st. Finally, BTIG Research raised their target price on GeneDx from $35.00 to $45.00 and gave the company a “buy” rating in a report on Wednesday, July 31st. Three equities research 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, GeneDx presently has an average rating of “Moderate Buy” and a consensus price target of $59.33.

GeneDx Stock Performance

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 firm has a market cap of $1.95 billion, a P/E ratio of -22.84 and a beta of 2.11. The firm has a fifty day moving average of $57.43 and a 200-day moving average of $38.69.

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

Insider Buying and Selling at GeneDx

In other GeneDx news, major shareholder School Of Medicine At Mo Icahn sold 865,800 shares of the company’s stock in a transaction that occurred on Thursday, October 31st. The stock was sold at an average price of $75.00, for a total transaction of $64,935,000.00. Following the completion of the transaction, the insider now owns 2,866,833 shares of the company’s stock, valued at $215,012,475. This represents a 23.20 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Katherine Stueland sold 22,307 shares of GeneDx stock in a transaction that occurred on Monday, November 18th. The shares were sold at an average price of $70.34, for a total transaction of $1,569,074.38. Following the completion of the sale, the chief executive officer now owns 60,011 shares in the company, valued at $4,221,173.74. This trade represents a 27.10 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 1,065,580 shares of company stock valued at $78,848,138. Company insiders own 27.30% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the stock. Vanguard Group Inc. increased its holdings in GeneDx by 4.2% during the first quarter. Vanguard Group Inc. now owns 707,612 shares of the company’s stock worth $6,460,000 after buying an additional 28,678 shares during the last quarter. Oracle Investment Management Inc. lifted its stake in GeneDx by 531.7% in the 1st quarter. Oracle Investment Management Inc. now owns 1,126,607 shares of the company’s stock valued at $10,286,000 after purchasing an additional 948,253 shares during the last quarter. Legal Advantage Investments Inc. acquired a new position in GeneDx during the second quarter worth approximately $518,000. Assenagon Asset Management S.A. acquired a new position in GeneDx during the second quarter worth approximately $9,575,000. Finally, Calamos Advisors LLC bought a new stake in GeneDx in the second quarter valued at approximately $1,137,000. 61.72% of the stock is currently owned by institutional investors.

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.