GeneDx (NASDAQ:WGS) Reaches New 52-Week High – Here’s What Happened

Shares of GeneDx Holdings Corp. (NASDAQ:WGS) reached a new 52-week high during trading on Tuesday . The company traded as high as $70.51 and last traded at $69.99, with a volume of 106099 shares. The stock had previously closed at $56.06.

Wall Street Analysts Forecast Growth

WGS has been the topic of several research reports. Wells Fargo & Company raised their price objective on shares of GeneDx from $34.00 to $75.00 and gave the company an “equal weight” rating in a research report on Wednesday. Craig Hallum boosted their target price on GeneDx from $70.00 to $95.00 and gave the stock a “buy” rating in a research report on Wednesday. TD Cowen increased their price target on shares of GeneDx from $46.00 to $50.00 and gave the company a “buy” rating in a research report on Wednesday, July 31st. BTIG Research boosted their price objective on shares of GeneDx from $35.00 to $45.00 and gave the stock a “buy” rating in a report on Wednesday, July 31st. Finally, The Goldman Sachs Group increased their target price on shares of GeneDx from $54.00 to $70.00 and gave the company a “neutral” rating in a report on Wednesday. Three research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $59.33.

GeneDx Stock Performance

The company has a debt-to-equity ratio of 0.27, a current ratio of 2.38 and a quick ratio of 2.22. The stock has a market cap of $2.24 billion, a PE ratio of -26.75 and a beta of 2.32. The business has a 50 day moving average price of $45.65 and a two-hundred day moving average price of $32.42.

GeneDx (NASDAQ:WGS) last announced its quarterly earnings results on Tuesday, July 30th. The company reported ($0.11) earnings per share for the quarter, beating the consensus estimate of ($0.26) by $0.15. The business had revenue of $70.51 million during the quarter, compared to analysts’ expectations of $58.90 million. GeneDx had a negative net margin of 48.21% and a negative return on equity of 22.71%. As a group, equities research analysts forecast that GeneDx Holdings Corp. will post -0.75 EPS for the current fiscal year.

Insider Activity

In related news, CEO Katherine Stueland sold 3,639 shares of the firm’s stock in a transaction dated Monday, September 9th. The stock was sold at an average price of $33.33, for a total value of $121,287.87. Following the sale, the chief executive officer now directly owns 95,457 shares of the company’s stock, valued at $3,181,581.81. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In related news, major shareholder Opko Health, Inc. sold 12,994 shares of the stock in a transaction dated Tuesday, August 6th. The shares were sold at an average price of $29.35, for a total value of $381,373.90. Following the completion of the transaction, the insider now directly owns 2,971,570 shares of the company’s stock, valued at $87,215,579.50. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Katherine Stueland sold 3,639 shares of GeneDx stock in a transaction that occurred on Monday, September 9th. The shares were sold at an average price of $33.33, for a total value of $121,287.87. Following the sale, the chief executive officer now directly owns 95,457 shares in the company, valued at approximately $3,181,581.81. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 267,401 shares of company stock valued at $8,794,447. Insiders own 27.30% of the company’s stock.

Hedge Funds Weigh In On GeneDx

A number of institutional investors have recently added to or reduced their stakes in WGS. Oracle Investment Management Inc. boosted its holdings in shares of GeneDx by 531.7% during the 1st quarter. Oracle Investment Management Inc. now owns 1,126,607 shares of the company’s stock valued at $10,286,000 after buying an additional 948,253 shares in the last quarter. Driehaus Capital Management LLC purchased a new position in GeneDx during the 2nd quarter valued at about $11,335,000. Assenagon Asset Management S.A. bought a new stake in GeneDx during the second quarter worth about $9,575,000. Divisadero Street Capital Management LP purchased a new stake in GeneDx in the second quarter worth about $5,886,000. Finally, Gagnon Securities LLC increased its stake in shares of GeneDx by 59.3% during the first quarter. Gagnon Securities LLC now owns 556,305 shares of the company’s stock valued at $5,079,000 after purchasing an additional 207,027 shares in the last quarter. Institutional investors 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.