GeneDx (NASDAQ:WGS) Posts Earnings Results, Beats Expectations By $0.25 EPS

GeneDx (NASDAQ:WGS) posted its quarterly earnings results on Tuesday. The company reported $0.04 earnings per share for the quarter, topping the consensus estimate of ($0.21) by $0.25, Zacks reports. 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%. The firm’s revenue for the quarter was up 44.3% on a year-over-year basis. During the same period in the previous year, the firm posted ($0.82) earnings per share. GeneDx updated its FY 2024 guidance to EPS.

GeneDx Stock Down 5.6 %

Shares of WGS stock traded down $4.60 during mid-day trading on Friday, reaching $77.09. 630,030 shares of the company’s stock traded hands, compared to its average volume of 439,054. The company has a quick ratio of 2.22, a current ratio of 2.40 and a debt-to-equity ratio of 0.25. The company’s 50-day moving average price is $46.60 and its 200-day moving average price is $32.76. The company has a market cap of $2.08 billion, a P/E ratio of -24.72 and a beta of 2.32. GeneDx has a 12 month low of $1.16 and a 12 month high of $89.11.

Analysts Set New Price Targets

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

Insider Activity at GeneDx

In other news, major shareholder Opko Health, Inc. sold 12,994 shares of the stock in a transaction on Tuesday, August 6th. The stock was sold at an average price of $29.35, for a total value of $381,373.90. Following the sale, the insider now directly owns 2,971,570 shares of the company’s stock, valued at approximately $87,215,579.50. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In other news, major shareholder Opko Health, Inc. sold 12,994 shares of the stock in a transaction that occurred on Tuesday, August 6th. The shares were sold at an average price of $29.35, for a total value of $381,373.90. Following the transaction, the insider now owns 2,971,570 shares in the company, valued at $87,215,579.50. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Katherine Stueland sold 2,154 shares of the company’s stock in a transaction that occurred on Tuesday, October 29th. The shares were sold at an average price of $66.60, for a total transaction of $143,456.40. Following the sale, 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 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 269,829 shares of company stock valued at $8,956,152 in the last three months. Company insiders own 27.30% 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.