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

GeneDx Holdings Corp. (NASDAQ:WGS) shares saw strong trading volume on Wednesday . 1,920,810 shares traded hands during trading, an increase of 113% from the previous session’s volume of 903,514 shares.The stock last traded at $68.70 and had previously closed at $72.02.

Analyst Ratings Changes

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

GeneDx Stock Down 4.2 %

The firm has a market cap of $1.64 billion, a P/E ratio of -19.14 and a beta of 2.01. The business’s fifty day moving average price is $77.32 and its two-hundred day moving average price is $58.95. The company has a current ratio of 2.40, a quick ratio of 2.27 and a debt-to-equity ratio of 0.25.

Insiders Place Their Bets

In other news, major shareholder School Of Medicine At Mo Icahn sold 126,782 shares of the firm’s stock in a transaction dated Monday, November 18th. The stock was sold at an average price of $70.78, for a total value of $8,973,629.96. Following the sale, the insider now directly owns 2,719,692 shares of the company’s stock, valued at approximately $192,499,799.76. This trade represents a 4.45 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Jason Ryan sold 31,510 shares of the business’s stock in a transaction dated Tuesday, November 19th. The stock was sold at an average price of $71.28, for a total value of $2,246,032.80. Following the transaction, the director now directly owns 15,490 shares of the company’s stock, valued at $1,104,127.20. This represents a 67.04 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 363,669 shares of company stock valued at $28,061,081 over the last quarter. Insiders own 27.30% of the company’s stock.

Institutional Trading of GeneDx

Several hedge funds and other institutional investors have recently bought and sold shares of WGS. Fred Alger Management LLC bought a new position in GeneDx in the third quarter worth $16,731,000. Geode Capital Management LLC lifted its holdings in shares of GeneDx by 8.7% during the 3rd quarter. Geode Capital Management LLC now owns 377,631 shares of the company’s stock worth $16,030,000 after acquiring an additional 30,379 shares during the period. State Street Corp lifted its holdings in shares of GeneDx by 18.3% during the 3rd quarter. State Street Corp now owns 314,914 shares of the company’s stock worth $13,365,000 after acquiring an additional 48,735 shares during the period. Millennium Management LLC boosted its position in shares of GeneDx by 193.5% during the 2nd quarter. Millennium Management LLC now owns 311,401 shares of the company’s stock valued at $8,140,000 after acquiring an additional 205,318 shares in the last quarter. Finally, Zweig DiMenna Associates LLC bought a new stake in GeneDx in the fourth quarter valued at about $23,788,000. 61.72% of the stock is currently owned by institutional investors and hedge funds.

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.