GeneDx (NASDAQ:WGS) Hits New 52-Week High on Better-Than-Expected Earnings

GeneDx Holdings Corp. (NASDAQ:WGS) shares reached a new 52-week high on Tuesday following a better than expected earnings announcement. The company traded as high as $105.82 and last traded at $96.35, with a volume of 1152812 shares. The stock had previously closed at $76.35.

The company reported $0.70 earnings per share for the quarter, topping the consensus estimate of $0.04 by $0.66. GeneDx had a negative return on equity of 13.35% and a negative net margin of 31.25%. The firm had revenue of $95.64 million during the quarter, compared to analysts’ expectations of $82.24 million.

Analyst Ratings Changes

WGS has been the subject of a number of recent analyst reports. The Goldman Sachs Group increased their price target on GeneDx from $70.00 to $80.00 and gave the stock a “neutral” rating in a report on Wednesday. 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 research note 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 research note on Tuesday, January 7th. Finally, Wells Fargo & Company boosted their price target on shares of GeneDx from $34.00 to $75.00 and gave the company an “equal weight” rating in a research 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. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $72.33.

Insider Transactions at GeneDx

In other GeneDx news, CEO Katherine Stueland sold 51,420 shares of the business’s stock in a transaction on Tuesday, January 7th. The shares were sold at an average price of $94.48, for a total value of $4,858,161.60. Following the completion of the sale, the chief executive officer now directly owns 1,720 shares of the company’s stock, valued at $162,505.60. The trade was a 96.76 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CFO Kevin Feeley sold 3,728 shares of the business’s stock in a transaction on Monday, December 16th. The stock was sold at an average price of $76.75, for a total transaction of $286,124.00. Following the completion of the sale, the chief financial officer now directly owns 28,200 shares of the company’s stock, valued at $2,164,350. This represents a 11.68 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 127,584 shares of company stock valued at $11,336,520. Insiders own 27.30% of the company’s stock.

Institutional Investors Weigh In On GeneDx

Several institutional investors and hedge funds have recently added to or reduced their stakes in WGS. SG Americas Securities LLC purchased a new stake in GeneDx in the third quarter worth approximately $198,000. CWM LLC purchased a new position in shares of GeneDx during the 3rd quarter worth $89,000. Raymond James & Associates purchased a new position in shares of GeneDx during the 3rd quarter worth $8,090,000. Palumbo Wealth Management LLC purchased a new position in shares of GeneDx during the 3rd quarter worth $287,000. Finally, Principal Financial Group Inc. purchased a new position in shares of GeneDx during the 3rd quarter worth $604,000. Hedge funds and other institutional investors own 61.72% of the company’s stock.

GeneDx Stock Down 1.3 %

The company’s 50 day moving average price is $78.04 and its two-hundred day moving average price is $62.14. The firm has a market cap of $3.06 billion, a PE ratio of -35.79 and a beta of 2.01. The company has a current ratio of 2.40, a quick ratio of 2.27 and a debt-to-equity ratio of 0.25.

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.