Connor Clark & Lunn Investment Management Ltd. Purchases New Shares in GeneDx Holdings Corp. (NASDAQ:WGS)

Connor Clark & Lunn Investment Management Ltd. purchased a new position in shares of GeneDx Holdings Corp. (NASDAQ:WGS) during the 3rd quarter, according to the company in its most recent filing with the SEC. The institutional investor purchased 60,005 shares of the company’s stock, valued at approximately $2,547,000. Connor Clark & Lunn Investment Management Ltd. owned approximately 0.22% of GeneDx as of its most recent SEC filing.

A number of other hedge funds have also recently added to or reduced their stakes in the stock. Acadian Asset Management LLC acquired a new stake in shares of GeneDx in the 2nd quarter valued at $34,000. nVerses Capital LLC acquired a new stake in GeneDx in the second quarter worth about $50,000. CWM LLC bought a new stake in GeneDx during the 3rd quarter worth about $89,000. SG Americas Securities LLC acquired a new position in GeneDx during the 3rd quarter valued at about $198,000. Finally, Palumbo Wealth Management LLC bought a new position in shares of GeneDx in the 3rd quarter valued at about $287,000. Institutional investors own 61.72% of the company’s stock.

GeneDx Stock Up 9.2 %

NASDAQ:WGS opened at $78.71 on Monday. The stock has a market cap of $2.16 billion, a price-to-earnings ratio of -25.31 and a beta of 2.11. The company has a current ratio of 2.40, a quick ratio of 2.27 and a debt-to-equity ratio of 0.25. The stock has a 50-day moving average price of $59.61 and a two-hundred day moving average price of $39.83. GeneDx Holdings Corp. has a 1 year low of $1.41 and a 1 year high of $89.11.

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

Insider Activity at GeneDx

In other news, 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 $3,181,581.81. This trade represents a 3.67 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, major shareholder School Of Medicine At Mo Icahn sold 865,800 shares of the business’s stock in a transaction 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 sale, the insider now directly owns 2,866,833 shares in the company, valued at approximately $215,012,475. This represents a 23.20 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 1,097,090 shares of company stock valued at $81,094,171. 27.30% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on the stock. TD Cowen boosted their price target on shares of GeneDx from $46.00 to $50.00 and gave the stock a “buy” rating in a research note on Wednesday, July 31st. The Goldman Sachs Group increased their price target on GeneDx from $54.00 to $70.00 and gave the company a “neutral” rating in a research note on Wednesday, October 30th. Wells Fargo & Company lifted their price objective on GeneDx from $34.00 to $75.00 and gave the stock an “equal weight” rating in a research note on Wednesday, October 30th. BTIG Research increased their target price on GeneDx from $35.00 to $45.00 and gave the company a “buy” rating in a research note on Wednesday, July 31st. Finally, 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, October 30th. Three research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $59.33.

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.