GeneDx (NASDAQ:WGS) Director Purchases $7,881,000.00 in Stock

GeneDx Holdings Corp. (NASDAQ:WGS) Director Casdin Capital, Llc acquired 185,000 shares of the stock in a transaction that occurred on Tuesday, May 19th. The shares were bought at an average price of $42.60 per share, for a total transaction of $7,881,000.00. Following the transaction, the director owned 3,367,164 shares of the company’s stock, valued at $143,441,186.40. This trade represents a 5.81% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is available through this hyperlink.

Casdin Capital, Llc also recently made the following trade(s):

• On Wednesday, May 20th, Casdin Capital, Llc acquired 140,000 shares of GeneDx stock. The shares were bought at an average price of $43.81 per share, for a total transaction of $6,133,400.00.
• On Monday, May 18th, Casdin Capital, Llc acquired 175,000 shares of GeneDx stock. The shares were bought at an average price of $42.55 per share, for a total transaction of $7,446,250.00.

GeneDx Stock Performance

GeneDx stock traded up $2.60 during midday trading on Wednesday, reaching $44.73. 1,140,005 shares of the company traded hands, compared to its average volume of 1,984,668. The firm has a market capitalization of $1.33 billion, a price-to-earnings ratio of -16.69 and a beta of 2.06. The business has a 50 day moving average of $61.30 and a two-hundred day moving average of $99.89. GeneDx Holdings Corp. has a 12 month low of $32.21 and a 12 month high of $170.87. The company has a debt-to-equity ratio of 0.38, a current ratio of 3.09 and a quick ratio of 2.95.

GeneDx (NASDAQ:WGS) last issued its quarterly earnings data on Monday, May 4th. The company reported ($0.28) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.06) by ($0.22). The company had revenue of $102.25 million for the quarter, compared to the consensus estimate of $112.46 million. GeneDx had a negative net margin of 17.58% and a positive return on equity of 9.15%. During the same quarter last year, the company earned ($0.23) EPS. As a group, research analysts predict that GeneDx Holdings Corp. will post -1 earnings per share for the current year.

Analysts Set New Price Targets

A number of brokerages recently weighed in on WGS. Weiss Ratings upgraded shares of GeneDx from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Friday, May 15th. Wells Fargo & Company reaffirmed an “overweight” rating and set a $75.00 target price (down from $155.00) on shares of GeneDx in a report on Tuesday, May 5th. Canaccord Genuity Group set a $75.00 target price on shares of GeneDx and gave the company a “buy” rating in a report on Tuesday, May 5th. Wall Street Zen cut shares of GeneDx from a “hold” rating to a “sell” rating in a report on Saturday, May 9th. Finally, BTIG Research reduced their target price on shares of GeneDx from $170.00 to $90.00 and set a “buy” rating for the company in a report on Tuesday, May 5th. Six equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $96.43.

Institutional Trading of GeneDx

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Bank of America Corp DE increased its stake in shares of GeneDx by 77.5% in the first quarter. Bank of America Corp DE now owns 234,606 shares of the company’s stock worth $15,066,000 after purchasing an additional 102,456 shares in the last quarter. California State Teachers Retirement System increased its stake in shares of GeneDx by 31.2% in the first quarter. California State Teachers Retirement System now owns 25,045 shares of the company’s stock worth $1,608,000 after purchasing an additional 5,951 shares in the last quarter. Ashford Capital Management Inc. increased its stake in shares of GeneDx by 31.9% in the first quarter. Ashford Capital Management Inc. now owns 174,512 shares of the company’s stock worth $11,207,000 after purchasing an additional 42,186 shares in the last quarter. Quantinno Capital Management LP increased its stake in shares of GeneDx by 99.2% in the first quarter. Quantinno Capital Management LP now owns 3,810 shares of the company’s stock worth $245,000 after purchasing an additional 1,897 shares in the last quarter. Finally, First Light Asset Management LLC purchased a new stake in shares of GeneDx in the first quarter worth $15,601,000. 61.72% of the stock is owned by hedge funds and other institutional investors.

About GeneDx

GeneDx is a clinical diagnostics company specializing in comprehensive genetic and genomic testing for rare and inherited disorders. The company offers a broad portfolio of assays, including targeted gene panels, whole exome sequencing, whole genome sequencing and chromosomal microarray analysis. GeneDx’s laboratory services support the diagnosis of a wide range of conditions—from rare pediatric diseases and hereditary cancer syndromes to neuromuscular and metabolic disorders—by providing clinicians with detailed variant interpretation and reporting.

Founded in 2000 and based in Gaithersburg, Maryland, GeneDx was established with the aim of accelerating the translation of genomic discoveries into clinical care.