GeneDx (NASDAQ:WGS) Price Target Raised to $83.00

GeneDx (NASDAQ:WGS) had its target price hoisted by Guggenheim from $74.00 to $83.00 in a research note published on Thursday morning, MarketBeat reports. The firm currently has a buy rating on the stock.

Other equities research analysts have also recently issued research reports about the stock. Piper Sandler reaffirmed an “overweight” rating and issued a $63.00 price objective (up from $50.00) on shares of GeneDx in a research note on Tuesday, June 23rd. Weiss Ratings upgraded shares of GeneDx from a “sell (e+)” rating to a “sell (d)” rating in a research report on Tuesday, August 4th. Canaccord Genuity Group boosted their price target on shares of GeneDx from $75.00 to $90.00 and gave the stock a “buy” rating in a research note on Tuesday, August 4th. BTIG Research restated a “buy” rating and set a $90.00 price target on shares of GeneDx in a research report on Tuesday, August 4th. Finally, TD Cowen reaffirmed a “buy” rating on shares of GeneDx in a research note on Wednesday, July 15th. One investment analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $90.86.

GeneDx Stock Performance

Shares of NASDAQ WGS opened at $73.09 on Thursday. The stock’s 50-day moving average is $81.80 and its 200 day moving average is $67.38. The stock has a market cap of $2.18 billion, a price-to-earnings ratio of -20.08 and a beta of 1.95. GeneDx has a 1-year low of $32.21 and a 1-year high of $170.87. The company has a current ratio of 3.30, a quick ratio of 3.06 and a debt-to-equity ratio of 0.40.

GeneDx (NASDAQ:WGS) last issued its earnings results on Monday, August 3rd. The company reported $0.01 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.19) by $0.20. GeneDx had a positive return on equity of 4.12% and a negative net margin of 23.41%.The business had revenue of $114.44 million during the quarter, compared to analyst estimates of $111.01 million. During the same quarter in the prior year, the firm earned $0.36 earnings per share. On average, sell-side analysts anticipate that GeneDx will post -0.41 EPS for the current fiscal year.

Insiders Place Their Bets

In other GeneDx news, CEO Katherine Stueland sold 10,501 shares of the company’s stock in a transaction on Wednesday, September 16th. The shares were sold at an average price of $97.61, for a total value of $1,025,002.61. Following the completion of the transaction, the chief executive officer directly owned 115,476 shares in the company, valued at approximately $11,271,612.36. This represents a 8.34% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CFO Kevin Feeley sold 3,728 shares of the firm’s stock in a transaction dated Wednesday, September 16th. The stock was sold at an average price of $97.61, for a total transaction of $363,890.08. Following the completion of the sale, the chief financial officer directly owned 44,945 shares of the company’s stock, valued at approximately $4,387,081.45. This represents a 7.66% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold 19,206 shares of company stock valued at $1,808,056 in the last ninety days. 25.17% of the stock is currently owned by insiders.

Hedge Funds Weigh In On GeneDx

Hedge funds and other institutional investors have recently modified their holdings of the stock. Ramirez Asset Management Inc. purchased a new stake in GeneDx in the fourth quarter worth about $33,000. Fifth Third Bancorp purchased a new position in shares of GeneDx during the 1st quarter worth approximately $31,000. Nykredit A S purchased a new position in shares of GeneDx during the 2nd quarter worth approximately $38,000. OP Asset Management Ltd bought a new position in shares of GeneDx in the 1st quarter worth approximately $45,000. Finally, Caitong International Asset Management Co. Ltd raised its position in shares of GeneDx by 3,704.5% in the 4th quarter. Caitong International Asset Management Co. Ltd now owns 837 shares of the company’s stock worth $109,000 after acquiring an additional 815 shares in the last quarter. Hedge funds and other institutional investors own 61.72% of the company’s stock.

GeneDx Company Profile

GeneDx (NASDAQ: WGS) is a precision health company that provides genetic testing and related data services. The company focuses on helping healthcare professionals identify genetic conditions, support diagnosis and treatment decisions, and better understand inherited disease.

Its offerings include exome and genome sequencing, testing for rare and undiagnosed disorders, hereditary cancer testing, and other genetic analyses. GeneDx also provides clinical interpretation and reporting intended to help physicians evaluate genetic results in the context of a patient’s symptoms and family history.

Founded in 2000, GeneDx has built a business around genomic testing for patients with rare diseases and other inherited conditions.