GeneDx (NASDAQ:WGS) Shares Up 3.8% – Should You Buy?

GeneDx Holdings Corp. (NASDAQ:WGS) shot up 3.8% during mid-day trading on Wednesday. The stock traded as high as $66.49 and last traded at $67.4340. Approximately 42,636 shares were traded during trading, a decline of 95% from the average session volume of 920,290 shares. The stock had previously closed at $64.96.

Wall Street Analyst Weigh In

A number of brokerages recently commented on WGS. BTIG Research restated a “buy” rating and issued a $90.00 price objective on shares of GeneDx in a research report on Tuesday, August 4th. TD Cowen reiterated a “buy” rating on shares of GeneDx in a research report on Wednesday, July 15th. Guggenheim boosted their target price on GeneDx from $74.00 to $83.00 and gave the stock a “buy” rating in a research report on Thursday, October 1st. Canaccord Genuity Group increased their target price on GeneDx from $75.00 to $90.00 and gave the stock a “buy” rating in a research note on Tuesday, August 4th. Finally, Zacks Research cut GeneDx from a “strong-buy” rating to a “hold” rating in a report on Friday, October 9th. Seven 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 data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $90.86.

GeneDx Stock Up 2.3%

The company has a market capitalization of $2.09 billion, a PE ratio of -19.29 and a beta of 1.95. The firm’s 50-day simple moving average is $82.21 and its 200 day simple moving average is $67.34. The company has a debt-to-equity ratio of 0.40, a quick ratio of 3.06 and a current ratio of 3.30.

GeneDx (NASDAQ:WGS) last posted its quarterly earnings results on Monday, August 3rd. The company reported $0.01 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.19) by $0.20. The business had revenue of $114.44 million for the quarter, compared to analysts’ expectations of $111.01 million. GeneDx had a negative net margin of 23.41% and a positive return on equity of 4.12%. During the same period in the prior year, the company posted $0.36 EPS. As a group, equities research analysts forecast that GeneDx Holdings Corp. will post -0.41 earnings per share for the current year.

Insider Activity

In other news, CEO Katherine Stueland sold 10,501 shares of the firm’s stock in a transaction on Wednesday, September 16th. The stock was 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 owned 115,476 shares in the company, valued at $11,271,612.36. This trade represents a 8.34% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available 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 that occurred on Wednesday, September 16th. The stock was sold at an average price of $97.61, for a total transaction of $363,890.08. Following the transaction, the chief financial officer directly owned 44,945 shares of the company’s stock, valued at approximately $4,387,081.45. This trade 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 have sold 19,206 shares of company stock worth $1,808,056 over the last 90 days. 25.17% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of the stock. Fifth Third Bancorp acquired a new stake in shares of GeneDx in the first quarter worth approximately $31,000. Nykredit A S acquired a new position in GeneDx during the second quarter worth approximately $38,000. OP Asset Management Ltd purchased a new position in GeneDx during the first quarter worth approximately $45,000. Caitong International Asset Management Co. Ltd raised its stake in GeneDx by 3,704.5% during the fourth quarter. Caitong International Asset Management Co. Ltd now owns 837 shares of the company’s stock worth $109,000 after purchasing an additional 815 shares during the period. Finally, Strs Ohio boosted its holdings in shares of GeneDx by 8.7% in the 1st quarter. Strs Ohio now owns 2,500 shares of the company’s stock valued at $161,000 after purchasing an additional 200 shares during the last quarter. 61.72% of the stock is currently owned by hedge funds and other institutional investors.

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.