GeneDx (NASDAQ:WGS) Shares Down 7.7% – What’s Next?

GeneDx Holdings Corp. (NASDAQ:WGS)’s share price was down 7.7% during trading on Friday. The company traded as low as $61.41 and last traded at $61.9980. Approximately 480,879 shares traded hands during trading, a decline of 47% from the average session volume of 915,181 shares. The stock had previously closed at $67.14.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on the company. Weiss Ratings upgraded GeneDx from a “sell (e+)” rating to a “sell (d)” rating in a research note on Tuesday, August 4th. Guggenheim lifted their target price on GeneDx from $74.00 to $83.00 and gave the stock a “buy” rating in a research note on Thursday, October 1st. TD Cowen reissued a “buy” rating on shares of GeneDx in a report on Wednesday, July 15th. Canaccord Genuity Group increased their price target on shares of GeneDx from $75.00 to $90.00 and gave the company a “buy” rating in a research report on Tuesday, August 4th. Finally, Wall Street Zen upgraded shares of GeneDx from a “sell” rating to a “hold” rating in a report on Saturday, August 8th. Seven analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, GeneDx has a consensus rating of “Moderate Buy” and a consensus target price of $90.86.

GeneDx Trading Down 8.5%

The company has a market cap of $1.83 billion, a P/E ratio of -16.68 and a beta of 1.95. The company has a quick ratio of 3.06, a current ratio of 3.30 and a debt-to-equity ratio of 0.40. The firm’s 50-day moving average price is $80.94 and its 200-day moving average price is $67.43.

GeneDx (NASDAQ:WGS) last posted its quarterly earnings results on Monday, August 3rd. The company reported $0.01 EPS for the quarter, topping analysts’ consensus estimates 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 firm had revenue of $114.44 million during the quarter, compared to analyst estimates of $111.01 million. During the same period last year, the company earned $0.36 earnings per share. As a group, equities research analysts expect that GeneDx Holdings Corp. will post -0.41 earnings per share for the current fiscal year.

Insider Activity

In other news, CEO Katherine Stueland sold 10,501 shares of the stock in a transaction dated 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 sale, the chief executive officer directly owned 115,476 shares of the company’s stock, valued at approximately $11,271,612.36. This represents a 8.34% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, 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 business’s stock in a transaction that occurred on Wednesday, September 16th. The shares were 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 represents a 7.66% decrease in their position. 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. In the last 90 days, insiders sold 19,206 shares of company stock valued at $1,808,056. 25.17% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of the business. First Light Asset Management LLC boosted its holdings in shares of GeneDx by 222.7% in the 2nd quarter. First Light Asset Management LLC now owns 783,923 shares of the company’s stock worth $53,816,000 after purchasing an additional 540,996 shares in the last quarter. Assenagon Asset Management S.A. raised its holdings in shares of GeneDx by 108.4% during the third quarter. Assenagon Asset Management S.A. now owns 632,413 shares of the company’s stock valued at $45,723,000 after acquiring an additional 328,980 shares in the last quarter. Amova Asset Management Americas Inc. boosted its stake in shares of GeneDx by 67.3% during the 1st quarter. Amova Asset Management Americas Inc. now owns 638,800 shares of the company’s stock valued at $41,024,000 after purchasing an additional 257,075 shares in the last quarter. Sumitomo Mitsui Trust Group Inc. grew its holdings in shares of GeneDx by 65.9% during the 1st quarter. Sumitomo Mitsui Trust Group Inc. now owns 633,457 shares of the company’s stock worth $40,681,000 after acquiring an additional 251,732 shares during the period. Finally, Dimensional Fund Advisors LP raised its position in shares of GeneDx by 143.4% in the 1st quarter. Dimensional Fund Advisors LP now owns 265,791 shares of the company’s stock worth $17,062,000 after acquiring an additional 156,603 shares in the last quarter. Hedge funds and other institutional investors own 61.72% of the company’s stock.

About GeneDx

GeneDx Holdings Corp., doing business as GeneDx, is a genomic diagnostics company that provides genetic testing and interpretation services for patients with suspected rare and inherited conditions. The company combines sequencing technologies with clinical expertise and data analysis to help healthcare professionals identify genetic causes of disease and support diagnosis, treatment planning and patient management.

GeneDx’s offerings include whole exome and whole genome sequencing, as well as targeted testing for specific genetic disorders and hereditary cancer conditions.