Connor Clark & Lunn Investment Management Ltd. Has $7.45 Million Position in GeneDx Holdings Corp. (NASDAQ:WGS)

Connor Clark & Lunn Investment Management Ltd. lowered its position in GeneDx Holdings Corp. (NASDAQ:WGS) by 49.3% during the first quarter, according to its most recent Form 13F filing with the SEC. The fund owned 84,143 shares of the company’s stock after selling 81,951 shares during the period. Connor Clark & Lunn Investment Management Ltd. owned 0.30% of GeneDx worth $7,452,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in the company. Vanguard Group Inc. increased its holdings in GeneDx by 2.5% in the first quarter. Vanguard Group Inc. now owns 1,031,326 shares of the company’s stock worth $91,339,000 after buying an additional 25,116 shares during the last quarter. Summit Partners Public Asset Management LLC increased its holdings in GeneDx by 336.9% in the fourth quarter. Summit Partners Public Asset Management LLC now owns 755,564 shares of the company’s stock worth $58,073,000 after buying an additional 582,619 shares during the last quarter. Lord Abbett & CO. LLC acquired a new position in GeneDx in the fourth quarter worth approximately $48,458,000. Fred Alger Management LLC increased its holdings in GeneDx by 38.5% in the fourth quarter. Fred Alger Management LLC now owns 546,054 shares of the company’s stock worth $41,970,000 after buying an additional 151,824 shares during the last quarter. Finally, Zweig DiMenna Associates LLC increased its holdings in GeneDx by 47.7% in the first quarter. Zweig DiMenna Associates LLC now owns 457,100 shares of the company’s stock worth $40,483,000 after buying an additional 147,600 shares during the last quarter. Institutional investors and hedge funds own 61.72% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on the company. Wall Street Zen upgraded GeneDx from a “hold” rating to a “buy” rating in a report on Saturday, August 2nd. Piper Sandler set a $120.00 price target on GeneDx and gave the company an “overweight” rating in a report on Monday, August 4th. Jefferies Financial Group upgraded GeneDx from a “hold” rating to a “buy” rating and set a $80.00 price target on the stock in a report on Friday, May 9th. TD Securities lowered their price target on GeneDx from $135.00 to $110.00 and set a “buy” rating on the stock in a report on Thursday, May 1st. Finally, Guggenheim reiterated a “buy” rating and set a $115.00 price target (up previously from $88.00) on shares of GeneDx in a report on Monday, June 30th. Two equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. According to MarketBeat.com, GeneDx presently has an average rating of “Moderate Buy” and an average target price of $101.63.

Insider Buying and Selling at GeneDx

In related news, CEO Katherine Stueland sold 9,657 shares of the firm’s stock in a transaction on Tuesday, July 1st. The stock was sold at an average price of $90.94, for a total value of $878,207.58. Following the completion of the transaction, the chief executive officer directly owned 4,940 shares of the company’s stock, valued at $449,243.60. This trade represents a 66.16% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Kevin Feeley sold 5,278 shares of the firm’s stock in a transaction on Wednesday, July 9th. The stock was sold at an average price of $93.00, for a total value of $490,854.00. Following the completion of the transaction, the chief financial officer directly owned 3,392 shares of the company’s stock, valued at approximately $315,456. This trade represents a 60.88% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 22,411 shares of company stock valued at $2,085,051. 29.60% of the stock is owned by company insiders.

GeneDx Stock Up 5.1%

WGS opened at $110.54 on Tuesday. GeneDx Holdings Corp. has a 1-year low of $28.86 and a 1-year high of $117.75. The company has a current ratio of 2.87, a quick ratio of 2.70 and a debt-to-equity ratio of 0.19. The stock has a market capitalization of $3.18 billion, a price-to-earnings ratio of 2,210.80 and a beta of 2.02. The business has a 50 day moving average of $84.34 and a 200-day moving average of $84.51.

GeneDx (NASDAQ:WGS) last posted its quarterly earnings data on Tuesday, July 29th. The company reported $0.50 earnings per share for the quarter, beating the consensus estimate of $0.10 by $0.40. GeneDx had a return on equity of 16.51% and a net margin of 0.39%. The company had revenue of $102.69 million during the quarter, compared to analysts’ expectations of $86.00 million. As a group, sell-side analysts anticipate that GeneDx Holdings Corp. will post 0.97 earnings per share for the current year.

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.