GeneDx Holdings Corp. (NASDAQ:WGS) Receives Consensus Rating of “Moderate Buy” from Brokerages

Shares of GeneDx Holdings Corp. (NASDAQ:WGS) have been given an average recommendation of “Moderate Buy” by the nine brokerages that are currently covering the firm, Marketbeat.com reports. One investment analyst has rated the stock with a sell rating, seven have given a buy rating and one has issued a strong buy rating on the company. The average 12-month price objective among analysts that have covered the stock in the last year is $89.5714.

A number of brokerages have commented on WGS. Zacks Research raised shares of GeneDx from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, August 26th. Guggenheim restated a “buy” rating and set a $74.00 price objective (up from $70.00) on shares of GeneDx in a research report on Monday, June 29th. Canaccord Genuity Group raised their price objective on GeneDx from $75.00 to $90.00 and gave the company a “buy” rating in a research note on Tuesday, August 4th. BTIG Research reiterated a “buy” rating and issued a $90.00 target price on shares of GeneDx in a report on Tuesday, August 4th. Finally, Piper Sandler reissued an “overweight” rating and set a $63.00 target price (up from $50.00) on shares of GeneDx in a research report on Tuesday, June 23rd.

GeneDx Stock Performance

Shares of NASDAQ WGS opened at $101.10 on Wednesday. The company has a market cap of $3.01 billion, a P/E ratio of -27.77 and a beta of 1.99. GeneDx has a 52-week low of $32.21 and a 52-week high of $170.87. The company has a debt-to-equity ratio of 0.40, a quick ratio of 3.06 and a current ratio of 3.30. The firm’s fifty day moving average is $77.73 and its two-hundred day moving average is $67.29.

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

Insider Transactions at GeneDx

In other news, CFO Kevin Feeley sold 3,728 shares of the stock in a transaction that occurred on Wednesday, September 16th. The stock was sold at an average price of $97.61, for a total value of $363,890.08. Following the sale, the chief financial officer directly owned 44,945 shares in the company, valued at approximately $4,387,081.45. This represents a 7.66% 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, CEO Katherine Stueland sold 10,501 shares of GeneDx 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 sale, the chief executive officer owned 115,476 shares of the company’s stock, valued at approximately $11,271,612.36. This trade represents a 8.34% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last ninety days, insiders have sold 19,206 shares of company stock valued at $1,808,056. 25.17% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On GeneDx

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

About GeneDx

GeneDx Holdings Corp., doing business as GeneDx, is a healthcare company focused on genetic testing and genomic diagnostics. The company provides testing designed to help healthcare professionals diagnose rare and inherited conditions, guide clinical management, and support research into genetic disease.

Its offerings include whole exome and whole genome sequencing, targeted genetic tests, chromosomal microarray analysis, and other tests used to identify disease-causing genetic variants.