Guggenheim Issues Positive Forecast for GeneDx (NASDAQ:WGS) Stock Price

GeneDx (NASDAQ:WGS) had its price objective increased by analysts at Guggenheim from $74.00 to $83.00 in a note issued to investors on Thursday, Benzinga reports. The firm currently has a “buy” rating on the stock. Guggenheim’s target price would indicate a potential upside of 12.79% from the company’s previous close.

Several other equities analysts have also recently issued reports on the stock. Wall Street Zen upgraded shares of GeneDx from a “sell” rating to a “hold” rating in a research report on Saturday, August 8th. TD Cowen reiterated a “buy” rating on shares of GeneDx in a report on Wednesday, July 15th. BTIG Research reissued a “buy” rating and issued a $90.00 price objective on shares of GeneDx in a research note on Tuesday, August 4th. Zacks Research upgraded GeneDx from a “hold” rating to a “strong-buy” rating in a report on Wednesday, August 26th. Finally, Piper Sandler reaffirmed 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. One research 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’s stock. According to data from MarketBeat, GeneDx has an average rating of “Moderate Buy” and a consensus price target of $90.86.

GeneDx Stock Performance

NASDAQ:WGS opened at $73.58 on Thursday. The stock has a market cap of $2.19 billion, a P/E ratio of -20.22 and a beta of 1.99. The company has a current ratio of 3.30, a quick ratio of 3.06 and a debt-to-equity ratio of 0.40. The stock’s 50-day moving average is $81.37 and its 200-day moving average is $67.38. GeneDx has a 1-year low of $32.21 and a 1-year high of $170.87.

GeneDx (NASDAQ:WGS) last released its quarterly earnings data on Monday, August 3rd. The company reported $0.01 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.19) by $0.20. The company had revenue of $114.44 million during the quarter, compared to the consensus estimate 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 in the prior year, the firm posted $0.36 earnings per share. Equities research analysts anticipate that GeneDx will post -0.41 earnings per share for the current year.

Insiders Place Their Bets

In related news, CEO Katherine Stueland sold 10,501 shares of the business’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 transaction, the chief executive officer owned 115,476 shares in the company, valued at $11,271,612.36. The trade was a 8.34% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 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 company’s stock in a transaction 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 sale, the chief financial officer directly owned 44,945 shares in the company, valued at $4,387,081.45. This trade represents a 7.66% decrease in their position. 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. Insiders have sold 19,206 shares of company stock valued at $1,808,056 in the last three months. 25.17% of the stock is owned by insiders.

Hedge Funds Weigh In On GeneDx

Several institutional investors have recently added to or reduced their stakes in the business. Bank of America Corp DE boosted its holdings in shares of GeneDx by 77.5% during the 1st quarter. Bank of America Corp DE now owns 234,606 shares of the company’s stock worth $15,066,000 after buying an additional 102,456 shares in the last quarter. Lazard Asset Management LLC acquired a new stake in shares of GeneDx during the 1st quarter worth approximately $2,177,000. Goldman Sachs Group Inc. increased its stake in shares of GeneDx by 4.5% in the 4th quarter. Goldman Sachs Group Inc. now owns 1,220,502 shares of the company’s stock valued at $158,738,000 after acquiring an additional 52,322 shares in the last quarter. Sumitomo Mitsui Trust Group Inc. increased its stake in shares of GeneDx by 65.9% in the 1st quarter. Sumitomo Mitsui Trust Group Inc. now owns 633,457 shares of the company’s stock valued at $40,681,000 after acquiring an additional 251,732 shares in the last quarter. Finally, Bank of New York Mellon Corp lifted its position in shares of GeneDx by 38.6% during the 1st quarter. Bank of New York Mellon Corp now owns 315,508 shares of the company’s stock valued at $20,262,000 after acquiring an additional 87,922 shares during the period. 61.72% of the stock is owned by institutional investors and hedge funds.

About GeneDx

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.