State Street Corp Purchases 48,735 Shares of GeneDx Holdings Corp. (NASDAQ:WGS)

State Street Corp raised its position in GeneDx Holdings Corp. (NASDAQ:WGS) by 18.3% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 314,914 shares of the company’s stock after purchasing an additional 48,735 shares during the quarter. State Street Corp owned 1.15% of GeneDx worth $13,365,000 as of its most recent SEC filing.

A number of other hedge funds have also recently made changes to their positions in the company. Driehaus Capital Management LLC bought a new stake in shares of GeneDx in the second quarter worth $11,335,000. Fred Alger Management LLC bought a new stake in shares of GeneDx in the 3rd quarter valued at about $16,731,000. Millennium Management LLC increased its stake in shares of GeneDx by 193.5% in the second quarter. Millennium Management LLC now owns 311,401 shares of the company’s stock valued at $8,140,000 after buying an additional 205,318 shares during the period. Point72 Asset Management L.P. raised its position in shares of GeneDx by 87.4% during the third quarter. Point72 Asset Management L.P. now owns 293,671 shares of the company’s stock worth $12,463,000 after acquiring an additional 136,926 shares during the last quarter. Finally, Divisadero Street Capital Management LP bought a new stake in GeneDx in the second quarter valued at approximately $5,886,000. 61.72% of the stock is owned by institutional investors and hedge funds.

GeneDx Trading Up 1.3 %

WGS opened at $77.40 on Thursday. The company has a market cap of $2.13 billion, a P/E ratio of -24.89 and a beta of 2.03. The company has a fifty day moving average price of $73.47 and a two-hundred day moving average price of $48.58. The company has a current ratio of 2.40, a quick ratio of 2.27 and a debt-to-equity ratio of 0.25. GeneDx Holdings Corp. has a 1-year low of $2.47 and a 1-year high of $89.11.

GeneDx (NASDAQ:WGS) last posted its quarterly earnings results on Tuesday, October 29th. The company reported $0.04 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.21) by $0.25. The business had revenue of $76.90 million for the quarter, compared to the consensus estimate of $64.98 million. GeneDx had a negative return on equity of 13.35% and a negative net margin of 31.25%. The firm’s revenue for the quarter was up 44.3% on a year-over-year basis. During the same period in the prior year, the business earned ($0.82) EPS. Analysts predict that GeneDx Holdings Corp. will post -0.24 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of research analysts have recently issued reports on the stock. Wells Fargo & Company boosted their price target on shares of GeneDx from $34.00 to $75.00 and gave the stock an “equal weight” rating in a research report on Wednesday, October 30th. The Goldman Sachs Group lifted their price objective on GeneDx from $54.00 to $70.00 and gave the stock a “neutral” rating in a research report on Wednesday, October 30th. Finally, Craig Hallum raised their target price on GeneDx from $70.00 to $95.00 and gave the stock a “buy” rating in a research note on Wednesday, October 30th. Three research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $59.33.

Insider Activity at GeneDx

In other news, CEO Katherine Stueland sold 2,154 shares of the company’s stock in a transaction on Tuesday, October 29th. The shares were sold at an average price of $66.60, for a total value of $143,456.40. Following the completion of the sale, the chief executive officer now owns 105,426 shares in the company, valued at $7,021,371.60. This represents a 2.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, major shareholder School Of Medicine At Mo Icahn sold 865,800 shares of the firm’s stock in a transaction dated Thursday, October 31st. The shares were sold at an average price of $75.00, for a total transaction of $64,935,000.00. Following the transaction, the insider now directly owns 2,866,833 shares in the company, valued at $215,012,475. The trade was a 23.20 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 1,123,603 shares of company stock valued at $83,300,382. 27.30% of the stock is owned by company insiders.

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.