The Manufacturers Life Insurance Company Buys Shares of 11,102 GeneDx Holdings Corp. (NASDAQ:WGS)

The Manufacturers Life Insurance Company purchased a new position in shares of GeneDx Holdings Corp. (NASDAQ:WGS) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 11,102 shares of the company’s stock, valued at approximately $290,000.

A number of other institutional investors also recently made changes to their positions in WGS. Oracle Investment Management Inc. increased its position in GeneDx by 531.7% during the 1st quarter. Oracle Investment Management Inc. now owns 1,126,607 shares of the company’s stock worth $10,286,000 after purchasing an additional 948,253 shares in the last quarter. Assenagon Asset Management S.A. purchased a new stake in shares of GeneDx during the second quarter worth about $9,575,000. Divisadero Street Capital Management LP purchased a new stake in shares of GeneDx during the second quarter worth about $5,886,000. Gagnon Securities LLC raised its position in shares of GeneDx by 59.3% in the first quarter. Gagnon Securities LLC now owns 556,305 shares of the company’s stock valued at $5,079,000 after buying an additional 207,027 shares during the last quarter. Finally, Millennium Management LLC lifted its stake in shares of GeneDx by 193.5% during 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. 61.72% of the stock is owned by institutional investors and hedge funds.

GeneDx Price Performance

WGS stock opened at $56.00 on Friday. The company has a market cap of $1.46 billion, a PE ratio of -10.81 and a beta of 2.32. The company has a current ratio of 2.38, a quick ratio of 2.22 and a debt-to-equity ratio of 0.27. The stock has a 50-day moving average price of $40.30 and a two-hundred day moving average price of $28.91. GeneDx Holdings Corp. has a 12-month low of $1.16 and a 12-month high of $61.96.

GeneDx (NASDAQ:WGS) last issued its earnings results on Tuesday, July 30th. The company reported ($0.11) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.26) by $0.15. GeneDx had a negative return on equity of 22.71% and a negative net margin of 48.21%. The business had revenue of $70.51 million during the quarter, compared to analysts’ expectations of $58.90 million. As a group, research analysts predict that GeneDx Holdings Corp. will post -0.75 EPS for the current year.

Insider Transactions at GeneDx

In related news, major shareholder Opko Health, Inc. sold 100,000 shares of GeneDx stock in a transaction on Thursday, August 8th. The shares were sold at an average price of $31.82, for a total transaction of $3,182,000.00. Following the transaction, the insider now owns 2,871,570 shares in the company, valued at approximately $91,373,357.40. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. In other news, CEO Katherine Stueland sold 2,154 shares of the stock in a transaction dated Monday, July 29th. The stock was sold at an average price of $33.54, for a total value of $72,245.16. Following the completion of the sale, the chief executive officer now owns 92,550 shares in the company, valued at approximately $3,104,127. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, major shareholder Opko Health, Inc. sold 100,000 shares of the firm’s stock in a transaction dated Thursday, August 8th. The shares were sold at an average price of $31.82, for a total value of $3,182,000.00. Following the sale, the insider now owns 2,871,570 shares in the company, valued at approximately $91,373,357.40. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 593,668 shares of company stock valued at $19,735,488 over the last 90 days. Corporate insiders own 28.10% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have weighed in on the company. Craig Hallum boosted their price target on GeneDx from $43.00 to $46.00 and gave the company a “buy” rating in a report on Wednesday, July 31st. Wells Fargo & Company began coverage on GeneDx in a research note on Tuesday, August 27th. They issued an “equal weight” rating and a $34.00 target price for the company. The Goldman Sachs Group increased their target price on GeneDx from $32.00 to $54.00 and gave the stock a “neutral” rating in a research report on Wednesday. BTIG Research lifted their price target on GeneDx from $35.00 to $45.00 and gave the company a “buy” rating in a report on Wednesday, July 31st. Finally, TD Cowen increased their price objective on shares of GeneDx from $46.00 to $50.00 and gave the stock a “buy” rating in a report on Wednesday, July 31st. Three investment analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $41.67.

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.