The Goldman Sachs Group Forecasts Strong Price Appreciation for GeneDx (NASDAQ:WGS) Stock

GeneDx (NASDAQ:WGS) had its price target hoisted by equities researchers at The Goldman Sachs Group from $54.00 to $70.00 in a note issued to investors on Wednesday, Benzinga reports. The firm currently has a “neutral” rating on the stock. The Goldman Sachs Group’s price objective would suggest a potential downside of 14.31% from the company’s previous close.

WGS has been the topic of several other research reports. Wells Fargo & Company increased 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. BTIG Research increased their price target on shares of GeneDx from $35.00 to $45.00 and gave the stock a “buy” rating in a research report on Wednesday, July 31st. TD Cowen increased their price target on shares of GeneDx from $46.00 to $50.00 and gave the stock a “buy” rating in a research report on Wednesday, July 31st. Finally, Craig Hallum increased their price target on shares of GeneDx from $70.00 to $95.00 and gave the stock a “buy” rating in a research report on Wednesday. Three research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $59.33.

GeneDx Trading Down 1.8 %

Shares of WGS stock opened at $81.69 on Wednesday. The company has a debt-to-equity ratio of 0.27, a current ratio of 2.38 and a quick ratio of 2.22. The firm has a market cap of $2.20 billion, a PE ratio of -26.27 and a beta of 2.32. The company has a 50-day moving average of $46.60 and a two-hundred day moving average of $32.76. GeneDx has a 1-year low of $1.16 and a 1-year high of $89.11.

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

Insider Activity at GeneDx

In other GeneDx news, major shareholder Opko Health, Inc. sold 12,994 shares of the stock in a transaction that occurred on Tuesday, August 6th. The shares were sold at an average price of $29.35, for a total value of $381,373.90. Following the transaction, the insider now directly owns 2,971,570 shares in the company, valued at $87,215,579.50. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. In other GeneDx news, major shareholder Opko Health, Inc. sold 12,994 shares of the stock in a transaction that occurred on Tuesday, August 6th. The shares were sold at an average price of $29.35, for a total value of $381,373.90. Following the transaction, the insider now directly owns 2,971,570 shares in the company, valued at $87,215,579.50. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Katherine Stueland sold 3,639 shares of the stock in a transaction that occurred on Monday, September 9th. The shares were sold at an average price of $33.33, for a total transaction of $121,287.87. Following the completion of the transaction, the chief executive officer now owns 95,457 shares in the company, valued at $3,181,581.81. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 269,829 shares of company stock valued at $8,956,152 over the last 90 days. 27.30% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On GeneDx

Several hedge funds have recently added to or reduced their stakes in WGS. Renaissance Technologies LLC purchased a new position in shares of GeneDx during the second quarter worth approximately $2,362,000. Millennium Management LLC grew its position in shares of GeneDx by 193.5% during the second quarter. Millennium Management LLC now owns 311,401 shares of the company’s stock worth $8,140,000 after acquiring an additional 205,318 shares during the last quarter. Algert Global LLC purchased a new position in shares of GeneDx during the second quarter worth approximately $356,000. Calamos Advisors LLC purchased a new position in shares of GeneDx during the second quarter worth approximately $1,137,000. Finally, Point72 Asset Management L.P. grew its position in GeneDx by 227.4% in the 2nd quarter. Point72 Asset Management L.P. now owns 156,745 shares of the company’s stock valued at $4,097,000 after buying an additional 108,864 shares during the last quarter. 61.72% of the stock is currently owned by hedge funds and other institutional investors.

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.