GeneDx (NASDAQ:WGS) Hits New 52-Week High After Better-Than-Expected Earnings

Shares of GeneDx Holdings Corp. (NASDAQ:WGS) hit a new 52-week high during mid-day trading on Tuesday after the company announced better than expected quarterly earnings. The stock traded as high as $105.82 and last traded at $96.35, with a volume of 1152812 shares changing hands. The stock had previously closed at $76.35.

The company reported $0.70 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.04 by $0.66. GeneDx had a negative net margin of 31.25% and a negative return on equity of 13.35%.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on the company. TD Cowen raised their price objective on GeneDx from $75.00 to $118.00 and gave the stock a “buy” rating in a research report on Tuesday, January 7th. The Goldman Sachs Group raised their price target on GeneDx from $54.00 to $70.00 and gave the stock a “neutral” rating in a report on Wednesday, October 30th. Wells Fargo & Company upped their price objective on shares of GeneDx from $34.00 to $75.00 and gave the company an “equal weight” rating in a report on Wednesday, October 30th. Finally, Craig Hallum lifted their target price on shares of GeneDx from $70.00 to $95.00 and gave the stock a “buy” rating in a research note on Wednesday, October 30th. Three equities research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $70.67.

Insider Activity

In other GeneDx news, CEO Katherine Stueland sold 3,661 shares of the stock in a transaction on Monday, December 9th. The shares were sold at an average price of $76.37, for a total transaction of $279,590.57. Following the transaction, the chief executive officer now directly owns 62,897 shares of the company’s stock, valued at $4,803,443.89. This trade represents a 5.50 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO Kevin Feeley sold 35,506 shares of GeneDx stock in a transaction that occurred on Tuesday, January 7th. The stock was sold at an average price of $93.82, for a total value of $3,331,172.92. Following the completion of the sale, the chief financial officer now directly owns 2,472 shares in the company, valued at $231,923.04. This represents a 93.49 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 139,603 shares of company stock valued at $12,223,041. Company insiders own 27.30% of the company’s stock.

Institutional Investors Weigh In On GeneDx

Institutional investors and hedge funds have recently modified their holdings of the company. MCF Advisors LLC increased its stake in GeneDx by 107.7% during the 4th quarter. MCF Advisors LLC now owns 351 shares of the company’s stock worth $27,000 after buying an additional 182 shares during the period. Sterling Capital Management LLC grew its stake in shares of GeneDx by 877.8% in the fourth quarter. Sterling Capital Management LLC now owns 352 shares of the company’s stock worth $27,000 after acquiring an additional 316 shares in the last quarter. Global Retirement Partners LLC purchased a new stake in shares of GeneDx during the fourth quarter worth $28,000. MetLife Investment Management LLC raised its stake in shares of GeneDx by 6.2% in the fourth quarter. MetLife Investment Management LLC now owns 7,750 shares of the company’s stock valued at $596,000 after acquiring an additional 453 shares in the last quarter. Finally, Lazard Asset Management LLC purchased a new position in GeneDx in the fourth quarter valued at $35,000. Hedge funds and other institutional investors own 61.72% of the company’s stock.

GeneDx Price Performance

The company has a 50 day moving average of $77.30 and a 200 day moving average of $61.79. The company has a debt-to-equity ratio of 0.25, a quick ratio of 2.27 and a current ratio of 2.40. The stock has a market capitalization of $3.10 billion, a price-to-earnings ratio of -36.26 and a beta of 2.01.

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.