GeneDx (NASDAQ:WGS) Shares Down 8.4% – Here’s What Happened

GeneDx Holdings Corp. (NASDAQ:WGS)’s share price traded down 8.4% during mid-day trading on Thursday . The company traded as low as $54.14 and last traded at $55.70. 749,933 shares traded hands during mid-day trading, an increase of 80% from the average session volume of 417,508 shares. The stock had previously closed at $60.78.

Analyst Ratings Changes

WGS has been the subject of a number of research reports. Craig Hallum lifted their price objective on shares of GeneDx from $43.00 to $46.00 and gave the stock a “buy” rating in a report on Wednesday, July 31st. BTIG Research lifted their price objective on shares of GeneDx from $35.00 to $45.00 and gave the company a “buy” rating in a research note on Wednesday, July 31st. The Goldman Sachs Group upped their target price on GeneDx from $32.00 to $54.00 and gave the stock a “neutral” rating in a research report on Wednesday. Wells Fargo & Company started coverage on shares of GeneDx in a research report on Tuesday, August 27th. They set an “equal weight” rating and a $34.00 price objective for the company. Finally, TD Cowen boosted their target price on GeneDx from $46.00 to $50.00 and gave the stock a “buy” rating in a research report on Wednesday, July 31st. Three research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat, GeneDx presently has a consensus rating of “Moderate Buy” and an average price target of $41.67.

GeneDx Price Performance

The stock has a market cap of $1.57 billion, a price-to-earnings ratio of -11.59 and a beta of 2.32. 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 stock’s 50 day simple moving average is $40.84 and its two-hundred day simple moving average is $29.26.

GeneDx (NASDAQ:WGS) last released its quarterly earnings results on Tuesday, July 30th. The company reported ($0.11) EPS for the quarter, beating analysts’ consensus estimates of ($0.26) by $0.15. The firm had revenue of $70.51 million for the quarter, compared to analyst estimates 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 forecast that GeneDx Holdings Corp. will post -0.75 earnings per share for the current fiscal year.

Insider Buying and Selling at GeneDx

In other GeneDx news, major shareholder Opko Health, Inc. sold 50,000 shares of the company’s stock in a transaction that occurred on Monday, July 22nd. The shares were sold at an average price of $32.61, for a total value of $1,630,500.00. Following the completion of the sale, the insider now owns 3,333,403 shares of the company’s stock, valued at approximately $108,702,271.83. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other GeneDx news, major shareholder Opko Health, Inc. sold 50,000 shares of the business’s stock in a transaction dated Monday, July 22nd. The shares were sold at an average price of $32.61, for a total transaction of $1,630,500.00. Following the sale, the insider now directly owns 3,333,403 shares of the company’s stock, valued at $108,702,271.83. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CEO Katherine Stueland sold 2,154 shares of the firm’s stock in a transaction on Monday, July 29th. The shares were sold at an average price of $33.54, for a total transaction of $72,245.16. Following the completion of the transaction, the chief executive officer now directly owns 92,550 shares of the company’s stock, valued at $3,104,127. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 593,668 shares of company stock worth $19,735,488. Insiders own 28.10% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the business. Acadian Asset Management LLC bought a new position in GeneDx in the second quarter valued at about $34,000. nVerses Capital LLC acquired a new stake in shares of GeneDx in the 2nd quarter valued at about $50,000. CWM LLC acquired a new position in shares of GeneDx during the third quarter worth approximately $89,000. SG Americas Securities LLC bought a new position in shares of GeneDx in the third quarter valued at $198,000. Finally, Thompson Davis & CO. Inc. boosted its stake in GeneDx by 20.8% during the 1st quarter. Thompson Davis & CO. Inc. now owns 24,094 shares of the company’s stock valued at $220,000 after purchasing an additional 4,150 shares during the last quarter. Institutional investors and hedge funds own 61.72% of the company’s stock.

GeneDx Company Profile

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.