Gagnon Securities LLC Cuts Position in GeneDx Holdings Corp. (NASDAQ:WGS)

Gagnon Securities LLC cut its holdings in GeneDx Holdings Corp. (NASDAQ:WGS) by 33.7% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 359,376 shares of the company’s stock after selling 182,567 shares during the quarter. GeneDx makes up about 5.6% of Gagnon Securities LLC’s investment portfolio, making the stock its 5th largest position. Gagnon Securities LLC’s holdings in GeneDx were worth $27,622,000 at the end of the most recent quarter.

A number of other hedge funds also recently added to or reduced their stakes in the business. American Century Companies Inc. grew its stake in GeneDx by 36.1% in the 2nd quarter. American Century Companies Inc. now owns 17,258 shares of the company’s stock valued at $451,000 after acquiring an additional 4,573 shares during the period. Squarepoint Ops LLC raised its holdings in GeneDx by 124.9% in the 2nd quarter. Squarepoint Ops LLC now owns 59,949 shares of the company’s stock valued at $1,567,000 after buying an additional 33,293 shares during the period. Millennium Management LLC grew its position in GeneDx by 193.5% in the 2nd quarter. Millennium Management LLC now owns 311,401 shares of the company’s stock valued at $8,140,000 after acquiring an additional 205,318 shares in the last quarter. The Manufacturers Life Insurance Company acquired a new position in GeneDx in the 2nd quarter valued at about $290,000. Finally, Algert Global LLC acquired a new position in GeneDx in the 2nd quarter valued at about $356,000. 61.72% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at GeneDx

In other news, CEO Katherine Stueland sold 1,657 shares of the stock in a transaction that occurred on Wednesday, January 29th. The stock was sold at an average price of $78.48, for a total value of $130,041.36. Following the completion of the transaction, the chief executive officer now directly owns 3,937 shares of the company’s stock, valued at approximately $308,975.76. This represents a 29.62 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, major shareholder School Of Medicine At Mo Icahn sold 126,782 shares of the stock in a transaction on Monday, November 18th. The shares were sold at an average price of $70.78, for a total value of $8,973,629.96. Following the completion of the transaction, the insider now owns 2,719,692 shares in the company, valued at $192,499,799.76. The trade was a 4.45 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 363,669 shares of company stock worth $28,061,081 in the last 90 days. 27.30% of the stock is currently owned by company insiders.

GeneDx Price Performance

Shares of WGS opened at $74.85 on Friday. The firm has a market cap of $2.06 billion, a price-to-earnings ratio of -24.07 and a beta of 2.02. The stock has a 50 day moving average of $78.29 and a 200-day moving average of $57.97. 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 52 week low of $3.62 and a 52 week high of $98.87.

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

Analyst Ratings Changes

Several research firms recently weighed in on WGS. The Goldman Sachs Group boosted their target price on GeneDx from $54.00 to $70.00 and gave the stock a “neutral” rating in a research note on Wednesday, October 30th. TD Cowen increased their price objective on GeneDx from $75.00 to $118.00 and gave the company a “buy” rating in a research note on Tuesday, January 7th. Wells Fargo & Company increased their target price on GeneDx from $34.00 to $75.00 and gave the stock an “equal weight” rating in a research report on Wednesday, October 30th. Finally, Craig Hallum increased their target price on GeneDx from $70.00 to $95.00 and gave the company 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 currently has an average rating of “Moderate Buy” and an average target price of $70.67.

GeneDx 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.