GeneDx (NASDAQ:WGS) Stock Price Down 5.9% – Should You Sell?

GeneDx Holdings Corp. (NASDAQ:WGS)’s share price was down 5.9% on Tuesday. The stock traded as low as $83.06 and last traded at $80.8290. Approximately 141,509 shares were traded during mid-day trading, a decline of 85% from the average daily volume of 930,850 shares. The stock had previously closed at $85.93.

Analysts Set New Price Targets

Several brokerages have recently commented on WGS. Piper Sandler reiterated an “overweight” rating and issued a $63.00 target price (up from $50.00) on shares of GeneDx in a research report on Tuesday, June 23rd. Weiss Ratings upgraded shares of GeneDx from a “sell (e+)” rating to a “sell (d)” rating in a research note on Tuesday, August 4th. Guggenheim reissued a “buy” rating and set a $74.00 target price (up from $70.00) on shares of GeneDx in a report on Monday, June 29th. BTIG Research reaffirmed a “buy” rating and issued a $90.00 price target on shares of GeneDx in a report on Tuesday, August 4th. Finally, TD Cowen reissued a “buy” rating on shares of GeneDx in a report on Wednesday, July 15th. One equities research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, GeneDx has an average rating of “Moderate Buy” and a consensus price target of $89.57.

GeneDx Stock Performance

The stock has a market cap of $2.33 billion, a price-to-earnings ratio of -21.43 and a beta of 1.99. The company’s 50 day simple moving average is $80.89 and its 200 day simple moving average is $67.48. The company has a debt-to-equity ratio of 0.40, a quick ratio of 3.06 and a current ratio of 3.30.

GeneDx (NASDAQ:WGS) last issued its quarterly earnings results on Monday, August 3rd. The company reported $0.01 EPS for the quarter, topping the consensus estimate of ($0.19) by $0.20. The firm had revenue of $114.44 million for the quarter, compared to analysts’ expectations of $111.01 million. GeneDx had a negative net margin of 23.41% and a positive return on equity of 4.12%. During the same period in the previous year, the business earned $0.36 earnings per share. On average, equities research analysts anticipate that GeneDx Holdings Corp. will post -0.41 earnings per share for the current year.

Insider Transactions at GeneDx

In related news, CFO Kevin Feeley sold 3,728 shares of GeneDx stock in a transaction on Wednesday, September 16th. The stock was sold at an average price of $97.61, for a total transaction of $363,890.08. Following the completion of the sale, the chief financial officer owned 44,945 shares of the company’s stock, valued at approximately $4,387,081.45. This trade represents a 7.66% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO Katherine Stueland sold 10,501 shares of the company’s stock in a transaction dated Wednesday, September 16th. The stock was sold at an average price of $97.61, for a total value of $1,025,002.61. Following the completion of the transaction, the chief executive officer directly owned 115,476 shares in the company, valued at approximately $11,271,612.36. The trade was a 8.34% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold a total of 19,206 shares of company stock worth $1,808,056 in the last quarter. 25.17% of the stock is owned by corporate insiders.

Institutional Trading of GeneDx

Several large investors have recently made changes to their positions in WGS. First Light Asset Management LLC grew its stake in shares of GeneDx by 222.7% in the second quarter. First Light Asset Management LLC now owns 783,923 shares of the company’s stock worth $53,816,000 after acquiring an additional 540,996 shares during the last quarter. Westfield Capital Management Co. LP raised its stake in GeneDx by 87.1% during the 4th quarter. Westfield Capital Management Co. LP now owns 1,018,261 shares of the company’s stock valued at $132,435,000 after purchasing an additional 474,167 shares during the last quarter. Franklin Resources Inc. boosted its holdings in GeneDx by 60.4% in the 4th quarter. Franklin Resources Inc. now owns 1,092,988 shares of the company’s stock valued at $142,154,000 after purchasing an additional 411,607 shares during the period. Amova Asset Management Americas Inc. boosted its holdings in GeneDx by 67.3% in the 1st quarter. Amova Asset Management Americas Inc. now owns 638,800 shares of the company’s stock valued at $41,024,000 after purchasing an additional 257,075 shares during the period. Finally, Sumitomo Mitsui Trust Group Inc. grew its position in GeneDx by 65.9% in the 1st quarter. Sumitomo Mitsui Trust Group Inc. now owns 633,457 shares of the company’s stock worth $40,681,000 after purchasing an additional 251,732 shares during the last quarter. Institutional investors own 61.72% of the company’s stock.

GeneDx Company Profile

GeneDx Holdings Corp., doing business as GeneDx, is a healthcare company focused on genetic testing and genomic diagnostics. The company provides testing designed to help healthcare professionals diagnose rare and inherited conditions, guide clinical management, and support research into genetic disease.

Its offerings include whole exome and whole genome sequencing, targeted genetic tests, chromosomal microarray analysis, and other tests used to identify disease-causing genetic variants.