GeneDx (NASDAQ:WGS) Stock Price Down 6.7% – Here’s What Happened

Shares of GeneDx Holdings Corp. (NASDAQ:WGS) were down 6.7% during trading on Thursday . The stock traded as low as $62.43 and last traded at $62.71. Approximately 444,893 shares traded hands during mid-day trading, a decline of 55% from the average daily volume of 999,337 shares. The stock had previously closed at $67.18.

Analysts Set New Price Targets

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

GeneDx Price Performance

The business has a 50 day moving average price of $77.66 and a 200-day moving average price of $58.93. The company has a market capitalization of $1.80 billion, a price-to-earnings ratio of -21.03 and a beta of 2.01. The company has a debt-to-equity ratio of 0.25, a quick ratio of 2.27 and a current ratio of 2.40.

Insider Activity

In other GeneDx news, CFO Kevin Feeley sold 1,137 shares of GeneDx stock in a transaction dated Monday, December 9th. The stock was sold at an average price of $76.37, for a total transaction of $86,832.69. Following the completion of the transaction, the chief financial officer now owns 24,731 shares in the company, valued at approximately $1,888,706.47. The trade was a 4.40 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, 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 that occurred on Monday, November 18th. The stock was sold at an average price of $70.78, for a total value of $8,973,629.96. Following the completion of the sale, the insider now directly owns 2,719,692 shares of the company’s stock, valued at approximately $192,499,799.76. This trade represents 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 quarter. 27.30% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On GeneDx

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. MCF Advisors LLC boosted its holdings in GeneDx by 107.7% during the fourth quarter. MCF Advisors LLC now owns 351 shares of the company’s stock worth $27,000 after purchasing an additional 182 shares during the last quarter. Global Retirement Partners LLC purchased a new position in shares of GeneDx in the fourth quarter valued at $28,000. CWM LLC bought a new stake in shares of GeneDx during the 3rd quarter valued at $89,000. SG Americas Securities LLC purchased a new stake in shares of GeneDx in the third quarter worth about $198,000. Finally, Evolution Wealth Advisors LLC bought a new position in shares of GeneDx in the fourth quarter valued at approximately $202,000. 61.72% of the stock is owned by hedge funds and other institutional investors.

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.