GeneDx Holdings Corp. $WGS Stake Lessened by Fred Alger Management LLC

Fred Alger Management LLC cut its stake in GeneDx Holdings Corp. (NASDAQ:WGS) by 56.5% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 357,302 shares of the company’s stock after selling 463,221 shares during the period. Fred Alger Management LLC owned 1.24% of GeneDx worth $38,496,000 at the end of the most recent reporting period.

Other large investors have also recently added to or reduced their stakes in the company. Jones Financial Companies Lllp increased its position in shares of GeneDx by 664.3% in the 3rd quarter. Jones Financial Companies Lllp now owns 214 shares of the company’s stock worth $25,000 after purchasing an additional 186 shares during the last quarter. Gordian Capital Singapore Pte Ltd acquired a new stake in shares of GeneDx in the 3rd quarter valued at about $65,000. AlphaQuest LLC lifted its position in shares of GeneDx by 70.8% during the third quarter. AlphaQuest LLC now owns 1,303 shares of the company’s stock worth $140,000 after purchasing an additional 540 shares during the last quarter. Tower Research Capital LLC TRC lifted its position in shares of GeneDx by 479.0% during the second quarter. Tower Research Capital LLC TRC now owns 1,818 shares of the company’s stock worth $168,000 after purchasing an additional 1,504 shares during the last quarter. Finally, Ameritas Investment Partners Inc. grew its stake in GeneDx by 61.0% in the second quarter. Ameritas Investment Partners Inc. now owns 1,917 shares of the company’s stock worth $177,000 after purchasing an additional 726 shares in the last quarter. 61.72% of the stock is currently owned by institutional investors.

GeneDx Stock Performance

Shares of NASDAQ WGS opened at $77.78 on Monday. The company has a quick ratio of 2.34, a current ratio of 2.46 and a debt-to-equity ratio of 0.16. The firm’s 50-day moving average price is $96.27 and its two-hundred day moving average price is $120.75. GeneDx Holdings Corp. has a 52-week low of $55.17 and a 52-week high of $170.87. The stock has a market capitalization of $2.28 billion, a P/E ratio of -103.71 and a beta of 2.03.

GeneDx (NASDAQ:WGS) last posted its earnings results on Monday, February 23rd. The company reported $0.14 EPS for the quarter, beating the consensus estimate of $0.11 by $0.03. The company had revenue of $120.99 million during the quarter, compared to analyst estimates of $120.80 million. GeneDx had a positive return on equity of 14.73% and a negative net margin of 4.92%. As a group, sell-side analysts forecast that GeneDx Holdings Corp. will post 0.97 earnings per share for the current year.

Wall Street Analyst Weigh In

WGS has been the topic of several research reports. Canaccord Genuity Group upped their price objective on GeneDx from $160.00 to $170.00 and gave the company a “buy” rating in a research note on Monday, December 22nd. Piper Sandler reiterated an “overweight” rating and issued a $130.00 target price (down from $160.00) on shares of GeneDx in a research report on Tuesday, February 24th. Jefferies Financial Group set a $150.00 price target on GeneDx in a report on Monday, February 23rd. Wells Fargo & Company raised GeneDx from an “equal weight” rating to an “overweight” rating and set a $155.00 price target on the stock in a research report on Monday, February 9th. Finally, Wall Street Zen cut GeneDx from a “buy” rating to a “hold” rating in a research note on Sunday, February 8th. One investment analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $150.71.

Insider Buying and Selling

In related news, Director Keith A. Meister acquired 140,026 shares of the stock in a transaction that occurred on Thursday, March 5th. The stock was purchased at an average cost of $81.19 per share, for a total transaction of $11,368,710.94. Following the purchase, the director directly owned 3,228,150 shares in the company, valued at $262,093,498.50. This represents a 4.53% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is accessible through this link. Also, COO Bryan Dechairo sold 5,961 shares of the firm’s stock in a transaction on Wednesday, February 4th. The shares were sold at an average price of $85.70, for a total value of $510,857.70. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders have sold 57,702 shares of company stock worth $5,640,255. 29.60% of the stock is owned by company insiders.

GeneDx Company Profile

GeneDx is a clinical diagnostics company specializing in comprehensive genetic and genomic testing for rare and inherited disorders. The company offers a broad portfolio of assays, including targeted gene panels, whole exome sequencing, whole genome sequencing and chromosomal microarray analysis. GeneDx’s laboratory services support the diagnosis of a wide range of conditions—from rare pediatric diseases and hereditary cancer syndromes to neuromuscular and metabolic disorders—by providing clinicians with detailed variant interpretation and reporting.

Founded in 2000 and based in Gaithersburg, Maryland, GeneDx was established with the aim of accelerating the translation of genomic discoveries into clinical care.