GeneDx (NASDAQ:WGS) Price Target Raised to $90.00

GeneDx (NASDAQ:WGS) had its price target lifted by Canaccord Genuity Group from $75.00 to $90.00 in a report published on Tuesday, Marketbeat reports. Canaccord Genuity Group currently has a buy rating on the stock.

A number of other research analysts have also commented on the company. Zacks Research upgraded GeneDx from a “strong sell” rating to a “hold” rating in a report on Tuesday, July 28th. Guggenheim reaffirmed a “buy” rating and set a $74.00 target price (up from $70.00) on shares of GeneDx in a research report on Monday, June 29th. TD Cowen reaffirmed a “buy” rating on shares of GeneDx in a research report on Wednesday, July 15th. Wall Street Zen cut shares of GeneDx from a “hold” rating to a “sell” rating in a research note on Saturday, May 9th. Finally, Piper Sandler reissued an “overweight” rating and issued a $63.00 price target (up from $50.00) on shares of GeneDx in a report on Tuesday, June 23rd. Seven equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $89.57.

GeneDx Trading Down 0.5%

GeneDx stock opened at $69.59 on Tuesday. GeneDx has a 52 week low of $32.21 and a 52 week high of $170.87. The company has a debt-to-equity ratio of 0.40, a quick ratio of 2.95 and a current ratio of 3.30. The firm has a market capitalization of $2.07 billion, a PE ratio of -19.12 and a beta of 1.92. The business’s 50-day simple moving average is $62.33 and its 200-day simple moving average is $68.51.

GeneDx (NASDAQ:WGS) last announced its earnings results on Monday, August 3rd. The company reported $0.01 earnings per share for the quarter, beating the consensus estimate of ($0.19) by $0.20. The firm had revenue of $114.44 million during the quarter, compared to the consensus estimate of $111.01 million. GeneDx had a positive return on equity of 4.12% and a negative net margin of 23.41%.During the same quarter in the prior year, the company earned $0.36 EPS. Equities research analysts forecast that GeneDx will post -1 earnings per share for the current year.

Insider Buying and Selling at GeneDx

In other news, Director Casdin Capital, Llc acquired 185,000 shares of the stock in a transaction dated Tuesday, May 19th. The shares were acquired at an average cost of $42.60 per share, for a total transaction of $7,881,000.00. Following the completion of the transaction, the director owned 3,367,164 shares in the company, valued at approximately $143,441,186.40. This trade represents a 5.81% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CEO Katherine Stueland sold 10,501 shares of the company’s stock in a transaction on Tuesday, June 16th. The shares were sold at an average price of $60.77, for a total value of $638,145.77. Following the completion of the transaction, the chief executive officer owned 104,372 shares of the company’s stock, valued at $6,342,686.44. The trade was a 9.14% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last quarter, insiders bought 1,551,273 shares of company stock valued at $65,979,582 and sold 19,135 shares valued at $1,128,499. Insiders own 25.17% of the company’s stock.

Institutional Investors Weigh In On GeneDx

Several large investors have recently modified their holdings of the stock. Royal Bank of Canada grew its stake in shares of GeneDx by 30.2% in the 1st quarter. Royal Bank of Canada now owns 29,479 shares of the company’s stock valued at $2,611,000 after purchasing an additional 6,840 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in GeneDx by 6.3% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 7,641 shares of the company’s stock valued at $677,000 after buying an additional 453 shares in the last quarter. NewEdge Advisors LLC boosted its stake in GeneDx by 270,700.0% in the 1st quarter. NewEdge Advisors LLC now owns 2,708 shares of the company’s stock valued at $240,000 after buying an additional 2,707 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its position in GeneDx by 67.5% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 28,224 shares of the company’s stock valued at $2,500,000 after acquiring an additional 11,375 shares during the period. Finally, Cetera Investment Advisers bought a new stake in GeneDx in the second quarter valued at $249,000. 61.72% of the stock is currently owned by institutional investors.

About GeneDx

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.