GeneDx’s (WGS) “Buy” Rating Reiterated at BTIG Research

BTIG Research reaffirmed their buy rating on shares of GeneDx (NASDAQ:WGS) in a research report sent to investors on Tuesday morning,Benzinga reports. BTIG Research currently has a $90.00 price objective on the stock.

Several other research analysts also recently weighed in on WGS. Piper Sandler reiterated an “overweight” rating and issued a $63.00 price target (up from $50.00) on shares of GeneDx in a research report on Tuesday, June 23rd. Wells Fargo & Company reissued an “overweight” rating and set a $75.00 price objective (down from $155.00) on shares of GeneDx in a research report on Tuesday, May 5th. Wall Street Zen lowered GeneDx from a “hold” rating to a “sell” rating in a research note on Saturday, May 9th. Guggenheim reaffirmed a “buy” rating and issued a $74.00 target price (up from $70.00) on shares of GeneDx in a report on Monday, June 29th. Finally, Canaccord Genuity Group set a $75.00 target price on GeneDx and gave the company a “buy” rating in a research report on Tuesday, May 5th. Seven analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, GeneDx currently has a consensus rating of “Moderate Buy” and a consensus target price of $89.57.

GeneDx Price Performance

NASDAQ WGS opened at $69.59 on Tuesday. The company has a 50-day moving average price of $62.33 and a 200-day moving average price of $68.51. GeneDx has a 52 week low of $32.21 and a 52 week high of $170.87. The company has a quick ratio of 2.95, a current ratio of 3.30 and a debt-to-equity ratio of 0.40. The firm has a market capitalization of $2.07 billion, a P/E ratio of -19.12 and a beta of 1.92.

GeneDx (NASDAQ:WGS) last posted its quarterly earnings data on Monday, August 3rd. The company reported $0.01 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.19) by $0.20. The company had revenue of $114.44 million for the quarter, compared to the consensus estimate 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 quarter last year, the firm posted $0.36 earnings per share. Equities research analysts anticipate that GeneDx will post -1 earnings per share for the current year.

Insider Activity at GeneDx

In other news, CEO Katherine Stueland sold 10,501 shares of GeneDx stock in a transaction that occurred on Tuesday, June 16th. The shares were sold at an average price of $60.77, for a total transaction of $638,145.77. Following the sale, the chief executive officer owned 104,372 shares in the company, valued at $6,342,686.44. This trade represents a 9.14% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CFO Kevin Feeley sold 3,729 shares of the company’s stock in a transaction on Tuesday, June 16th. The stock was sold at an average price of $60.77, for a total transaction of $226,611.33. Following the transaction, the chief financial officer owned 39,954 shares of the company’s stock, valued at approximately $2,428,004.58. This represents a 8.54% decrease in their position. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last 90 days, insiders acquired 1,551,273 shares of company stock valued at $65,979,582 and sold 19,135 shares valued at $1,128,499. 25.17% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Sumitomo Mitsui Trust Group Inc. increased its position in GeneDx by 30.6% in the fourth quarter. Sumitomo Mitsui Trust Group Inc. now owns 381,725 shares of the company’s stock worth $49,647,000 after purchasing an additional 89,470 shares during the last quarter. Goldman Sachs Group Inc. raised its stake in GeneDx by 4.5% during the fourth quarter. Goldman Sachs Group Inc. now owns 1,220,502 shares of the company’s stock valued at $158,738,000 after purchasing an additional 52,322 shares in the last quarter. Vanguard Group Inc. lifted its position in GeneDx by 1.6% during the fourth quarter. Vanguard Group Inc. now owns 1,189,069 shares of the company’s stock valued at $154,650,000 after purchasing an additional 18,647 shares during the last quarter. Renaissance Group LLC bought a new position in GeneDx during the fourth quarter valued at $7,167,000. Finally, Franklin Resources Inc. grew its stake in shares of GeneDx by 60.4% in the 4th quarter. Franklin Resources Inc. now owns 1,092,988 shares of the company’s stock worth $142,154,000 after buying an additional 411,607 shares in the last quarter. Institutional investors own 61.72% of the company’s stock.

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.