Wellington Management Group LLP Increases Stake in GeneDx Holdings Corp. $WGS

Wellington Management Group LLP raised its holdings in shares of GeneDx Holdings Corp. (NASDAQ:WGS) by 2.0% in the second quarter, Holdings Channel.com reports. The institutional investor owned 347,927 shares of the company’s stock after purchasing an additional 6,922 shares during the quarter. Wellington Management Group LLP’s holdings in GeneDx were worth $23,885,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. Bank of America Corp DE boosted its position in GeneDx by 77.5% during the first quarter. Bank of America Corp DE now owns 234,606 shares of the company’s stock worth $15,066,000 after acquiring an additional 102,456 shares during the last quarter. Sumitomo Mitsui Trust Group Inc. raised its holdings in GeneDx by 65.9% in the 1st quarter. Sumitomo Mitsui Trust Group Inc. now owns 633,457 shares of the company’s stock valued at $40,681,000 after acquiring an additional 251,732 shares during the last quarter. Goldman Sachs Group Inc. raised its holdings in GeneDx by 4.5% in the 4th quarter. Goldman Sachs Group Inc. now owns 1,220,502 shares of the company’s stock valued at $158,738,000 after acquiring an additional 52,322 shares during the last quarter. Vanguard Group Inc. lifted its stake in GeneDx by 1.6% in the 4th quarter. Vanguard Group Inc. now owns 1,189,069 shares of the company’s stock worth $154,650,000 after purchasing an additional 18,647 shares in the last quarter. Finally, Lazard Asset Management LLC acquired a new position in shares of GeneDx during the 1st quarter worth approximately $2,177,000. 61.72% of the stock is currently owned by institutional investors and hedge funds.

GeneDx Stock Performance

GeneDx stock opened at $85.99 on Friday. The firm has a 50 day simple moving average of $73.01 and a 200-day simple moving average of $66.91. The stock has a market cap of $2.56 billion, a price-to-earnings ratio of -23.62 and a beta of 1.99. The company has a debt-to-equity ratio of 0.40, a current ratio of 3.30 and a quick ratio of 3.06. GeneDx Holdings Corp. has a 1-year low of $32.21 and a 1-year high of $170.87.

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

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on WGS. TD Cowen restated a “buy” rating on shares of GeneDx in a research report on Wednesday, July 15th. Piper Sandler reiterated an “overweight” rating and set a $63.00 price objective (up from $50.00) on shares of GeneDx in a research report on Tuesday, June 23rd. BTIG Research reissued a “buy” rating and set a $90.00 price objective on shares of GeneDx in a research note on Tuesday, August 4th. Guggenheim restated 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, Wall Street Zen raised GeneDx from a “sell” rating to a “hold” rating in a research note on Saturday, August 8th. One investment analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $89.57.

Insider Buying and Selling at GeneDx

In other news, CEO Katherine Stueland sold 10,501 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 value of $638,145.77. Following the transaction, the chief executive officer owned 104,372 shares of the company’s stock, valued at $6,342,686.44. This represents a 9.14% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 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 stock in a transaction on Tuesday, June 16th. The stock was sold at an average price of $60.77, for a total value 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 ownership of the stock. 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 three months, insiders have sold 19,135 shares of company stock valued at $1,128,499. 25.17% of the stock is owned by insiders.

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.