GeneDx (NASDAQ:WGS) Sees Strong Trading Volume – Here’s What Happened

Shares of GeneDx Holdings Corp. (NASDAQ:WGS) saw unusually-high trading volume on Wednesday . Approximately 1,920,810 shares changed hands during trading, an increase of 113% from the previous session’s volume of 903,514 shares.The stock last traded at $68.70 and had previously closed at $72.02.

Analyst Upgrades and Downgrades

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

GeneDx Stock Performance

The stock has a market capitalization of $1.88 billion, a P/E ratio of -22.09 and a beta of 2.01. The company has a 50-day moving average price of $77.91 and a two-hundred day moving average price of $58.87. The company has a current ratio of 2.40, a quick ratio of 2.27 and a debt-to-equity ratio of 0.25.

Insider Activity at GeneDx

In other GeneDx news, CEO Katherine Stueland sold 51,420 shares of GeneDx stock in a transaction dated Tuesday, January 7th. The stock was sold at an average price of $94.48, for a total transaction of $4,858,161.60. Following the completion of the transaction, the chief executive officer now owns 1,720 shares in the company, valued at approximately $162,505.60. The trade was a 96.76 % 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 GeneDx stock in a transaction that occurred on Monday, November 18th. The shares were sold at an average price of $70.78, for a total value of $8,973,629.96. Following the transaction, the insider now directly owns 2,719,692 shares in the company, valued at approximately $192,499,799.76. The trade was a 4.45 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 363,669 shares of company stock worth $28,061,081 in the last quarter. Company insiders own 27.30% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the business. Bank of New York Mellon Corp lifted its holdings in GeneDx by 26.6% during the fourth quarter. Bank of New York Mellon Corp now owns 40,914 shares of the company’s stock valued at $3,145,000 after purchasing an additional 8,597 shares during the last quarter. Thompson Davis & CO. Inc. boosted its holdings in GeneDx by 44.7% in the 4th quarter. Thompson Davis & CO. Inc. now owns 21,130 shares of the company’s stock worth $1,624,000 after buying an additional 6,530 shares during the period. Legacy Capital Group California Inc. purchased a new position in GeneDx in the 4th quarter valued at approximately $883,000. Ieq Capital LLC bought a new stake in GeneDx during the 4th quarter valued at $220,000. Finally, Global Retirement Partners LLC purchased a new stake in shares of GeneDx during the fourth quarter worth $28,000. Hedge funds and other institutional investors own 61.72% of the company’s stock.

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.