Bank of New York Mellon Corp Makes New $991,000 Investment in GeneDx Holdings Corp. (NASDAQ:WGS)

Bank of New York Mellon Corp bought a new position in shares of GeneDx Holdings Corp. (NASDAQ:WGS) during the second quarter, Holdings Channel.com reports. The fund bought 37,918 shares of the company’s stock, valued at approximately $991,000.

Several other institutional investors and hedge funds have also made changes to their positions in WGS. Calamos Advisors LLC purchased a new stake in GeneDx in the 2nd quarter valued at $1,137,000. Assenagon Asset Management S.A. purchased a new stake in shares of GeneDx in the second quarter valued at about $9,575,000. Legal Advantage Investments Inc. acquired a new stake in shares of GeneDx during the second quarter worth about $518,000. Oracle Investment Management Inc. grew its holdings in shares of GeneDx by 531.7% during the first quarter. Oracle Investment Management Inc. now owns 1,126,607 shares of the company’s stock worth $10,286,000 after buying an additional 948,253 shares during the last quarter. Finally, Gagnon Securities LLC increased its position in GeneDx by 59.3% in the 1st quarter. Gagnon Securities LLC now owns 556,305 shares of the company’s stock valued at $5,079,000 after acquiring an additional 207,027 shares during the period. 61.72% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at GeneDx

In other GeneDx news, CEO Katherine Stueland sold 2,154 shares of the company’s stock in a transaction on Monday, July 29th. The stock was sold at an average price of $33.54, for a total value of $72,245.16. Following the sale, the chief executive officer now owns 92,550 shares of the company’s stock, valued at $3,104,127. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, major shareholder Opko Health, Inc. sold 50,000 shares of GeneDx stock in a transaction that occurred on Monday, July 1st. The stock was sold at an average price of $26.63, for a total transaction of $1,331,500.00. Following the completion of the transaction, the insider now directly owns 3,508,603 shares in the company, valued at approximately $93,434,097.89. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Katherine Stueland sold 2,154 shares of the company’s stock in a transaction that occurred on Monday, July 29th. The shares were sold at an average price of $33.54, for a total value of $72,245.16. Following the completion of the sale, the chief executive officer now directly owns 92,550 shares in the company, valued at approximately $3,104,127. The disclosure for this sale can be found here. Insiders have sold 743,868 shares of company stock valued at $24,114,996 in the last quarter. 28.10% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on the company. Wells Fargo & Company initiated coverage on GeneDx in a research report on Tuesday, August 27th. They set an “equal weight” rating and a $34.00 price objective for the company. Craig Hallum lifted their price objective on shares of GeneDx from $43.00 to $46.00 and gave the company a “buy” rating in a research report on Wednesday, July 31st. Jefferies Financial Group began coverage on shares of GeneDx in a research note on Monday, June 3rd. They issued a “hold” rating and a $21.00 price objective on the stock. BTIG Research raised their target price on shares of GeneDx from $35.00 to $45.00 and gave the stock a “buy” rating in a research note on Wednesday, July 31st. Finally, The Goldman Sachs Group boosted their price target on shares of GeneDx from $28.00 to $32.00 and gave the stock a “neutral” rating in a research note on Wednesday, July 31st. Three equities research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat.com, GeneDx has a consensus rating of “Moderate Buy” and a consensus price target of $38.00.

GeneDx Price Performance

GeneDx stock opened at $40.40 on Friday. The company has a debt-to-equity ratio of 0.27, a quick ratio of 2.22 and a current ratio of 2.38. GeneDx Holdings Corp. has a one year low of $1.16 and a one year high of $43.32. The company has a market cap of $1.06 billion, a P/E ratio of -7.80 and a beta of 2.29. The business has a fifty day moving average of $33.64 and a two-hundred day moving average of $23.59.

GeneDx (NASDAQ:WGS) last released its quarterly earnings data on Tuesday, July 30th. The company reported ($0.11) EPS for the quarter, topping analysts’ consensus estimates of ($0.26) by $0.15. GeneDx had a negative net margin of 48.21% and a negative return on equity of 22.71%. The firm had revenue of $70.51 million for the quarter, compared to the consensus estimate of $58.90 million. As a group, analysts predict that GeneDx Holdings Corp. will post -0.75 earnings per share for the current fiscal year.

GeneDx 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.