State Street Corp Boosts Stock Position in GeneDx Holdings Corp. (NASDAQ:WGS)

State Street Corp grew its holdings in shares of GeneDx Holdings Corp. (NASDAQ:WGS) by 18.3% in the 3rd quarter, HoldingsChannel reports. The firm owned 314,914 shares of the company’s stock after acquiring an additional 48,735 shares during the quarter. State Street Corp’s holdings in GeneDx were worth $13,365,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently made changes to their positions in the business. Renaissance Technologies LLC bought a new position in GeneDx during the second quarter valued at $2,362,000. Chartwell Investment Partners LLC purchased a new position in shares of GeneDx during the 3rd quarter valued at $1,722,000. Charles Schwab Investment Management Inc. grew its stake in shares of GeneDx by 304.3% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 147,034 shares of the company’s stock worth $6,240,000 after acquiring an additional 110,666 shares during the period. Lisanti Capital Growth LLC bought a new stake in GeneDx in the 3rd quarter valued at about $1,554,000. Finally, Millennium Management LLC lifted its holdings in GeneDx by 193.5% during the second quarter. Millennium Management LLC now owns 311,401 shares of the company’s stock valued at $8,140,000 after purchasing an additional 205,318 shares during the last quarter. 61.72% of the stock is currently owned by institutional investors.

GeneDx Stock Up 1.3 %

Shares of NASDAQ WGS opened at $77.40 on Thursday. The business has a 50-day moving average of $73.47 and a 200-day moving average of $48.58. The firm has a market capitalization of $2.13 billion, a price-to-earnings ratio of -24.89 and a beta of 2.03. The company has a current ratio of 2.40, a quick ratio of 2.27 and a debt-to-equity ratio of 0.25. GeneDx Holdings Corp. has a 12 month low of $2.47 and a 12 month high of $89.11.

GeneDx (NASDAQ:WGS) last posted its quarterly earnings data on Tuesday, October 29th. The company reported $0.04 earnings per share for the quarter, beating the consensus estimate of ($0.21) by $0.25. The firm had revenue of $76.90 million for the quarter, compared to analysts’ expectations of $64.98 million. GeneDx had a negative net margin of 31.25% and a negative return on equity of 13.35%. The business’s quarterly revenue was up 44.3% on a year-over-year basis. During the same quarter last year, the company posted ($0.82) EPS. Sell-side analysts expect that GeneDx Holdings Corp. will post -0.24 earnings per share for the current fiscal year.

Insider Transactions at GeneDx

In related news, CFO Kevin Feeley sold 12,019 shares of the stock in a transaction dated Thursday, November 21st. The stock was sold at an average price of $73.76, for a total transaction of $886,521.44. Following the completion of the sale, the chief financial officer now directly owns 32,932 shares in the company, valued at $2,429,064.32. This represents a 26.74 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, major shareholder School Of Medicine At Mo Icahn sold 865,800 shares of GeneDx stock in a transaction that occurred on Thursday, October 31st. The stock was sold at an average price of $75.00, for a total value of $64,935,000.00. Following the completion of the transaction, the insider now directly owns 2,866,833 shares in the company, valued at $215,012,475. This trade represents a 23.20 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 1,123,603 shares of company stock worth $83,300,382. 27.30% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

Several research analysts recently commented on WGS shares. Wells Fargo & Company raised their price objective on shares of GeneDx from $34.00 to $75.00 and gave the stock an “equal weight” rating in a report on Wednesday, October 30th. The Goldman Sachs Group raised their target price on GeneDx from $54.00 to $70.00 and gave the stock a “neutral” rating in a research note on Wednesday, October 30th. Finally, Craig Hallum raised their price objective 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. Three analysts have rated the stock with a hold rating and three have given a buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $59.33.

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.