Renaissance Technologies LLC Invests $2.36 Million in GeneDx Holdings Corp. (NASDAQ:WGS)

Renaissance Technologies LLC acquired a new stake in shares of GeneDx Holdings Corp. (NASDAQ:WGS) during the second quarter, HoldingsChannel.com reports. The institutional investor acquired 90,373 shares of the company’s stock, valued at approximately $2,362,000.

A number of other institutional investors have also added to or reduced their stakes in WGS. Thompson Davis & CO. Inc. increased its position in shares of GeneDx by 20.8% during the first quarter. Thompson Davis & CO. Inc. now owns 24,094 shares of the company’s stock valued at $220,000 after buying an additional 4,150 shares during the period. Vanguard Group Inc. grew its stake in GeneDx by 4.2% during the first quarter. Vanguard Group Inc. now owns 707,612 shares of the company’s stock valued at $6,460,000 after acquiring an additional 28,678 shares in the last quarter. Gagnon Advisors LLC increased its holdings in GeneDx by 41.6% during the 1st quarter. Gagnon Advisors LLC now owns 211,393 shares of the company’s stock worth $1,930,000 after acquiring an additional 62,059 shares during the period. Gagnon Securities LLC lifted its stake in GeneDx by 59.3% in the 1st quarter. Gagnon Securities LLC now owns 556,305 shares of the company’s stock worth $5,079,000 after purchasing an additional 207,027 shares in the last quarter. Finally, Oracle Investment Management Inc. boosted its holdings in GeneDx by 531.7% in the 1st quarter. Oracle Investment Management Inc. now owns 1,126,607 shares of the company’s stock valued at $10,286,000 after purchasing an additional 948,253 shares during the period. Hedge funds and other institutional investors own 61.72% of the company’s stock.

GeneDx Trading Up 1.4 %

Shares of WGS opened at $43.04 on Wednesday. The company has a debt-to-equity ratio of 0.27, a quick ratio of 2.22 and a current ratio of 2.38. The firm has a market cap of $1.12 billion, a price-to-earnings ratio of -8.31 and a beta of 2.29. The firm has a 50 day moving average price of $34.74 and a 200-day moving average price of $25.32. GeneDx Holdings Corp. has a fifty-two week low of $1.16 and a fifty-two week high of $43.98.

GeneDx (NASDAQ:WGS) last issued its earnings results on Tuesday, July 30th. The company reported ($0.11) earnings per share for the quarter, beating the consensus estimate of ($0.26) by $0.15. The company had revenue of $70.51 million during the quarter, compared to analysts’ expectations of $58.90 million. GeneDx had a negative return on equity of 22.71% and a negative net margin of 48.21%. As a group, equities research analysts forecast that GeneDx Holdings Corp. will post -0.75 earnings per share for the current year.

Insider Transactions at GeneDx

In other GeneDx news, major shareholder Opko Health, Inc. sold 36,118 shares of the business’s stock in a transaction dated Friday, July 5th. The shares were sold at an average price of $28.24, for a total value of $1,019,972.32. Following the transaction, the insider now owns 3,433,403 shares in the company, valued at $96,959,300.72. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other GeneDx news, major shareholder Opko Health, Inc. sold 36,118 shares of the stock in a transaction that occurred on Friday, July 5th. The stock was sold at an average price of $28.24, for a total value of $1,019,972.32. Following the completion of the sale, the insider now owns 3,433,403 shares in the company, valued at approximately $96,959,300.72. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, CEO Katherine Stueland sold 2,154 shares of the business’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 transaction, the chief executive officer now directly owns 92,550 shares in the company, valued at $3,104,127. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 679,786 shares of company stock worth $22,385,961. Insiders own 28.10% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on WGS shares. The Goldman Sachs Group upped their price target on shares of GeneDx from $28.00 to $32.00 and gave the stock a “neutral” rating in a report on Wednesday, July 31st. Wells Fargo & Company began coverage on GeneDx in a research report on Tuesday, August 27th. They set an “equal weight” rating and a $34.00 price target for the company. Craig Hallum boosted their price objective on GeneDx from $43.00 to $46.00 and gave the stock a “buy” rating in a report on Wednesday, July 31st. BTIG Research raised their target price on shares of GeneDx from $35.00 to $45.00 and gave the company a “buy” rating in a research note on Wednesday, July 31st. Finally, TD Cowen boosted their price target on shares of GeneDx from $46.00 to $50.00 and gave the stock a “buy” rating in a research note on Wednesday, July 31st. Three equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat, GeneDx currently has a consensus rating of “Moderate Buy” and an average price target of $38.00.

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.