GeneDx (NASDAQ:WGS) Shares Gap Down Following Insider Selling

GeneDx Holdings Corp. (NASDAQ:WGS)’s stock price gapped down prior to trading on Monday after an insider sold shares in the company. The stock had previously closed at $30.07, but opened at $25.85. GeneDx shares last traded at $27.23, with a volume of 25,870 shares traded.

Specifically, Director Casdin Capital, Llc acquired 7,500 shares of the firm’s stock in a transaction on Thursday, May 23rd. The shares were bought at an average price of $19.59 per share, for a total transaction of $146,925.00. Following the acquisition, the director now owns 2,761,009 shares of the company’s stock, valued at approximately $54,088,166.31. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other GeneDx news, Director Casdin Capital, Llc acquired 7,500 shares of the company’s stock in a transaction that occurred on Thursday, May 23rd. The stock was bought at an average price of $19.59 per share, with a total value of $146,925.00. Following the purchase, the director now owns 2,761,009 shares in the company, valued at $54,088,166.31. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Katherine Stueland sold 2,652 shares of the firm’s stock in a transaction that occurred on Monday, June 10th. The stock was sold at an average price of $24.92, for a total transaction of $66,087.84. Following the completion of the transaction, the chief executive officer now directly owns 79,763 shares in the company, valued at $1,987,693.96. The disclosure for this sale can be found here. Over the last ninety days, insiders bought 175,804 shares of company stock worth $3,771,670 and sold 490,343 shares worth $15,701,354. 28.10% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

WGS has been the subject of a number of recent research reports. BTIG Research raised their target price on GeneDx from $35.00 to $45.00 and gave the stock a “buy” rating in a research note on Wednesday, July 31st. Craig Hallum raised their price objective on shares of GeneDx from $43.00 to $46.00 and gave the stock a “buy” rating in a research report on Wednesday, July 31st. Jefferies Financial Group began coverage on shares of GeneDx in a report on Monday, June 3rd. They issued a “hold” rating and a $21.00 target price on the stock. TD Cowen increased their price target on shares of GeneDx from $46.00 to $50.00 and gave the company a “buy” rating in a research note on Wednesday, July 31st. Finally, The Goldman Sachs Group lifted their price target on shares of GeneDx from $28.00 to $32.00 and gave the company a “neutral” rating in a research report on Wednesday, July 31st. Two investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $38.80.

GeneDx Price Performance

The company has a market capitalization of $752.84 million, a PE ratio of -5.56 and a beta of 2.29. The company has a debt-to-equity ratio of 0.27, a current ratio of 2.38 and a quick ratio of 2.99. The company’s 50 day simple moving average is $28.75 and its 200 day simple moving average is $17.05.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the stock. Acadian Asset Management LLC purchased a new stake in GeneDx in the second quarter valued at approximately $34,000. nVerses Capital LLC purchased a new stake in GeneDx in the 2nd quarter valued at $50,000. PFG Investments LLC acquired a new stake in GeneDx during the 1st quarter worth $95,000. Rhumbline Advisers grew its position in GeneDx by 8,096.4% during the 2nd quarter. Rhumbline Advisers now owns 18,360 shares of the company’s stock worth $480,000 after purchasing an additional 18,136 shares during the last quarter. Finally, Legal Advantage Investments Inc. acquired a new position in GeneDx in the second quarter valued at $518,000. 61.72% of the stock is owned by hedge funds and other institutional investors.

About GeneDx

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.