Connor Clark & Lunn Investment Management Ltd. Takes Position in GeneDx Holdings Corp. (NASDAQ:WGS)

Connor Clark & Lunn Investment Management Ltd. bought a new position in shares of GeneDx Holdings Corp. (NASDAQ:WGS) in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm bought 60,005 shares of the company’s stock, valued at approximately $2,547,000.

Several other hedge funds and other institutional investors have also modified their holdings of WGS. Renaissance Technologies LLC acquired a new stake in GeneDx during the second quarter worth approximately $2,362,000. Lisanti Capital Growth LLC bought a new position in shares of GeneDx during the third quarter worth approximately $1,554,000. Chartwell Investment Partners LLC acquired a new stake in GeneDx during the 3rd quarter worth approximately $1,722,000. Millennium Management LLC boosted its stake in GeneDx by 193.5% in the 2nd 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 period. Finally, Algert Global LLC acquired a new position in GeneDx in the 2nd quarter valued at $356,000. Institutional investors own 61.72% of the company’s stock.

Insider Activity at GeneDx

In other GeneDx news, CEO Katherine Stueland sold 3,639 shares of the company’s stock in a transaction dated Monday, September 9th. The stock was sold at an average price of $33.33, for a total value of $121,287.87. Following the completion of the transaction, the chief executive officer now owns 95,457 shares of the company’s stock, valued at $3,181,581.81. This represents a 3.67 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, major shareholder School Of Medicine At Mo Icahn sold 865,800 shares of the stock in a transaction dated Thursday, October 31st. The shares were 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 owns 2,866,833 shares of the company’s stock, valued at $215,012,475. This represents a 23.20 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 1,097,090 shares of company stock valued at $81,094,171 over the last ninety days. 27.30% of the stock is owned by corporate insiders.

GeneDx Stock Performance

Shares of GeneDx stock opened at $78.71 on Monday. The company has a current ratio of 2.40, a quick ratio of 2.27 and a debt-to-equity ratio of 0.25. The company has a market cap of $2.16 billion, a PE ratio of -25.31 and a beta of 2.11. The company has a 50 day moving average of $59.61 and a 200-day moving average of $39.83. GeneDx Holdings Corp. has a 1-year low of $1.41 and a 1-year high of $89.11.

GeneDx (NASDAQ:WGS) last released its earnings results on Tuesday, October 29th. The company reported $0.04 earnings per share for the quarter, topping the consensus estimate of ($0.21) by $0.25. GeneDx had a negative return on equity of 13.35% and a negative net margin of 31.25%. The firm had revenue of $76.90 million during the quarter, compared to analysts’ expectations of $64.98 million. During the same period in the prior year, the company earned ($0.82) earnings per share. The company’s quarterly revenue was up 44.3% on a year-over-year basis. As a group, equities research analysts forecast that GeneDx Holdings Corp. will post -0.24 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on the stock. 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. BTIG Research boosted their price objective on shares of GeneDx from $35.00 to $45.00 and gave the company a “buy” rating in a report on Wednesday, July 31st. The Goldman Sachs Group increased their target price on shares of GeneDx from $54.00 to $70.00 and gave the stock a “neutral” rating in a research report on Wednesday, October 30th. TD Cowen boosted their price target on GeneDx from $46.00 to $50.00 and gave the company a “buy” rating in a research note on Wednesday, July 31st. Finally, Wells Fargo & Company raised their price objective on GeneDx from $34.00 to $75.00 and gave the stock an “equal weight” rating in a research note on Wednesday, October 30th. Three investment analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus 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.