Verition Fund Management LLC Buys 2,945 Shares of GeneDx Holdings Corp. (NASDAQ:WGS)

Verition Fund Management LLC grew its position in GeneDx Holdings Corp. (NASDAQ:WGS) by 12.9% in the third quarter, according to its most recent filing with the SEC. The fund owned 25,845 shares of the company’s stock after acquiring an additional 2,945 shares during the period. Verition Fund Management LLC owned 0.09% of GeneDx worth $1,097,000 as of its most recent filing with the SEC.

Several other hedge funds also recently modified their holdings of WGS. Renaissance Technologies LLC acquired a new position in GeneDx in the 2nd quarter valued at approximately $2,362,000. Chartwell Investment Partners LLC acquired a new stake in GeneDx in the third quarter valued at $1,722,000. Lisanti Capital Growth LLC bought a new position in GeneDx during the 3rd quarter worth $1,554,000. Millennium Management LLC lifted its holdings in GeneDx by 193.5% during the 2nd quarter. Millennium Management LLC now owns 311,401 shares of the company’s stock worth $8,140,000 after buying an additional 205,318 shares during the period. Finally, Algert Global LLC bought a new stake in shares of GeneDx in the 2nd quarter valued at about $356,000. Institutional investors and hedge funds own 61.72% of the company’s stock.

GeneDx Stock Down 2.1 %

GeneDx stock opened at $77.20 on Monday. The company has a quick ratio of 2.27, a current ratio of 2.40 and a debt-to-equity ratio of 0.25. The company has a market capitalization of $2.12 billion, a PE ratio of -24.82 and a beta of 2.03. The firm’s fifty day moving average is $67.45 and its 200 day moving average is $43.85. GeneDx Holdings Corp. has a 12-month low of $1.45 and a 12-month high of $89.11.

GeneDx (NASDAQ:WGS) last issued its earnings results on Tuesday, October 29th. The company reported $0.04 EPS for the quarter, beating analysts’ consensus estimates 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 business had revenue of $76.90 million during the quarter, compared to analyst estimates of $64.98 million. During the same period in the previous year, the company posted ($0.82) EPS. The firm’s revenue was up 44.3% compared to the same quarter last year. As a group, sell-side analysts predict that GeneDx Holdings Corp. will post -0.24 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of research firms recently commented on WGS. Craig Hallum lifted their price objective on GeneDx from $70.00 to $95.00 and gave the stock a “buy” rating in a research note on Wednesday, October 30th. The Goldman Sachs Group boosted their price target 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. Finally, Wells Fargo & Company increased their price objective on shares of GeneDx from $34.00 to $75.00 and gave the stock an “equal weight” rating in a research report on Wednesday, October 30th. Three investment analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $59.33.

Insider Activity at GeneDx

In related news, CEO Katherine Stueland sold 2,154 shares of the business’s stock in a transaction dated Tuesday, October 29th. The shares were sold at an average price of $66.60, for a total transaction of $143,456.40. Following the transaction, the chief executive officer now directly owns 105,426 shares in the company, valued at approximately $7,021,371.60. The trade was a 2.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed 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 transaction of $64,935,000.00. Following the transaction, the insider now directly owns 2,866,833 shares in the company, valued at approximately $215,012,475. This represents a 23.20 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 1,104,576 shares of company stock valued at $81,841,883. 27.30% of the stock is owned by company insiders.

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.