Canaccord Genuity Group Increases GeneDx (NASDAQ:WGS) Price Target to $170.00

GeneDx (NASDAQ:WGS) had its price objective raised by equities researchers at Canaccord Genuity Group from $160.00 to $170.00 in a report issued on Monday, Marketbeat.com reports. The firm presently has a “buy” rating on the stock. Canaccord Genuity Group’s price objective points to a potential upside of 25.60% from the company’s previous close.

Other equities analysts have also issued research reports about the company. Guggenheim reaffirmed a “buy” rating and set a $170.00 price target (up previously from $115.00) on shares of GeneDx in a research note on Wednesday, October 29th. Zacks Research downgraded shares of GeneDx from a “strong-buy” rating to a “hold” rating in a research report on Thursday, October 2nd. Weiss Ratings reaffirmed a “sell (d)” rating on shares of GeneDx in a research note on Wednesday, October 8th. Wall Street Zen cut shares of GeneDx from a “buy” rating to a “hold” rating in a research report on Saturday, November 1st. Finally, Wells Fargo & Company set a $155.00 price objective on shares of GeneDx and gave the company an “equal weight” rating in a report on Monday, December 15th. Seven equities research analysts have rated the stock with a Buy rating, three have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $135.89.

GeneDx Price Performance

WGS opened at $135.35 on Monday. The company has a debt-to-equity ratio of 0.18, a current ratio of 2.71 and a quick ratio of 2.59. The stock has a market capitalization of $3.91 billion, a P/E ratio of 1,503.89 and a beta of 1.99. The company’s 50 day simple moving average is $141.76 and its 200-day simple moving average is $117.53. GeneDx has a one year low of $55.17 and a one year high of $170.87.

GeneDx (NASDAQ:WGS) last posted its quarterly earnings data on Tuesday, October 28th. The company reported $0.49 earnings per share for the quarter, topping the consensus estimate of $0.28 by $0.21. The firm had revenue of $116.74 million during the quarter, compared to analysts’ expectations of $104.33 million. GeneDx had a net margin of 0.52% and a return on equity of 20.22%. Sell-side analysts anticipate that GeneDx will post 0.97 earnings per share for the current fiscal year.

Insider Activity at GeneDx

In other GeneDx news, CFO Kevin Feeley sold 3,855 shares of the stock in a transaction on Tuesday, December 16th. The shares were sold at an average price of $143.87, for a total value of $554,618.85. Following the sale, the chief financial officer directly owned 8,731 shares in the company, valued at approximately $1,256,128.97. This trade represents a 30.63% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Joshua Ruch sold 38,000 shares of GeneDx stock in a transaction on Monday, November 24th. The stock was sold at an average price of $160.37, for a total transaction of $6,094,060.00. Following the transaction, the director directly owned 11,941 shares in the company, valued at approximately $1,914,978.17. This represents a 76.09% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 60,163 shares of company stock worth $9,339,792 in the last ninety days. Company insiders own 29.60% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. Jones Financial Companies Lllp increased its position in shares of GeneDx by 664.3% during the third quarter. Jones Financial Companies Lllp now owns 214 shares of the company’s stock worth $25,000 after acquiring an additional 186 shares in the last quarter. Quarry LP increased its holdings in GeneDx by 248.8% during the 3rd quarter. Quarry LP now owns 293 shares of the company’s stock worth $32,000 after purchasing an additional 209 shares in the last quarter. Gordian Capital Singapore Pte Ltd bought a new position in GeneDx during the 3rd quarter worth about $65,000. AlphaQuest LLC raised its stake in shares of GeneDx by 351.5% in the 2nd quarter. AlphaQuest LLC now owns 763 shares of the company’s stock valued at $70,000 after purchasing an additional 594 shares during the period. Finally, Tower Research Capital LLC TRC lifted its holdings in shares of GeneDx by 479.0% in the second quarter. Tower Research Capital LLC TRC now owns 1,818 shares of the company’s stock valued at $168,000 after purchasing an additional 1,504 shares in the last quarter. Institutional investors and hedge funds own 61.72% of the company’s stock.

About GeneDx

GeneDx is a clinical diagnostics company specializing in comprehensive genetic and genomic testing for rare and inherited disorders. The company offers a broad portfolio of assays, including targeted gene panels, whole exome sequencing, whole genome sequencing and chromosomal microarray analysis. GeneDx’s laboratory services support the diagnosis of a wide range of conditions—from rare pediatric diseases and hereditary cancer syndromes to neuromuscular and metabolic disorders—by providing clinicians with detailed variant interpretation and reporting.

Founded in 2000 and based in Gaithersburg, Maryland, GeneDx was established with the aim of accelerating the translation of genomic discoveries into clinical care.