Mission Wealth Management Acquires Shares in GeneDx Holdings Corp.

Mission Wealth Management LP has recently disclosed its acquisition of a new position in GeneDx Holdings Corp. (NASDAQ:WGS) during the fourth quarter of the fiscal year. The fund purchased 5,000 shares of GeneDx's stock, which is valued at approximately $384,000.

• GeneDx: Despite a remarkable increase of 2,700% in 2024, potential gains are still anticipated.

In addition to Mission Wealth Management, several other hedge funds have also adjusted their holdings in GeneDx. For instance, Fred Alger Management LLC invested in GeneDx during the third quarter, acquiring a new position worth $16,731,000. Geode Capital Management LLC increased its stake in the company by 8.7% in the same quarter, bringing its total to 377,631 shares, valued at $16,030,000 after the purchase of an additional 30,379 shares.

State Street Corp also ramped up its investments, increasing its holdings in GeneDx by 18.3%. After buying an additional 48,735 shares, State Street controls 314,914 shares worth $13,365,000. Furthermore, Zweig DiMenna Associates LLC entered a new position in the fourth quarter amounting to $23,788,000. Point72 Asset Management L.P. also significantly raised its holdings by 87.4%, acquiring a total of 293,671 shares worth $12,463,000 following an extra purchase of 136,926 shares in the previous quarter. The data shows that 61.72% of GeneDx's stock is held by hedge funds and institutional investors.

Insider Trading Activity

In notable insider activities at GeneDx, CFO Kevin Feeley sold 1,137 shares of the company's stock on December 9, 2023, at an average price of $76.37, resulting in a total of approximately $86,832.69. This sale decreased his shareholding to 24,731 shares, which are currently valued at about $1,888,706.47—a 4.40% drop from his previous stake. The transaction was reported in filings made to the Securities & Exchange Commission.

Additionally, CEO Katherine Stueland sold 51,420 shares on January 7, 2024, for an average price of $94.48, amounting to $4,858,161.60. After this sale, she retained only 1,720 shares in the company, valued at $162,505.60, marking a drastic 96.76% reduction in her shareholdings. In the last 90 days alone, insiders have sold 127,321 shares worth a total of $11,315,903, with company insiders owning 27.30% of the total stock.

GeneDx Share Price Update

As of Thursday, NASDAQ:WGS opened at $105.31, showing a 6.4% increase. The company’s moving averages stand at $82.49 for the 50-day period and $66.82 for the 200-day period. GeneDx has a market capitalization of $2.96 billion, a PE ratio of -53.73, and a beta of 2.01. The company’s debt-to-equity ratio is 0.25, along with a current ratio of 2.40 and a quick ratio of 2.27. GeneDx has recorded a one-year low of $7.72 and a high of $115.60.

Recently, GeneDx announced its quarterly earnings data, revealing an EPS of $0.70 for the quarter, which surpassed the consensus estimate of $0.04 by $0.66. Despite a negative net margin of 17.12%, the company achieved revenues totaling $95.64 million for the quarter, exceeding the consensus expectation of $82.24 million. Analysts predict a projected EPS of about 0.97 for GeneDx in the current fiscal year.

Analyst Ratings Overview

GeneDx (NASDAQ:WGS) has been the subject of numerous research reviews. Recently, TD Cowen raised their price target on GeneDx shares from $75.00 to $118.00, maintaining a "buy" rating. Meanwhile, The Goldman Sachs Group adjusted their target price from $70.00 to $80.00, providing a "neutral" rating in their analysis. Current data indicates that three analysts recommend holding the stock, while three others advocate for buying it. MarketBeat reflects a consensus rating of "Moderate Buy" with an average target price set at $72.33.

About GeneDx Holdings Corp.

GeneDx Holdings Corp., through its subsidiaries, specializes in providing genomic-related diagnostic and informational services. The company is recognized for its development of Centrellis, an AI-powered health intelligence platform enabling scientists to combine clinical and genomic data for comprehensive health insights.

Disclaimer: This article is generated based on various market data and insights with no affiliations to any financial entities.

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