Why Investors Were Avoiding GeneDx Holdings Stock This Week
With a nearly 39% stock price decline this week, according to data compiled by S&P Global Market Intelligence, GeneDx Holdings (NASDAQ: WGS) was deep in the doghouse with investors. They traded out of the stock following the company's latest earnings release and a subsequent round of analyst price target cuts.What's interesting about GeneDx's tumble is that its first-quarter performance was, on the surface, rather good. The figures released Wednesday revealed the DNA testing company managed to boost its revenue by 42% on a year-over-year basis to slightly more than $87 million. On the bottom line, it posted non-GAAP (adjusted) net income of nearly $7.7 million ($0.27 per share) against the year-ago loss of nearly $8 million. Continue reading
With a nearly 39% stock price decline this week, according to data compiled by S&P Global Market Intelligence, GeneDx Holdings (NASDAQ: WGS) was deep in the doghouse with investors. They traded out of the stock following the company's latest earnings release and a subsequent round of analyst price target cuts.
What's interesting about GeneDx's tumble is that its first-quarter performance was, on the surface, rather good. The figures released Wednesday revealed the DNA testing company managed to boost its revenue by 42% on a year-over-year basis to slightly more than $87 million.
On the bottom line, it posted non-GAAP (adjusted) net income of nearly $7.7 million ($0.27 per share) against the year-ago loss of nearly $8 million.
