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Opko Health (NASDAQ:OPK), Inc., a significant shareholder in GeneDx Holdings Corp. (NASDAQ:WGS), has recently sold a substantial number of shares in the genetic diagnostics company. The transactions, which occurred over a span of three days, resulted in the sale of 89,082 shares at prices ranging between $26.634 and $29.1238, amounting to a total of over $2.45 million.
The sales began on July 1, 2024, with 50,000 shares sold at an average price of $26.634, as detailed in the footnotes of the SEC filing. The following day, 25,000 shares were sold at an average price of $29.1238. The final transaction on July 3 saw the sale of 14,082 shares at an average price of $28.2269. The prices for these sales varied, with the first day's transactions ranging from $26.4607 to $26.95, the second day's from $27.31 to $31.20, and the third day's from $28.00 to $28.965.
After these transactions, Opko Health's remaining stake in GeneDx Holdings Corp. stands at 3,469,521 shares. The sales were executed by Steven D. Rubin, the Executive Vice President of Administration at Opko Health, who has provided a commitment to furnish further details regarding the number of shares sold at each price upon request.
Investors and followers of GeneDx Holdings Corp. will be keeping a close eye on the market's reaction to these significant transactions by one of its major shareholders.
In other recent news, GeneDx Holdings Corp. has seen significant developments. The company's shareholders approved all items on the agenda at its Annual Meeting, including the election of three Class III directors and the ratification of Ernst & Young LLP as the independent auditor. The company also posted impressive first-quarter results, reporting a 51% year-over-year revenue increase to $61.5 million, primarily due to the delivery of over 16,500 whole exome and genome tests.
Based on these results, GeneDx has increased its revenue guidance for the year to between $235 million and $245 million. Analyst firms TD Cowen and BTIG have expressed confidence in GeneDx's performance, with TD Cowen raising the company's share price target to $24.00 and BTIG increasing its price target to $19.00, both maintaining a Buy rating.
These are recent developments and it is important to note that the company's focus on health services is part of the broader industry trend towards personalized medicine and the use of genetic information to guide patient care. The election of directors with diverse backgrounds and the ratification of a reputable auditor underscore the company's commitment to strong corporate governance and operational oversight.
InvestingPro Insights
GeneDx Holdings Corp. (NASDAQ:WGS) has been a topic of interest for investors, particularly following the recent sale of shares by Opko Health, Inc. Looking at the real-time data from InvestingPro, the company's market cap currently stands at $733.53 million. Despite a challenging period, with a reported revenue decline of -0.91% over the last twelve months as of Q1 2024, GeneDx Holdings Corp. showcased a substantial quarterly revenue growth of 44.7% in Q1 2024.
An InvestingPro Tip that stands out for GeneDx Holdings Corp. is that two analysts have revised their earnings upwards for the upcoming period, indicating a potential positive shift in the company's financial trajectory. Additionally, it is worth noting that the company's stock price has experienced significant appreciation, with a 6-month total return of 903.58% as of the date provided. This volatility and performance may catch the eye of investors looking for growth opportunities, albeit with a higher risk profile due to the stock's volatility and the company's current lack of profitability.
For those interested in delving deeper into GeneDx Holdings Corp.'s financials and future outlook, InvestingPro offers comprehensive analysis and additional InvestingPro Tips. There are currently 11 more tips available, which could provide valuable insights into making informed investment decisions. Readers can use the coupon code PRONEWS24 to get up to 10% off a yearly Pro and a yearly or biyearly Pro+ subscription to access these insights and enhance their investment strategies.
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