Mount Sinai Health System, Inc. and Icahn School of Medicine at Mount Sinai have recently reported the sale of GeneDx Holdings Corp. (NASDAQ:WGS) shares, according to a Form 4 filing with the Securities and Exchange Commission. The transactions, which took place on November 15 and November 18, involved the sale of a total of 147,141 shares of Class A Common Stock.
The shares were sold at prices ranging from $69.7806 to $70.7755 per share, resulting in a total transaction value of approximately $10.4 million. Following these transactions, the Icahn School of Medicine at Mount Sinai holds 2,719,692 shares, reflecting securities directly held by the institution. The sole member of the Icahn School of Medicine at Mount Sinai is Mount Sinai Health System, Inc.
In other recent news, genomic testing leader GeneDx reported a remarkable third quarter, marking its first profitable quarter and a significant revenue surge of 52%, reaching $76 million. The company's strategic growth in the pediatric outpatient market and advancements in genomic testing offerings were highlighted. GeneDx also raised its full-year 2024 revenue guidance to between $284 million and $290 million, indicating a positive future outlook.
The company has sequenced over 700,000 clinical exomes and genomes, capturing 80% of the U.S. exome market. In 2025, GeneDx plans to integrate genomic testing into major health systems through a partnership with Epic. However, the company noted a decrease in prior period collections to $6.3 million.
Analysts from various firms have noted GeneDx's impressive growth, with the company leading the genomic newborn screening market and increasing the average selling price for exome and genome tests to $3100, a $500 increase year-over-year. These recent developments underline GeneDx's strong position in the genomic testing market and its potential for continued growth and profitability.
InvestingPro Insights
The recent sale of GeneDx Holdings Corp. (NASDAQ:WGS) shares by Mount Sinai Health System and Icahn School of Medicine comes at a time when the company's stock has shown remarkable performance. According to InvestingPro data, WGS has delivered an impressive 5015.11% return over the past year, with a substantial 226.75% gain in the last six months alone. This stellar performance may have influenced the decision to sell shares at the current price levels.
Despite the recent sale by institutional investors, WGS continues to show strong growth potential. InvestingPro Tips highlight that the company's revenue growth stands at 29.41% for the last twelve months, with a notable 44.22% increase in quarterly revenue. This robust top-line growth suggests that GeneDx is expanding its market presence and could be poised for further expansion.
However, investors should note that WGS is currently trading at a high Price / Book multiple of 9.54, indicating that the stock may be priced at a premium compared to its book value. Additionally, the company is not yet profitable, with a negative operating income of $54.65 million for the last twelve months. These factors may explain why some institutional investors are taking profits at current levels.
For those interested in a deeper analysis, InvestingPro offers 12 additional tips for WGS, providing a more comprehensive view of the company's financial health and market position. These insights can be valuable for investors looking to make informed decisions in the dynamic genomics sector.
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