Opko Health (NASDAQ:OPK), Inc. has recently sold a significant amount of shares in GeneDx Holdings Corp., according to a new SEC filing. The transaction involved the sale of 50,000 shares of GeneDx Holdings Corp. (NASDAQ:WGS) Class A Common Stock for a total value of approximately $1.69 million.
The sale took place on July 29, with shares being sold at a weighted average price of $33.8578. However, the transactions occurred at various prices ranging from $33.56 to $34.16 per share. Following the sale, Opko Health continues to own a substantial number of shares, with 3,073,403 shares remaining in its possession.
Investors and interested parties should note that the prices reported represent a weighted average, and further details on the number of shares sold at each price point within the range can be provided upon request.
This transaction shows a notable movement in GeneDx Holdings shares by one of its significant shareholders, Opko Health, Inc. The company, which is a ten percent owner of GeneDx Holdings, has made this sale as part of its investment activities.
The filing was signed by Steven D. Rubin, the Executive Vice President of Administration for Opko Health, Inc., and was dated July 31, 2024.
In other recent news, GeneDx has been making significant strides in its financial performance. The company surpassed revenue expectations by approximately $10 million in the second quarter, a roughly 16% beat, leading to an uplift in its full-year revenue guidance by $20 million. Despite reporting an adjusted net income loss of $2.7 million, the company's progress towards profitability is notable. Analyst firm BTIG reaffirmed its Buy rating on GeneDx and increased the price target to $45, reflecting confidence in the company's ongoing growth and financial discipline.
GeneDx also demonstrated a strong first quarter with 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. This led to a revised upward revenue guidance for the year between $235 million and $245 million. Analyst firms Craig-Hallum, TD Cowen, and BTIG have all responded positively to these developments, initiating Buy ratings and increasing share price targets for GeneDx.
At the company's Annual Meeting of Stockholders, three Class III directors were elected and Ernst & Young LLP was ratified as the independent auditor, reflecting GeneDx's commitment to strong corporate governance and operational oversight. These recent developments, along with the company's reaffirmed target to reach profitability by 2025, indicate a positive trajectory for GeneDx.
InvestingPro Insights
In light of the recent sale of GeneDx Holdings Corp. (NASDAQ:WGS) shares by Opko Health, Inc., investors may be curious about the current financial health and market performance of GeneDx. According to InvestingPro data, GeneDx has a market capitalization of approximately $859.32 million, suggesting a significant presence in its sector. Despite a challenging profitability outlook for the year, with analysts not expecting the company to be profitable, GeneDx has shown remarkable price performance over the last six months, with a total return of 682.6%.
The company's P/E ratio stands at -7.58, reflecting investor sentiment about its earnings potential. Additionally, with a revenue growth rate of 44.77% for the last quarter, GeneDx demonstrates a strong potential for scaling its business operations. A notable InvestingPro Tip is that two analysts have recently revised their earnings upwards for the upcoming period, indicating potential optimism in the company's future financial performance.
InvestingPro Tips also highlight that while the stock has taken a significant hit over the last week, with a price total return of -10.96%, it has had a strong return over the last month and three months, indicating a volatile yet potentially rewarding investment for those with a higher risk tolerance. For investors seeking more detailed analysis, InvestingPro offers additional tips on GeneDx Holdings Corp., which can be accessed for further investment insights.
It's also worth noting that GeneDx operates with a moderate level of debt and its liquid assets exceed short-term obligations, providing it with financial flexibility. Currently, InvestingPro lists several more tips that can offer investors a deeper understanding of GeneDx's financial position and market potential.
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