GeneDx Holdings Corp. (NASDAQ:WGS) Chief Financial Officer Kevin Feeley recently sold shares of the company’s Class A Common Stock, according to an SEC filing. On December 16, Feeley sold 3,728 shares at an average price of $76.75 per share, amounting to a total transaction value of $286,139. The transaction comes amid an impressive year for GeneDx, which has seen its stock surge over 4,200% in the past 12 months, according to InvestingPro data.
The sale was executed to cover tax withholding obligations associated with the vesting of restricted stock units (RSUs). These transactions were not discretionary but rather a “sell to cover” arrangement. Following this transaction, Feeley holds 28,200 shares directly. The company, currently valued at $2.15 billion, maintains a GOOD financial health score and operates with moderate debt levels.
Additionally, Feeley acquired 7,197 shares through the vesting of RSUs, with each unit converting to one share of Class A Common Stock without any cash consideration. After these transactions, Feeley’s total direct ownership stands at 64,772 shares. For deeper insights into GeneDx’s valuation and financial metrics, investors can access the comprehensive Pro Research Report available on InvestingPro.
In other recent news, genomic testing leader GeneDx reported a substantial year-over-year revenue increase of 52% for Q3 2024, reaching $76 million. This notable surge marked the company’s first profitable quarter. GeneDx’s significant growth in the pediatric outpatient market and advancements in genomic testing offerings were highlighted during the earnings call.
The company has sequenced over 700,000 clinical exomes and genomes, capturing 80% of the U.S. exome market. A partnership with Epic is planned to integrate genomic testing into major health systems in 2025. GeneDx has also raised its full-year 2024 revenue guidance to $284-$290 million.
However, prior period collections decreased to $6.3 million, down from $7 million. Despite this, GeneDx leads the genomic newborn screening market with a nearly 4% positivity rate in the Guardian study and has increased the average selling price for exome and genome tests to $3,100, a $500 increase year-over-year. These recent developments indicate the company’s continued growth and dominance in the genomic testing market.
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