GeneDx Holdings Corp. (NASDAQ:WGS) has made the biggest gains on the Russell 2000 Index in 2024 as the biotechnology company moves toward more comprehensive genetic testing.
The Maryland-based company’s shares have soared 1,101% so far this year as of midday Thursday, according to Tradingview.
Goldman Sachs analyst Matthew Sykes attributes much of GeneDX’s positive momentum to shifting its testing. The company went from panel-based tests, which look for variants in more than one gene, to exome/genome testing, which analyzes the bulk of a person’s DNA to find genetic variations.
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“We remain optimistic about WGS’s continued focus on converting its mix shift of panel-based tests to whole exome/genome-based tests,” Sykes wrote in a note on Wednesday.
“As of 1Q24, 30% of their tests were exome/genome-based, whereas this metric was 16% in 1Q23.”
He said …
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