BTIG says GeneDx short report creates buying opportunity

BTIG analyst Mark Massaro notes that earlier today, a short report was published on GeneDx (WGS), which alleges wholesale reimbursement fraud at the company. Shares were down about 4%, and BTIG believe the move is relatively contained because of the lack of substance in the claims. In the firm’s opinion, the report contains several inaccuracies, and BTIG is reiterating its estimates on GeneDx, its Buy rating on the shares and a price target of $95. The firm says it was particularly puzzled by some of the statements about the old legacy company, Sema4, given that it was already shut down.