GeneDx price target lowered to $78 from $105 at Wells Fargo

Wells Fargo lowered the firm’s price target on GeneDx (WGS) to $78 from $105 and keeps an Equal Weight rating on the shares. The firm views Wednesday’s 40% selloff as overdone relative to a modest exome/genome volume miss that was impacted by weather. Clearly, expectations were sky high, but have now reset. The focus turns to accelerated second half of the year growth from a bolus of new products, Wells adds.