Wells Fargo initiates GeneDx with an Equal Weight, $34 price target

As previously reported, Wells Fargo initiated coverage of GeneDx with an Equal Weight rating and $34 price target. The firm notes GeneDx has a strong franchise in exome/genome testing for pediatric/rare disease, and management execution driving profitable growth and re-building credibility has been impressive, but after a 10-times rally year-to-date, valuation looks fair.