GeneDx Holdings Corp. (WGS) stock plummeted 46.19% in Tuesday's pre-market session, following a sharp post-market decline the previous day. The severe sell-off was triggered by the company's disappointing first-quarter 2026 financial results and a substantial reduction in its full-year revenue outlook.

The rare disease genomics firm reported Q1 revenue of $102.3 million, which represented a 17% year-over-year increase but fell significantly short of analyst consensus estimates of approximately $112-113 million. Furthermore, GeneDx posted an adjusted loss per share of $0.28, badly missing the expected loss of $0.01, and reported a GAAP net loss of $63.3 million for the quarter.

Investor sentiment was heavily impacted by management's decision to drastically lower its full-year 2026 revenue guidance. The company now expects revenue in the range of $475 million to $490 million, a sharp reduction from the previous outlook of $540 million to $555 million. In response to the disappointing results and revised forecast, several analysts cut their price targets on the stock, including Guggenheim, Jefferies, Canaccord Genuity, BTIG, Wells Fargo, and Craig-Hallum.