Sanguinius' psychic scream or psychic echo is what causes the BA to go nuts, how it effects new BA neophytes is unknown. I believe (as its an echo) it imprints Sanguinius memories onto his bloodline when new marines take a sip from the blood chalice and they become BA, so it reacts to the gene-seed but isn't transfered through it. But that's pure speculation.
But space marines have the Omophagea organ so "Space Marines can gain part of a person or creature's memory by eating its flesh." so there must be some truth to a genetic memory, perhaps not in the gene-seed though.