Fulgent Genetics (NASDAQ:FLGT) Rating Lowered to “Hold” at Zacks Research

Fulgent Genetics (NASDAQ:FLGT) was downgraded by equities research analysts at Zacks Research from a “strong-buy” rating to a “hold” rating in a research note issued on Monday,Zacks.com reports.

FLGT has been the topic of a number of other reports. Piper Sandler increased their price target on Fulgent Genetics from $21.00 to $30.00 and gave the stock a “neutral” rating in a report on Tuesday, November 11th. Raymond James Financial reissued an “outperform” rating and set a $36.00 price objective on shares of Fulgent Genetics in a research report on Friday, November 14th. Wall Street Zen lowered shares of Fulgent Genetics from a “buy” rating to a “hold” rating in a research note on Saturday, December 13th. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Fulgent Genetics in a report on Thursday, January 22nd. Two equities research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $32.00.

Fulgent Genetics Price Performance

Shares of FLGT traded down $0.44 during trading hours on Monday, hitting $22.62. 66,141 shares of the stock were exchanged, compared to its average volume of 199,896. The firm has a market capitalization of $699.23 million, a P/E ratio of -16.19 and a beta of 0.86. Fulgent Genetics has a fifty-two week low of $14.57 and a fifty-two week high of $31.04. The business has a 50-day moving average of $26.92 and a 200-day moving average of $24.57.

Insider Activity

In other Fulgent Genetics news, insider Hanlin Gao sold 1,075 shares of Fulgent Genetics stock in a transaction dated Tuesday, December 2nd. The shares were sold at an average price of $28.33, for a total value of $30,454.75. Following the sale, the insider owned 952,890 shares of the company’s stock, valued at approximately $26,995,373.70. The trade was a 0.11% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, COO Jian Xie sold 10,000 shares of the business’s stock in a transaction dated Wednesday, November 19th. The shares were sold at an average price of $29.10, for a total transaction of $291,000.00. Following the completion of the transaction, the chief operating officer owned 349,768 shares in the company, valued at approximately $10,178,248.80. The trade was a 2.78% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last 90 days, insiders have sold 15,572 shares of company stock valued at $454,112. 33.11% of the stock is owned by company insiders.

Institutional Investors Weigh In On Fulgent Genetics

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Northwestern Mutual Wealth Management Co. boosted its holdings in shares of Fulgent Genetics by 2,984,354.9% in the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 1,522,072 shares of the company’s stock worth $39,985,000 after acquiring an additional 1,522,021 shares during the period. Acadian Asset Management LLC increased its position in shares of Fulgent Genetics by 38.7% in the second quarter. Acadian Asset Management LLC now owns 1,117,917 shares of the company’s stock worth $22,208,000 after purchasing an additional 311,976 shares during the last quarter. JPMorgan Chase & Co. lifted its position in Fulgent Genetics by 767.0% during the third quarter. JPMorgan Chase & Co. now owns 299,014 shares of the company’s stock valued at $6,758,000 after purchasing an additional 264,524 shares during the last quarter. Diametric Capital LP purchased a new position in Fulgent Genetics in the 2nd quarter worth approximately $3,359,000. Finally, Goldman Sachs Group Inc. raised its position in shares of Fulgent Genetics by 89.4% during the 4th quarter. Goldman Sachs Group Inc. now owns 348,533 shares of the company’s stock valued at $9,156,000 after buying an additional 164,535 shares in the last quarter. 48.06% of the stock is currently owned by institutional investors.

Fulgent Genetics Company Profile

Fulgent Genetics, Inc (NASDAQ: FLGT) is a California-based company specializing in high-complexity genetic testing and diagnostic services. Operating from its headquarters in Temple City, Fulgent leverages next-generation sequencing (NGS) technologies and advanced bioinformatics to deliver a broad range of clinical and research assays. The company’s infrastructure includes CAP- and CLIA-certified laboratories, enabling it to process large volumes of samples with rapid turnaround times.

Fulgent’s product portfolio encompasses hereditary cancer panels, rare disease and neuromuscular disorder testing, pharmacogenomic screenings, non-invasive prenatal tests, and infectious disease assays including COVID-19 diagnostics.