Piper Sandler Cuts Fulgent Genetics (NASDAQ:FLGT) Price Target to $16.00

Fulgent Genetics (NASDAQ:FLGT) had its price target dropped by research analysts at Piper Sandler from $22.00 to $16.00 in a research report issued to clients and investors on Tuesday,Benzinga reports. The brokerage currently has a “neutral” rating on the stock. Piper Sandler’s price objective suggests a potential upside of 7.31% from the stock’s current price.

Separately, StockNews.com lowered Fulgent Genetics from a “hold” rating to a “sell” rating in a research report on Wednesday, November 27th.

Fulgent Genetics Stock Down 2.4 %

Shares of NASDAQ FLGT traded down $0.37 during midday trading on Tuesday, hitting $14.91. The stock had a trading volume of 128,156 shares, compared to its average volume of 194,905. The company has a fifty day moving average price of $17.25 and a 200 day moving average price of $19.38. The company has a market capitalization of $456.05 million, a price-to-earnings ratio of -2.70 and a beta of 1.39. Fulgent Genetics has a 1-year low of $14.60 and a 1-year high of $25.11.

Institutional Investors Weigh In On Fulgent Genetics

A number of institutional investors have recently modified their holdings of the stock. Point72 Asset Management L.P. bought a new position in Fulgent Genetics during the 3rd quarter worth approximately $5,854,000. Millennium Management LLC raised its position in shares of Fulgent Genetics by 20.6% during the 4th quarter. Millennium Management LLC now owns 1,531,801 shares of the company’s stock valued at $28,292,000 after acquiring an additional 261,152 shares in the last quarter. JPMorgan Chase & Co. lifted its stake in Fulgent Genetics by 113.2% during the third quarter. JPMorgan Chase & Co. now owns 338,044 shares of the company’s stock worth $7,346,000 after purchasing an additional 179,477 shares during the last quarter. Ameriprise Financial Inc. boosted its holdings in Fulgent Genetics by 40.8% in the fourth quarter. Ameriprise Financial Inc. now owns 501,809 shares of the company’s stock worth $9,268,000 after purchasing an additional 145,518 shares during the period. Finally, Invenomic Capital Management LP increased its stake in Fulgent Genetics by 98.9% during the third quarter. Invenomic Capital Management LP now owns 249,747 shares of the company’s stock valued at $5,427,000 after purchasing an additional 124,185 shares during the last quarter. Institutional investors and hedge funds own 48.06% of the company’s stock.

About Fulgent Genetics

Fulgent Genetics, Inc, together with its subsidiaries, provides clinical diagnostic and therapeutic development solutions to physicians and patients in the United States and internationally. The company’s clinical diagnostic solutions include molecular diagnostic testing; genetic testing; anatomic pathology laboratory tests and testing services, such as gastrointestinal pathology, dermatopathology, urologic pathology, breast pathology, neuropathology, and hematopathology; oncology tests and testing services; and sequencer services related to hereditary cancer, reproductive health, and other diseases.