Fulgent Genetics (NASDAQ:FLGT) Downgraded by Zacks Research to “Hold”

Zacks Research downgraded shares of Fulgent Genetics (NASDAQ:FLGT) from a strong-buy rating to a hold rating in a research note released on Monday,Zacks.com reports.

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

Fulgent Genetics Stock Down 2.1%

Shares of FLGT stock traded down $0.48 on Monday, reaching $22.59. 50,533 shares of the stock were exchanged, compared to its average volume of 199,160. The stock has a market cap of $698.15 million, a P/E ratio of -16.21 and a beta of 0.86. The firm has a 50 day moving average of $26.92 and a two-hundred day moving average of $24.57. Fulgent Genetics has a 1-year low of $14.57 and a 1-year high of $31.04.

Insiders Place Their Bets

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

Hedge Funds Weigh In On Fulgent Genetics

Institutional investors and hedge funds have recently made changes to their positions in the business. Farther Finance Advisors LLC increased its stake in shares of Fulgent Genetics by 69.3% in the fourth quarter. Farther Finance Advisors LLC now owns 1,339 shares of the company’s stock worth $35,000 after buying an additional 548 shares during the last quarter. Raymond James Financial Inc. acquired a new stake in shares of Fulgent Genetics in the 2nd quarter valued at about $49,000. Flagship Harbor Advisors LLC bought a new position in shares of Fulgent Genetics during the fourth quarter worth about $56,000. Quantbot Technologies LP acquired a new position in Fulgent Genetics in the third quarter worth about $61,000. Finally, Los Angeles Capital Management LLC bought a new stake in Fulgent Genetics in the fourth quarter valued at about $218,000. 48.06% of the stock is currently owned by hedge funds and other institutional investors.

About Fulgent Genetics

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.