Fulgent Genetics (NASDAQ:FLGT) Trading Up 4% – Here’s Why

Shares of Fulgent Genetics, Inc. (NASDAQ:FLGT) rose 4% during mid-day trading on Friday . The stock traded as high as $18.50 and last traded at $18.50. Approximately 62,159 shares traded hands during mid-day trading, a decline of 66% from the average daily volume of 181,130 shares. The stock had previously closed at $17.79.

Wall Street Analysts Forecast Growth

FLGT has been the topic of a number of recent research reports. Piper Sandler cut their price target on shares of Fulgent Genetics from $26.00 to $22.00 and set a “neutral” rating on the stock in a research note on Monday, November 11th. StockNews.com cut Fulgent Genetics from a “hold” rating to a “sell” rating in a research note on Monday, November 11th.

Fulgent Genetics Stock Performance

The firm has a market capitalization of $529.51 million, a price-to-earnings ratio of -3.14 and a beta of 1.51. The firm has a fifty day moving average price of $20.68 and a 200 day moving average price of $21.37.

Insiders Place Their Bets

In other news, CEO Ming Hsieh sold 2,313 shares of Fulgent Genetics stock in a transaction that occurred on Tuesday, August 27th. The shares were sold at an average price of $22.83, for a total transaction of $52,805.79. Following the sale, the chief executive officer now owns 707,275 shares in the company, valued at $16,147,088.25. This trade represents a 0.33 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In the last ninety days, insiders have sold 4,324 shares of company stock valued at $98,717. Insiders own 31.76% of the company’s stock.

Institutional Trading of Fulgent Genetics

Hedge funds have recently made changes to their positions in the stock. Caxton Associates LP bought a new position in Fulgent Genetics in the 2nd quarter worth about $492,000. Divisadero Street Capital Management LP lifted its holdings in shares of Fulgent Genetics by 46.4% during the second quarter. Divisadero Street Capital Management LP now owns 505,212 shares of the company’s stock valued at $9,912,000 after purchasing an additional 160,212 shares during the last quarter. Algert Global LLC lifted its stake in Fulgent Genetics by 46.1% during the second quarter. Algert Global LLC now owns 81,440 shares of the company’s stock valued at $1,598,000 after buying an additional 25,680 shares in the last quarter. Acadian Asset Management LLC boosted its stake in Fulgent Genetics by 593.5% in the 2nd quarter. Acadian Asset Management LLC now owns 62,724 shares of the company’s stock worth $1,227,000 after purchasing an additional 53,680 shares during the period. Finally, State Board of Administration of Florida Retirement System acquired a new stake in shares of Fulgent Genetics in the first quarter worth $178,000. 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.