Fulgent Genetics (NASDAQ:FLGT) Shares Gap Up Following Insider Buying Activity

Fulgent Genetics, Inc. (NASDAQ:FLGT)’s share price gapped up prior to trading on Thursday after an insider bought additional shares in the company. The stock had previously closed at $16.65, but opened at $17.36. Fulgent Genetics shares last traded at $17.94, with a volume of 155,735 shares traded.

Specifically, CFO Paul Kim acquired 100,000 shares of the company’s stock in a transaction that occurred on Wednesday, March 5th. The shares were purchased at an average price of $15.96 per share, for a total transaction of $1,596,000.00. Following the completion of the acquisition, the chief financial officer now owns 348,282 shares of the company’s stock, valued at approximately $5,558,580.72. This represents a 40.28 % increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through this hyperlink.

Wall Street Analyst Weigh In

Several analysts have commented on FLGT shares. StockNews.com raised shares of Fulgent Genetics from a “sell” rating to a “hold” rating in a research report on Wednesday. Piper Sandler lowered their price objective on Fulgent Genetics from $22.00 to $16.00 and set a “neutral” rating on the stock in a report on Tuesday.

Fulgent Genetics Price Performance

The firm has a market capitalization of $557.97 million, a price-to-earnings ratio of -3.34 and a beta of 1.39. The stock’s 50 day moving average price is $17.15 and its two-hundred day moving average price is $19.30.

Institutional Trading of Fulgent Genetics

Hedge funds have recently added to or reduced their stakes in the business. Millennium Management LLC raised its position in shares of Fulgent Genetics by 20.6% during the fourth quarter. Millennium Management LLC now owns 1,531,801 shares of the company’s stock valued at $28,292,000 after buying an additional 261,152 shares during the last quarter. State Street Corp grew its holdings in shares of Fulgent Genetics by 1.4% during the third quarter. State Street Corp now owns 793,545 shares of the company’s stock worth $17,244,000 after purchasing an additional 10,868 shares during the last quarter. Geode Capital Management LLC increased its position in Fulgent Genetics by 2.2% in the 4th quarter. Geode Capital Management LLC now owns 514,152 shares of the company’s stock valued at $9,499,000 after acquiring an additional 11,283 shares in the last quarter. Ameriprise Financial Inc. raised its position in Fulgent Genetics by 40.8% in the 4th 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 last quarter. Finally, JPMorgan Chase & Co. raised its position in shares of Fulgent Genetics by 39.4% during the fourth quarter. JPMorgan Chase & Co. now owns 471,259 shares of the company’s stock worth $8,704,000 after acquiring an additional 133,215 shares during the last quarter. Institutional investors 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.