Fulgent Genetics (NASDAQ:FLGT) Stock Price Up 4% – Time to Buy?

Fulgent Genetics, Inc. (NASDAQ:FLGT)’s stock price rose 4% during mid-day trading on Friday . The company traded as high as $18.50 and last traded at $18.50. Approximately 62,159 shares were traded 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 Analyst Weigh In

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

Fulgent Genetics Stock Performance

The business’s 50-day moving average is $20.68 and its two-hundred day moving average is $21.37. The firm has a market capitalization of $529.51 million, a price-to-earnings ratio of -3.14 and a beta of 1.51.

Insider Activity at Fulgent Genetics

In other Fulgent Genetics news, CEO Ming Hsieh sold 2,313 shares of the firm’s stock in a transaction on Tuesday, August 27th. The stock was sold at an average price of $22.83, for a total transaction of $52,805.79. Following the completion of the sale, the chief executive officer now owns 707,275 shares of the company’s stock, valued at $16,147,088.25. This trade represents a 0.33 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Over the last 90 days, insiders sold 4,324 shares of company stock valued at $98,717. Corporate insiders own 31.76% of the company’s stock.

Hedge Funds Weigh In On Fulgent Genetics

Several institutional investors and hedge funds have recently modified their holdings of FLGT. BNP Paribas Financial Markets boosted its position in shares of Fulgent Genetics by 43.0% during the 1st quarter. BNP Paribas Financial Markets now owns 16,779 shares of the company’s stock worth $364,000 after acquiring an additional 5,043 shares in the last quarter. State Board of Administration of Florida Retirement System acquired a new stake in Fulgent Genetics in the first quarter valued at $178,000. Vanguard Group Inc. increased its stake in shares of Fulgent Genetics by 0.6% in the first quarter. Vanguard Group Inc. now owns 1,424,448 shares of the company’s stock valued at $30,911,000 after buying an additional 8,257 shares during the period. Acadian Asset Management LLC acquired a new stake in Fulgent Genetics during the 1st quarter valued at approximately $195,000. Finally, CANADA LIFE ASSURANCE Co raised its stake in Fulgent Genetics by 11.0% during the first quarter. CANADA LIFE ASSURANCE Co now owns 29,103 shares of the company’s stock worth $631,000 after buying an additional 2,879 shares during the last quarter. 48.06% of the stock is currently owned by institutional investors and hedge funds.

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.