Fulgent Genetics (NASDAQ:FLGT) Shares Down 3.6% – Here’s Why

Fulgent Genetics, Inc. (NASDAQ:FLGT) shares fell 3.6% during trading on Thursday . The stock traded as low as $17.59 and last traded at $17.65. 73,455 shares were traded during mid-day trading, a decline of 82% from the average session volume of 412,772 shares. The stock had previously closed at $18.32.

Wall Street Analyst Weigh In

FLGT has been the topic of a number of analyst reports. Piper Sandler decreased their price objective on Fulgent Genetics from $22.00 to $16.00 and set a “neutral” rating on the stock in a research note on Tuesday, March 4th. StockNews.com upgraded shares of Fulgent Genetics from a “sell” rating to a “hold” rating in a research report on Wednesday, March 5th.

Fulgent Genetics Stock Performance

The firm has a market capitalization of $549.11 million, a P/E ratio of -3.22 and a beta of 1.36. The business has a 50 day simple moving average of $17.04 and a two-hundred day simple moving average of $18.27.

Insider Transactions at Fulgent Genetics

In other news, CFO Paul Kim acquired 100,000 shares of the firm’s stock in a transaction that occurred on Wednesday, March 5th. The shares were bought at an average cost of $15.96 per share, with a total value of $1,596,000.00. Following the acquisition, the chief financial officer now owns 348,282 shares in the company, valued at approximately $5,558,580.72. This represents a 40.28 % increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 31.76% of the company’s stock.

Institutional Investors Weigh In On Fulgent Genetics

A number of hedge funds have recently made changes to their positions in FLGT. Millennium Management LLC increased its holdings in shares of Fulgent Genetics by 20.6% in the fourth quarter. Millennium Management LLC now owns 1,531,801 shares of the company’s stock worth $28,292,000 after buying an additional 261,152 shares during the period. State Street Corp boosted its stake 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 valued at $17,244,000 after purchasing an additional 10,868 shares during the period. Geode Capital Management LLC grew its holdings in shares of Fulgent Genetics by 2.2% in the fourth quarter. Geode Capital Management LLC now owns 514,152 shares of the company’s stock worth $9,499,000 after purchasing an additional 11,283 shares during the last quarter. Ameriprise Financial Inc. raised its holdings in Fulgent Genetics by 40.8% during the 4th quarter. Ameriprise Financial Inc. now owns 501,809 shares of the company’s stock valued at $9,268,000 after buying an additional 145,518 shares during the last quarter. Finally, JPMorgan Chase & Co. grew its holdings in Fulgent Genetics by 39.4% in the 4th 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. 48.06% of the stock is currently owned by institutional investors.

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.