Fulgent Genetics (NASDAQ:FLGT) Shares Gap Up – Time to Buy?

Shares of Fulgent Genetics, Inc. (NASDAQ:FLGT) gapped up prior to trading on Friday . The stock had previously closed at $18.14, but opened at $19.50. Fulgent Genetics shares last traded at $18.7150, with a volume of 10,490 shares.

Analyst Upgrades and Downgrades

A number of analysts recently commented on FLGT shares. Wall Street Zen raised Fulgent Genetics from a “strong sell” rating to a “sell” rating in a research note on Saturday, May 30th. Zacks Research lowered Fulgent Genetics from a “strong-buy” rating to a “hold” rating in a research note on Monday, February 9th. Finally, Piper Sandler reaffirmed a “neutral” rating and issued a $15.00 price target (down from $30.00) on shares of Fulgent Genetics in a research note on Tuesday, May 5th. Two investment analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $27.00.

Fulgent Genetics Stock Performance

The stock has a 50-day simple moving average of $16.32 and a two-hundred day simple moving average of $21.58. The firm has a market cap of $542.87 million, a PE ratio of -7.99 and a beta of 0.94.

Insider Transactions at Fulgent Genetics

In other Fulgent Genetics news, COO Jian Xie sold 2,146 shares of the business’s stock in a transaction dated Tuesday, June 2nd. The stock was sold at an average price of $17.89, for a total value of $38,391.94. Following the completion of the transaction, the chief operating officer owned 367,605 shares of the company’s stock, valued at approximately $6,576,453.45. The trade was a 0.58% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Hanlin Gao sold 1,688 shares of Fulgent Genetics stock in a transaction that occurred on Tuesday, June 2nd. The stock was sold at an average price of $17.89, for a total transaction of $30,198.32. Following the completion of the sale, the insider directly owned 990,374 shares of the company’s stock, valued at approximately $17,717,790.86. This trade represents a 0.17% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last three months, insiders sold 5,980 shares of company stock valued at $106,360. 36.18% of the stock is owned by insiders.

Hedge Funds Weigh In On Fulgent Genetics

A number of institutional investors and hedge funds have recently modified their holdings of FLGT. Northwestern Mutual Wealth Management Co. boosted its stake in shares of Fulgent Genetics by 2,984,354.9% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 1,522,072 shares of the company’s stock worth $39,985,000 after buying an additional 1,522,021 shares during the last quarter. RTW Investments LP bought a new stake in shares of Fulgent Genetics during the 4th quarter valued at about $18,521,000. JPMorgan Chase & Co. grew its stake in shares of Fulgent Genetics by 767.0% during the 3rd quarter. JPMorgan Chase & Co. now owns 299,014 shares of the company’s stock valued at $6,758,000 after purchasing an additional 264,524 shares during the period. Goldman Sachs Group Inc. grew its stake in shares of Fulgent Genetics by 89.4% during the 4th quarter. Goldman Sachs Group Inc. now owns 348,533 shares of the company’s stock valued at $9,156,000 after purchasing an additional 164,535 shares during the period. Finally, Quantinno Capital Management LP grew its stake in shares of Fulgent Genetics by 374.7% during the 1st quarter. Quantinno Capital Management LP now owns 137,479 shares of the company’s stock valued at $2,186,000 after purchasing an additional 108,519 shares during the period. 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.