Levin Capital Strategies L.P. Invests $687,000 in Fulgent Genetics, Inc. $FLGT

Levin Capital Strategies L.P. bought a new position in Fulgent Genetics, Inc. (NASDAQ:FLGT) during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund bought 43,234 shares of the company’s stock, valued at approximately $687,000.

A number of other institutional investors and hedge funds also recently modified their holdings of the stock. Farther Finance Advisors LLC lifted its holdings in shares of Fulgent Genetics by 69.3% during the fourth quarter. Farther Finance Advisors LLC now owns 1,339 shares of the company’s stock valued at $35,000 after purchasing an additional 548 shares during the last quarter. Kestra Advisory Services LLC acquired a new position in shares of Fulgent Genetics in the 4th quarter valued at $35,000. Caitong International Asset Management Co. Ltd increased its stake in Fulgent Genetics by 214.6% in the 4th quarter. Caitong International Asset Management Co. Ltd now owns 1,834 shares of the company’s stock worth $48,000 after purchasing an additional 1,251 shares in the last quarter. Raymond James Financial Inc. purchased a new position in Fulgent Genetics in the 2nd quarter worth about $49,000. Finally, Flagship Harbor Advisors LLC acquired a new stake in Fulgent Genetics during the 4th quarter worth about $56,000. 48.06% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other news, insider Hanlin Gao sold 1,688 shares of the company’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 $30,198.32. Following the transaction, the insider owned 990,374 shares in the company, valued at $17,717,790.86. This represents a 0.17% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, COO Jian Xie sold 2,146 shares of the 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 $38,391.94. Following the completion of the sale, the chief operating officer directly owned 367,605 shares of the company’s stock, valued at $6,576,453.45. This trade represents a 0.58% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last ninety days, insiders have sold 5,980 shares of company stock worth $106,360. Company insiders own 36.18% of the company’s stock.

Fulgent Genetics Trading Down 1.8%

Shares of Fulgent Genetics stock opened at $19.53 on Thursday. The stock has a 50-day moving average price of $18.89 and a 200 day moving average price of $19.56. The company has a market cap of $554.67 million, a P/E ratio of -8.17 and a beta of 0.89. Fulgent Genetics, Inc. has a 1 year low of $13.46 and a 1 year high of $31.04.

Analyst Upgrades and Downgrades

Several research analysts have commented on the stock. Wall Street Zen upgraded shares of Fulgent Genetics from a “strong sell” rating to a “sell” rating in a report on Saturday, May 30th. Weiss Ratings restated a “sell (e+)” rating on shares of Fulgent Genetics in a report on Monday, July 6th. Finally, Piper Sandler restated a “neutral” rating and issued a $15.00 price target (down from $30.00) on shares of Fulgent Genetics in a research report on Tuesday, May 5th. Two research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $27.00.

Fulgent Genetics Company Profile

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.