Piper Sandler Issues Positive Forecast for Fulgent Genetics (NASDAQ:FLGT) Stock Price

Fulgent Genetics (NASDAQ:FLGT) had its target price boosted by equities research analysts at Piper Sandler from $19.00 to $25.00 in a research note issued to investors on Tuesday, Benzinga reports. The firm currently has a “neutral” rating on the stock. Piper Sandler‘s price target indicates a potential downside of 4.40% from the stock’s previous close.

Several other equities analysts have also commented on FLGT. Wall Street Zen raised Fulgent Genetics from a “sell” rating to a “hold” rating in a research note on Saturday. Weiss Ratings upgraded shares of Fulgent Genetics from a “sell (e+)” rating to a “sell (d-)” rating in a report on Thursday, August 27th. One equities research analyst has 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. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $30.50.

Fulgent Genetics Trading Up 10.2%

FLGT opened at $26.15 on Tuesday. Fulgent Genetics has a one year low of $13.46 and a one year high of $31.04. The business’s 50 day moving average price is $20.93 and its 200 day moving average price is $19.30.

Fulgent Genetics (NASDAQ:FLGT) last issued its quarterly earnings data on Thursday, November 5th. The company reported ($0.09) earnings per share for the quarter, topping the consensus estimate of ($0.65) by $0.56. The company had revenue of $90.41 million during the quarter, compared to analyst estimates of $86.30 million. Fulgent Genetics had a negative return on equity of 4.93% and a negative net margin of 26.05%. As a group, analysts predict that Fulgent Genetics will post -3.48 earnings per share for the current year.

Insider Buying and Selling

In other Fulgent Genetics news, COO Jian Xie sold 2,127 shares of the business’s stock in a transaction that occurred on Wednesday, September 2nd. The stock was sold at an average price of $19.66, for a total value of $41,816.82. Following the sale, the chief operating officer owned 359,924 shares of the company’s stock, valued at $7,076,105.84. The trade was a 0.59% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Hanlin Gao sold 1,673 shares of the business’s stock in a transaction that occurred on Wednesday, September 2nd. The shares were sold at an average price of $19.66, for a total value of $32,891.18. Following the completion of the sale, the insider directly owned 986,117 shares in the company, valued at approximately $19,387,060.22. The trade was a 0.17% decrease in their position. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold a total of 5,932 shares of company stock valued at $117,156 in the last ninety days. 36.18% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Fulgent Genetics

Institutional investors and hedge funds have recently modified their holdings of the company. BlackRock Inc. purchased a new position in Fulgent Genetics during the 2nd quarter valued at about $46,922,000. Medina Value Partners LLC purchased a new stake in Fulgent Genetics during the second quarter worth about $3,961,612. Bank of America Corp DE purchased a new stake in Fulgent Genetics during the second quarter worth about $3,603,000. Connor Clark & Lunn Investment Management Ltd. acquired a new stake in shares of Fulgent Genetics during the second quarter worth about $3,265,000. Finally, Quantinno Capital Management LP lifted its position in shares of Fulgent Genetics by 374.7% during the first quarter. Quantinno Capital Management LP now owns 137,479 shares of the company’s stock worth $2,186,000 after purchasing an additional 108,519 shares in the last quarter. Hedge funds and other institutional investors own 48.06% of the company’s stock.

Fulgent Genetics Company Profile

Fulgent Genetics, Inc is a technology-driven clinical diagnostics company that develops and performs genetic testing. Its testing platform uses next-generation sequencing and other molecular technologies to analyze DNA and support the diagnosis, screening and management of inherited and acquired diseases.

The company offers a range of tests, including panels for hereditary cancer, reproductive health and inherited disorders, as well as tumor profiling and other specialized clinical testing services.