Fulgent Genetics (NASDAQ:FLGT) Stock Rating Lowered by StockNews.com

Fulgent Genetics (NASDAQ:FLGT) was downgraded by equities researchers at StockNews.com from a “hold” rating to a “sell” rating in a report released on Wednesday.

Separately, Piper Sandler cut their target price on Fulgent Genetics from $26.00 to $22.00 and set a “neutral” rating on the stock in a research report on Monday, November 11th.

Fulgent Genetics Trading Up 1.0 %

FLGT opened at $18.07 on Wednesday. The company has a market cap of $552.76 million, a price-to-earnings ratio of -3.27 and a beta of 1.51. The company’s fifty day moving average price is $19.86 and its two-hundred day moving average price is $21.14. Fulgent Genetics has a 1-year low of $16.56 and a 1-year high of $30.68.

Insider Activity at Fulgent Genetics

In related news, CEO Ming Hsieh sold 2,227 shares of Fulgent Genetics stock in a transaction on Monday, November 25th. The stock was sold at an average price of $18.26, for a total transaction of $40,665.02. Following the sale, the chief executive officer now directly owns 703,711 shares in the company, valued at approximately $12,849,762.86. This trade represents a 0.32 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders have sold 3,413 shares of company stock valued at $62,321 over the last ninety days. Corporate insiders own 32.66% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. State Board of Administration of Florida Retirement System purchased a new position in Fulgent Genetics in the first quarter valued at approximately $178,000. Vanguard Group Inc. lifted its position in shares of Fulgent Genetics by 0.6% during the 1st 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 last quarter. CANADA LIFE ASSURANCE Co grew its stake in shares of Fulgent Genetics by 11.0% during the 1st quarter. CANADA LIFE ASSURANCE Co now owns 29,103 shares of the company’s stock worth $631,000 after acquiring an additional 2,879 shares during the period. Price T Rowe Associates Inc. MD grew its stake in shares of Fulgent Genetics by 32.0% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 14,261 shares of the company’s stock worth $310,000 after acquiring an additional 3,458 shares during the period. Finally, SG Americas Securities LLC increased its holdings in Fulgent Genetics by 36.4% in the 2nd quarter. SG Americas Securities LLC now owns 12,826 shares of the company’s stock worth $252,000 after acquiring an additional 3,425 shares during the last quarter. 48.06% of the stock is currently owned by hedge funds and other 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.