Bank of New York Mellon Corp Trims Stock Holdings in Fulgent Genetics, Inc. (NASDAQ:FLGT)

Bank of New York Mellon Corp lowered its stake in shares of Fulgent Genetics, Inc. (NASDAQ:FLGT) by 20.3% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 149,898 shares of the company’s stock after selling 38,099 shares during the quarter. Bank of New York Mellon Corp’s holdings in Fulgent Genetics were worth $2,769,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. JPMorgan Chase & Co. lifted its holdings in Fulgent Genetics by 113.2% in the third quarter. JPMorgan Chase & Co. now owns 338,044 shares of the company’s stock valued at $7,346,000 after acquiring an additional 179,477 shares during the period. BNP Paribas Financial Markets boosted its position in Fulgent Genetics by 220.9% during the third quarter. BNP Paribas Financial Markets now owns 43,813 shares of the company’s stock worth $952,000 after purchasing an additional 30,160 shares in the last quarter. State Street Corp grew its holdings in Fulgent Genetics by 1.4% in 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 last quarter. Franklin Resources Inc. acquired a new position in shares of Fulgent Genetics during the 3rd quarter worth $215,000. Finally, Geode Capital Management LLC grew its stake in Fulgent Genetics by 2.7% in the 3rd quarter. Geode Capital Management LLC now owns 502,869 shares of the company’s stock valued at $10,930,000 after acquiring an additional 13,320 shares during the last quarter. 48.06% of the stock is owned by hedge funds and other institutional investors.

Fulgent Genetics Stock Performance

FLGT opened at $16.89 on Friday. The firm has a 50 day moving average price of $16.87 and a 200 day moving average price of $18.88. Fulgent Genetics, Inc. has a 1 year low of $14.57 and a 1 year high of $25.11. The company has a market cap of $520.70 million, a PE ratio of -3.06 and a beta of 1.54.

Insider Buying and Selling

In related news, CFO Paul Kim bought 100,000 shares of the company’s stock in a transaction that occurred on Wednesday, March 5th. The shares were acquired at an average cost of $15.96 per share, for a total transaction of $1,596,000.00. Following the acquisition, the chief financial officer now owns 348,282 shares in the company, valued at $5,558,580.72. This represents a 40.28 % increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through this link. 31.76% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on FLGT shares. StockNews.com upgraded Fulgent Genetics from a “sell” rating to a “hold” rating in a report on Wednesday, March 5th. Piper Sandler dropped their price target on shares of Fulgent Genetics from $22.00 to $16.00 and set a “neutral” rating for the company in a research report on Tuesday, March 4th.

Fulgent Genetics Company Profile

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.