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

Levin Capital Strategies L.P. purchased a new stake in Fulgent Genetics, Inc. (NASDAQ:FLGT) in the 1st quarter, according to its most recent disclosure with the SEC. The fund purchased 43,234 shares of the company’s stock, valued at approximately $687,000. Levin Capital Strategies L.P. owned 0.15% of Fulgent Genetics as of its most recent filing with the SEC.

A number of other institutional investors have also recently added to or reduced their stakes in the stock. Farther Finance Advisors LLC grew its position 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 worth $35,000 after acquiring an additional 548 shares during the last quarter. Kestra Advisory Services LLC acquired a new position in Fulgent Genetics during the 4th quarter valued at about $35,000. Caitong International Asset Management Co. Ltd boosted its stake in Fulgent Genetics by 214.6% during the 4th quarter. Caitong International Asset Management Co. Ltd now owns 1,834 shares of the company’s stock valued at $48,000 after purchasing an additional 1,251 shares during the period. Raymond James Financial Inc. bought a new position in Fulgent Genetics in the 2nd quarter worth about $49,000. Finally, Flagship Harbor Advisors LLC bought a new position in Fulgent Genetics in the 4th quarter worth about $56,000. 48.06% of the stock is currently owned by institutional investors.

Fulgent Genetics Stock Down 1.8%

Shares of FLGT stock opened at $19.53 on Thursday. The stock has a 50-day simple moving average of $18.89 and a 200 day simple moving average of $19.56. The stock has a market capitalization of $554.67 million, a P/E ratio of -8.17 and a beta of 0.89. Fulgent Genetics, Inc. has a fifty-two week low of $13.46 and a fifty-two week high of $31.04.

Wall Street Analysts Forecast Growth

Several brokerages have commented on FLGT. Wall Street Zen upgraded shares of Fulgent Genetics from a “strong sell” rating to a “sell” rating in a research note on Saturday, May 30th. Piper Sandler reiterated a “neutral” rating and set a $15.00 price objective (down from $30.00) on shares of Fulgent Genetics in a research report on Tuesday, May 5th. Finally, Weiss Ratings reissued a “sell (e+)” rating on shares of Fulgent Genetics in a report on Monday, July 6th. Two equities research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $27.00.

Insider Transactions at Fulgent Genetics

In other news, COO Jian Xie sold 2,146 shares of Fulgent Genetics stock in a transaction that occurred on Tuesday, June 2nd. The shares were sold at an average price of $17.89, for a total value of $38,391.94. Following the transaction, the chief operating officer owned 367,605 shares of the company’s stock, valued at $6,576,453.45. The trade was a 0.58% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Hanlin Gao sold 1,688 shares of the business’s 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 owned 990,374 shares in the company, valued at $17,717,790.86. The trade was a 0.17% decrease in their ownership of the stock. 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. Insiders sold a total of 5,980 shares of company stock valued at $106,360 over the last three months. 36.18% of the stock is owned by corporate insiders.

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.