Fulgent Genetics (NASDAQ:FLGT) Shares Gap Up – Time to Buy?

Fulgent Genetics, Inc. (NASDAQ:FLGT) gapped up before the market opened on Friday . The stock had previously closed at $18.14, but opened at $19.50. Fulgent Genetics shares last traded at $18.7150, with a volume of 10,490 shares trading hands.

Analyst Ratings Changes

FLGT has been the subject of a number of analyst reports. Piper Sandler reissued a “neutral” rating and set a $15.00 price objective (down from $30.00) on shares of Fulgent Genetics in a research note on Tuesday, May 5th. Zacks Research lowered Fulgent Genetics from a “strong-buy” rating to a “hold” rating in a research note on Monday, February 9th. Finally, Wall Street Zen raised Fulgent Genetics from a “strong sell” rating to a “sell” rating in a research note on Saturday, May 30th. Two equities 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, the stock currently has a consensus rating of “Hold” and an average price target of $27.00.

Fulgent Genetics Price Performance

The company has a market capitalization of $542.87 million, a P/E ratio of -7.99 and a beta of 0.94. The company has a 50 day moving average of $16.32 and a 200-day moving average of $21.58.

Insider Activity at Fulgent Genetics

In other Fulgent Genetics news, insider Hanlin Gao sold 1,688 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 value of $30,198.32. Following the completion of the sale, the insider owned 990,374 shares in the company, valued at approximately $17,717,790.86. This trade represents a 0.17% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. 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 value of $38,391.94. Following the completion of the sale, the chief operating officer owned 367,605 shares of the company’s stock, valued at approximately $6,576,453.45. This trade represents a 0.58% 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. In the last quarter, insiders sold 5,980 shares of company stock valued at $106,360. Company insiders own 36.18% of the company’s stock.

Institutional Trading of Fulgent Genetics

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Northwestern Mutual Wealth Management Co. lifted its stake in Fulgent Genetics by 2,984,354.9% in the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 1,522,072 shares of the company’s stock worth $39,985,000 after acquiring an additional 1,522,021 shares during the period. Millennium Management LLC lifted its stake in Fulgent Genetics by 1.8% in the third quarter. Millennium Management LLC now owns 1,468,844 shares of the company’s stock worth $33,196,000 after acquiring an additional 26,582 shares during the period. Vanguard Group Inc. lifted its stake in Fulgent Genetics by 1.1% in the third quarter. Vanguard Group Inc. now owns 1,179,254 shares of the company’s stock worth $26,651,000 after acquiring an additional 13,295 shares during the period. RTW Investments LP purchased a new stake in Fulgent Genetics in the fourth quarter worth $18,521,000. Finally, Geode Capital Management LLC lifted its stake in Fulgent Genetics by 1.3% in the fourth quarter. Geode Capital Management LLC now owns 508,224 shares of the company’s stock worth $13,353,000 after acquiring an additional 6,553 shares during the period. Hedge funds and other institutional investors own 48.06% of the company’s stock.

About Fulgent Genetics

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.