Fulgent Genetics (NASDAQ:FLGT) Price Target Raised to $25.00

Fulgent Genetics (NASDAQ:FLGT) had its price objective increased by 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.

Other analysts have also issued reports about the stock. Wall Street Zen upgraded shares of Fulgent Genetics from a “sell” rating to a “hold” rating in a research report on Saturday, November 7th. Weiss Ratings raised shares of Fulgent Genetics from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Thursday, August 27th. One equities research analyst has 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 data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $30.50.

Fulgent Genetics Stock Down 3.3%

Shares of FLGT stock opened at $24.85 on Tuesday. Fulgent Genetics has a one year low of $13.46 and a one year high of $31.04. The stock has a fifty day moving average price of $21.28 and a 200 day moving average price of $19.26.

Fulgent Genetics (NASDAQ:FLGT) last posted its quarterly earnings results on Thursday, November 5th. The company reported ($0.09) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.65) by $0.56. Fulgent Genetics had a negative net margin of 27.53% and a negative return on equity of 5.66%. The firm had revenue of $90.41 million for the quarter, compared to the consensus estimate of $86.30 million. On average, research analysts forecast that Fulgent Genetics will post -3.48 EPS for the current fiscal year.

Insider Activity at Fulgent Genetics

In related news, insider Hanlin Gao sold 1,673 shares of the business’s stock in a transaction on Wednesday, September 2nd. The stock was sold at an average price of $19.66, for a total value of $32,891.18. Following the sale, the insider owned 986,117 shares of the company’s stock, valued at $19,387,060.22. The trade was a 0.17% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, COO Jian Xie sold 2,127 shares of the business’s stock in a transaction on Wednesday, September 2nd. The shares were sold at an average price of $19.66, for a total value of $41,816.82. Following the completion of the sale, the chief operating officer directly owned 359,924 shares in the company, valued at approximately $7,076,105.84. This represents a 0.59% decrease in their position. 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 have sold a total of 5,932 shares of company stock valued at $117,156 in the last 90 days. 36.18% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Fulgent Genetics

Institutional investors and hedge funds have recently made changes to their positions in the company. Allworth Financial LP grew its holdings in shares of Fulgent Genetics by 559.9% in the 2nd quarter. Allworth Financial LP now owns 1,201 shares of the company’s stock worth $25,000 after purchasing an additional 1,019 shares during the last quarter. Legal & General Group Plc bought a new position in Fulgent Genetics during the 2nd quarter valued at about $38,000. Moore Capital Management LP lifted its holdings in Fulgent Genetics by 4.8% during the 2nd quarter. Moore Capital Management LP now owns 48,343 shares of the company’s stock valued at $992,000 after purchasing an additional 2,219 shares during the last quarter. Amundi lifted its holdings in Fulgent Genetics by 17.1% during the 1st quarter. Amundi now owns 41,596 shares of the company’s stock valued at $661,000 after purchasing an additional 6,072 shares during the last quarter. Finally, Alps Advisors Inc. boosted its position in Fulgent Genetics by 25.6% in the third quarter. Alps Advisors Inc. now owns 36,199 shares of the company’s stock valued at $797,000 after buying an additional 7,375 shares in the last quarter. Institutional investors and hedge funds own 48.06% of the company’s stock.

About Fulgent Genetics

Fulgent Genetics, Inc. is a diagnostics and therapeutics company that provides genetic testing and other laboratory services. Its offerings include tests for inherited conditions, cancer and infectious diseases, as well as pathology services for healthcare providers and health systems. Founded in 2011 and headquartered in Temple City, California, the company expanded its diagnostic capabilities through its 2021 acquisition of Inform Diagnostics, a provider of specialized pathology services. Fulgent also conducts research and development focused on precision therapies, including potential cancer treatments.