Zacks Investment Research Lowers FULGENT GENETIC (FLGT) to Sell

Zacks Investment Research downgraded shares of FULGENT GENETIC (NASDAQ:FLGT) from a hold rating to a sell rating in a research report report published on Friday, May 12th.

According to Zacks, “Fulgent Genetics, Inc. is a technology company. It provide genetic testing services to physicians with clinically actionable diagnostic information. The Company’s technology platform integrates data comparison and suppression algorithms, adaptive learning software, advanced genetic diagnostics tools and integrated laboratory process which serves primarily to hospitals and medical institutions. Fulgent Genetics, Inc. is headquartered in Temple City, California. “

Shares of FULGENT GENETIC (NASDAQ:FLGT) traded down 2.06% during mid-day trading on Friday, hitting $5.24. The stock had a trading volume of 32,497 shares. The firm’s market cap is $92.71 million. FULGENT GENETIC has a 52-week low of $4.49 and a 52-week high of $13.90. The firm has a 50 day moving average price of $7.09 and a 200 day moving average price of $10.20.

FULGENT GENETIC (NASDAQ:FLGT) last announced its quarterly earnings results on Monday, May 8th. The company reported $0.02 EPS for the quarter, missing the consensus estimate of $0.03 by $0.01. The business had revenue of $5.31 million for the quarter, compared to the consensus estimate of $5.85 million. Equities analysts predict that FULGENT GENETIC will post $0.15 EPS for the current year.

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In other news, insider Ming Hsieh acquired 20,000 shares of the firm’s stock in a transaction that occurred on Thursday, June 15th. The stock was purchased at an average price of $5.26 per share, with a total value of $105,200.00. Following the purchase, the insider now owns 6,482,244 shares of the company’s stock, valued at approximately $34,096,603.44. The purchase was disclosed in a legal filing with the SEC, which is accessible through this hyperlink.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in FLGT. Wells Fargo & Company MN increased its position in FULGENT GENETIC by 2,046.0% in the first quarter. Wells Fargo & Company MN now owns 10,730 shares of the company’s stock worth $118,000 after buying an additional 10,230 shares in the last quarter. Bank of New York Mellon Corp purchased a new position in shares of FULGENT GENETIC during the first quarter valued at approximately $122,000. Geode Capital Management LLC increased its position in shares of FULGENT GENETIC by 9.0% in the first quarter. Geode Capital Management LLC now owns 15,051 shares of the company’s stock valued at $164,000 after buying an additional 1,238 shares during the period. Laurion Capital Management LP purchased a new position in shares of FULGENT GENETIC during the third quarter valued at approximately $277,000. Finally, Blair William & Co. IL purchased a new position in shares of FULGENT GENETIC during the first quarter valued at approximately $287,000. Institutional investors and hedge funds own 19.78% of the company’s stock.

About FULGENT GENETIC

Fulgent Genetics, Inc is a technology company. The Company offers genetic testing to provide physicians with clinically actionable diagnostic information to improve quality of patient care. The Company has developed a technology platform that integrates data comparison and suppression algorithms, adaptive learning software, advanced genetic diagnostics tools and integrated laboratory processes.

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