FULGENT GENETIC (FLGT) Lowered to Sell at Zacks Investment Research

Zacks Investment Research downgraded shares of FULGENT GENETIC (NASDAQ:FLGT) from a hold rating to a sell rating in a research report released on Monday.

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. “

FLGT has been the topic of a number of other research reports. Credit Suisse Group dropped their price target on shares of FULGENT GENETIC from $11.00 to $10.00 and set an outperform rating on the stock in a research report on Tuesday, August 8th. Piper Jaffray Companies restated an overweight rating and issued a $7.00 price target (down previously from $10.00) on shares of FULGENT GENETIC in a research report on Wednesday, August 9th.

Shares of FULGENT GENETIC (NASDAQ FLGT) traded up 0.34% during trading on Monday, reaching $5.94. 32,964 shares of the company traded hands. FULGENT GENETIC has a 12-month low of $4.49 and a 12-month high of $13.90. The company has a 50 day moving average price of $6.34 and a 200 day moving average price of $8.77. The firm’s market capitalization is $105.09 million.

FULGENT GENETIC (NASDAQ:FLGT) last posted its earnings results on Monday, August 7th. The company reported $0.02 earnings per share for the quarter, hitting the Zacks’ consensus estimate of $0.02. FULGENT GENETIC had a negative net margin of 0.42% and a negative return on equity of 0.02%. The firm had revenue of $4.64 million for the quarter, compared to analyst estimates of $5.03 million. On average, equities analysts predict that FULGENT GENETIC will post $0.14 EPS for the current year.

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In other FULGENT GENETIC news, CFO Paul Kim sold 6,134 shares of the company’s stock in a transaction on Friday, August 11th. The shares were sold at an average price of $5.71, for a total transaction of $35,025.14. Following the transaction, the chief financial officer now owns 388,602 shares in the company, valued at $2,218,917.42. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Ming Hsieh acquired 20,000 shares of the stock in a transaction on Thursday, June 15th. The shares were acquired at an average price of $5.26 per share, for a total transaction of $105,200.00. Following the acquisition, the insider now owns 6,482,244 shares of the company’s stock, valued at approximately $34,096,603.44. The disclosure for this purchase can be found here.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in FLGT. William Blair Investment Management LLC increased its position in FULGENT GENETIC by 10.4% in the second quarter. William Blair Investment Management LLC now owns 640,219 shares of the company’s stock valued at $4,091,000 after buying an additional 60,508 shares during the last quarter. Scholtz & Company LLC raised its stake in FULGENT GENETIC by 50.3% in the first quarter. Scholtz & Company LLC now owns 266,705 shares of the company’s stock valued at $2,912,000 after buying an additional 89,205 shares during the last quarter. Blair William & Co. IL purchased a new stake in FULGENT GENETIC during the first quarter valued at about $287,000. Bank of New York Mellon Corp purchased a new stake in FULGENT GENETIC during the first quarter valued at about $122,000. Finally, Wells Fargo & Company MN raised its stake 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 valued at $118,000 after buying an additional 10,230 shares during the last quarter. Hedge funds and other institutional investors own 20.09% 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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