Piper Sandler Issues Pessimistic Forecast for Fulgent Genetics (NASDAQ:FLGT) Stock Price

Fulgent Genetics (NASDAQ:FLGT) had its target price decreased by analysts at Piper Sandler from $26.00 to $22.00 in a report issued on Monday,Benzinga reports. The firm presently has a “neutral” rating on the stock. Piper Sandler’s price objective indicates a potential upside of 14.82% from the stock’s current price.

Fulgent Genetics Price Performance

NASDAQ FLGT opened at $19.16 on Monday. The stock has a market capitalization of $580.55 million, a price-to-earnings ratio of -3.63 and a beta of 1.51. Fulgent Genetics has a 1-year low of $18.76 and a 1-year high of $30.68. The business’s fifty day moving average price is $20.96 and its 200-day moving average price is $21.44.

Insiders Place Their Bets

In other news, CEO Ming Hsieh sold 2,313 shares of the company’s stock in a transaction dated Tuesday, August 27th. The shares were sold at an average price of $22.83, for a total transaction of $52,805.79. Following the completion of the sale, the chief executive officer now owns 707,275 shares of the company’s stock, valued at $16,147,088.25. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Over the last three months, insiders have sold 4,324 shares of company stock valued at $98,717. Insiders own 31.76% of the company’s stock.

Institutional Investors Weigh In On Fulgent Genetics

A number of hedge funds have recently modified their holdings of FLGT. Mirae Asset Global Investments Co. Ltd. lifted its position in Fulgent Genetics by 98.2% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 86,792 shares of the company’s stock valued at $1,883,000 after purchasing an additional 42,998 shares in the last quarter. BNP Paribas Financial Markets grew its stake in shares of Fulgent Genetics by 43.0% during the 1st quarter. BNP Paribas Financial Markets now owns 16,779 shares of the company’s stock valued at $364,000 after acquiring an additional 5,043 shares during the period. Quantbot Technologies LP increased its holdings in Fulgent Genetics by 165.0% in the 1st quarter. Quantbot Technologies LP now owns 16,071 shares of the company’s stock worth $349,000 after acquiring an additional 10,007 shares in the last quarter. Empowered Funds LLC raised its stake in Fulgent Genetics by 8.1% during the 1st quarter. Empowered Funds LLC now owns 109,167 shares of the company’s stock worth $2,369,000 after acquiring an additional 8,225 shares during the period. Finally, Susquehanna Fundamental Investments LLC purchased a new position in Fulgent Genetics during the first quarter valued at approximately $213,000. Institutional investors own 48.06% of the company’s stock.

Fulgent Genetics Company Profile

Fulgent Genetics, Inc, together with its subsidiaries, provides clinical diagnostic and therapeutic development solutions to physicians and patients in the United States and internationally. The company’s clinical diagnostic solutions include molecular diagnostic testing; genetic testing; anatomic pathology laboratory tests and testing services, such as gastrointestinal pathology, dermatopathology, urologic pathology, breast pathology, neuropathology, and hematopathology; oncology tests and testing services; and sequencer services related to hereditary cancer, reproductive health, and other diseases.