Allianz Asset Management GmbH Increases Stake in Fulgent Genetics, Inc. $FLGT

Allianz Asset Management GmbH raised its holdings in Fulgent Genetics, Inc. (NASDAQ:FLGT) by 119.6% in the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 90,869 shares of the company’s stock after buying an additional 49,485 shares during the period. Allianz Asset Management GmbH owned approximately 0.30% of Fulgent Genetics worth $2,054,000 as of its most recent SEC filing.

Other hedge funds have also modified their holdings of the company. Acadian Asset Management LLC boosted its holdings in Fulgent Genetics by 38.7% in the second quarter. Acadian Asset Management LLC now owns 1,117,917 shares of the company’s stock valued at $22,208,000 after purchasing an additional 311,976 shares during the period. Diametric Capital LP acquired a new stake in Fulgent Genetics in the 2nd quarter valued at about $3,359,000. Brandywine Global Investment Management LLC purchased a new position in shares of Fulgent Genetics in the 2nd quarter valued at about $2,678,000. Canada Pension Plan Investment Board acquired a new position in shares of Fulgent Genetics during the second quarter worth about $1,598,000. Finally, Connor Clark & Lunn Investment Management Ltd. increased its stake in shares of Fulgent Genetics by 22.2% during the second quarter. Connor Clark & Lunn Investment Management Ltd. now owns 305,180 shares of the company’s stock worth $6,067,000 after buying an additional 55,521 shares during the period. 48.06% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of research analysts recently issued reports on FLGT shares. Piper Sandler lifted their price target on shares of Fulgent Genetics from $21.00 to $30.00 and gave the stock a “neutral” rating in a research note on Tuesday, November 11th. Wall Street Zen cut shares of Fulgent Genetics from a “buy” rating to a “hold” rating in a research report on Saturday, December 13th. Raymond James Financial reiterated an “outperform” rating and set a $36.00 target price on shares of Fulgent Genetics in a research note on Friday, November 14th. Zacks Research cut Fulgent Genetics from a “strong-buy” rating to a “hold” rating in a research note on Monday. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Fulgent Genetics in a report on Thursday, January 22nd. Two research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $32.00.

Insider Buying and Selling

In related news, insider Hanlin Gao sold 1,075 shares of the stock in a transaction on Tuesday, December 2nd. The stock was sold at an average price of $28.33, for a total transaction of $30,454.75. Following the completion of the sale, the insider directly owned 952,890 shares of the company’s stock, valued at $26,995,373.70. This trade represents a 0.11% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, COO Jian Xie sold 10,000 shares of the business’s stock in a transaction on Wednesday, November 19th. The shares were sold at an average price of $29.10, for a total transaction of $291,000.00. Following the completion of the transaction, the chief operating officer directly owned 349,768 shares in the company, valued at $10,178,248.80. This represents a 2.78% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last three months, insiders sold 15,572 shares of company stock worth $454,112. Corporate insiders own 31.76% of the company’s stock.

Fulgent Genetics Stock Down 0.1%

Shares of FLGT stock opened at $22.97 on Friday. The stock’s 50-day moving average price is $26.70 and its 200 day moving average price is $24.55. The stock has a market capitalization of $710.00 million, a PE ratio of -16.53 and a beta of 0.86. Fulgent Genetics, Inc. has a 52-week low of $14.57 and a 52-week high of $31.04.

Fulgent Genetics Company Profile

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.