Credit Suisse Group Cuts Fulgent Genetic (FLGT) Price Target to $10.00
Fulgent Genetic (NASDAQ:FLGT) had its price objective decreased by Credit Suisse Group from $11.00 to $10.00 in a report issued on Tuesday. The firm presently has an “outperform” rating on the stock. Credit Suisse Group’s price objective suggests a potential upside of 62.87% from the stock’s previous close.
Separately, Zacks Investment Research raised Fulgent Genetic from a “sell” rating to a “hold” rating in a research note on Thursday, April 27th.
Fulgent Genetic (NASDAQ FLGT) traded down 5.70% during trading on Tuesday, hitting $5.79. The stock had a trading volume of 17,119 shares. Fulgent Genetic has a 12-month low of $4.49 and a 12-month high of $13.90. The firm’s market cap is $102.44 million. The stock’s 50 day moving average price is $6.34 and its 200 day moving average price is $9.21.
Fulgent Genetic (NASDAQ:FLGT) last posted its earnings results on Monday, August 7th. The company reported $0.02 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.02. The company had revenue of $4.64 million during the quarter, compared to analysts’ expectations of $5.03 million. On average, analysts anticipate that Fulgent Genetic will post $0.16 EPS for the current fiscal year.
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In related news, insider Ming Hsieh bought 20,000 shares of Fulgent Genetic stock in a transaction that occurred on Thursday, June 15th. The shares were 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 in the company, valued at $34,096,603.44. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink.
A number of large investors have recently bought and sold shares of the stock. Wells Fargo & Company MN increased its position in shares of 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 period. Bank of New York Mellon Corp acquired a new position in shares of Fulgent Genetic during the first quarter valued at $122,000. Blair William & Co. IL acquired a new position in shares of Fulgent Genetic during the first quarter valued at $287,000. Scholtz & Company LLC increased its position in shares of 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 period. Finally, William Blair Investment Management LLC increased its position in shares of 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 period. 19.75% of the stock is currently owned by hedge funds and other institutional investors.
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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