Fulgent Genetic (FLGT) Earns Buy Rating from Piper Jaffray Companies
Fulgent Genetic (NASDAQ:FLGT)‘s stock had its “buy” rating reiterated by research analysts at Piper Jaffray Companies in a research report issued to clients and investors on Tuesday.
Other research analysts have also issued research reports about the company. Zacks Investment Research upgraded Fulgent Genetic from a “sell” rating to a “hold” rating in a research report on Monday, October 9th. ValuEngine upgraded Fulgent Genetic from a “sell” rating to a “hold” rating in a research report on Monday, October 2nd. Finally, Credit Suisse Group reduced their price objective on Fulgent Genetic from $11.00 to $10.00 and set an “outperform” rating for the company in a research report on Tuesday, August 8th. Two research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. The company currently has an average rating of “Buy” and a consensus price target of $10.67.
Shares of Fulgent Genetic (NASDAQ FLGT) traded up 4.53% during mid-day trading on Tuesday, reaching $3.92. 32,144 shares of the company traded hands. Fulgent Genetic has a 52-week low of $3.60 and a 52-week high of $13.90. The company’s 50 day moving average is $4.62 and its 200 day moving average is $4.62. The stock’s market capitalization is $69.54 million.
Fulgent Genetic (NASDAQ:FLGT) last released its quarterly earnings data on Monday, August 7th. The company reported $0.02 earnings per share (EPS) for the quarter, meeting the Zacks’ consensus estimate of $0.02. Fulgent Genetic had a negative return on equity of 0.02% and a negative net margin of 0.42%. The business had revenue of $4.64 million during the quarter, compared to analyst estimates of $5.03 million. On average, equities analysts forecast that Fulgent Genetic will post $0.14 earnings per share for the current year.
In other Fulgent Genetic news, CFO Paul Kim sold 6,134 shares of the business’s stock in a transaction on Friday, August 11th. The stock was sold at an average price of $5.71, for a total transaction of $35,025.14. Following the completion of the transaction, the chief financial officer now owns 388,602 shares in the company, valued at approximately $2,218,917.42. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 58.80% of the company’s stock.
Hedge funds have recently made changes to their positions in the business. Wells Fargo & Company MN boosted its position in Fulgent Genetic by 2,046.0% during the 1st quarter. Wells Fargo & Company MN now owns 10,730 shares of the company’s stock worth $118,000 after acquiring an additional 10,230 shares during the period. Bank of New York Mellon Corp acquired a new position in Fulgent Genetic during the 1st quarter worth $122,000. Finally, William Blair Investment Management LLC boosted its position in Fulgent Genetic by 10.4% during the 2nd quarter. William Blair Investment Management LLC now owns 640,219 shares of the company’s stock worth $4,091,000 after acquiring an additional 60,508 shares during the period. Institutional investors own 16.78% 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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