Fulgent Genetics (NASDAQ:FLGT) Reaches New 1-Year Low – Here’s What Happened

Fulgent Genetics, Inc. (NASDAQ:FLGT)’s stock price hit a new 52-week low on Wednesday . The company traded as low as $18.72 and last traded at $18.72, with a volume of 173190 shares traded. The stock had previously closed at $19.16.

Analysts Set New Price Targets

FLGT has been the subject of several research reports. StockNews.com downgraded shares of Fulgent Genetics from a “hold” rating to a “sell” rating in a research report on Monday. Piper Sandler reduced their target price on shares of Fulgent Genetics from $26.00 to $22.00 and set a “neutral” rating for the company in a research note on Monday.

Fulgent Genetics Trading Down 3.4 %

The company’s fifty day simple moving average is $20.85 and its 200 day simple moving average is $21.42.

Insiders Place Their Bets

In other news, CEO Ming Hsieh sold 2,313 shares of the firm’s stock in a transaction that occurred on Tuesday, August 27th. The shares were sold at an average price of $22.83, for a total value of $52,805.79. Following the completion of the transaction, the chief executive officer now directly owns 707,275 shares in the company, valued at approximately $16,147,088.25. This trade represents a 0.33 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders have sold a total of 4,324 shares of company stock worth $98,717 over the last 90 days. Corporate insiders own 31.76% of the company’s stock.

Institutional Trading of Fulgent Genetics

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Caxton Associates LP purchased a new position in shares of Fulgent Genetics during the 2nd quarter valued at $492,000. Divisadero Street Capital Management LP boosted its stake in Fulgent Genetics by 46.4% during the second quarter. Divisadero Street Capital Management LP now owns 505,212 shares of the company’s stock valued at $9,912,000 after buying an additional 160,212 shares during the period. Algert Global LLC grew its position in Fulgent Genetics by 46.1% during the second quarter. Algert Global LLC now owns 81,440 shares of the company’s stock worth $1,598,000 after buying an additional 25,680 shares in the last quarter. Acadian Asset Management LLC increased its stake in Fulgent Genetics by 593.5% in the 2nd quarter. Acadian Asset Management LLC now owns 62,724 shares of the company’s stock worth $1,227,000 after acquiring an additional 53,680 shares during the last quarter. Finally, State Board of Administration of Florida Retirement System purchased a new stake in shares of Fulgent Genetics in the 1st quarter valued at about $178,000. 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.