Zacks Investment Research Upgrades FULGENT GENETIC (FLGT) to Hold

FULGENT GENETIC (NASDAQ:FLGT) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a note issued to investors on Monday.

According to Zacks, “Fulgent Genetics, Inc. is a technology company. It provide genetic testing services to physicians with clinically actionable diagnostic information. The Company’s technology platform integrates data comparison and suppression algorithms, adaptive learning software, advanced genetic diagnostics tools and integrated laboratory process which serves primarily to hospitals and medical institutions. Fulgent Genetics, Inc. is headquartered in Temple City, California. “

Other equities research analysts have also issued research reports about the stock. ValuEngine raised shares of FULGENT GENETIC from a “sell” rating to a “hold” rating in a research note on Monday, October 2nd. Credit Suisse Group decreased their target price on shares of FULGENT GENETIC from $11.00 to $10.00 and set an “outperform” rating for the company in a research note on Tuesday, August 8th. Finally, Piper Jaffray Companies reissued an “overweight” rating and set a $7.00 target price (down previously from $10.00) on shares of FULGENT GENETIC in a research note on Wednesday, August 9th. Two investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. The company has an average rating of “Buy” and a consensus target price of $10.67.

Shares of FULGENT GENETIC (NASDAQ FLGT) opened at 4.57 on Monday. The firm’s market capitalization is $81.07 million. FULGENT GENETIC has a 12-month low of $4.37 and a 12-month high of $13.90. The stock’s 50 day moving average price is $4.87 and its 200-day moving average price is $4.87.

FULGENT GENETIC (NASDAQ:FLGT) last issued 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 analyst estimates of $5.03 million. FULGENT GENETIC had a negative net margin of 0.42% and a negative return on equity of 0.02%. On average, equities analysts expect that FULGENT GENETIC will post $0.14 EPS for the current year.

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In other news, CFO Paul Kim sold 6,134 shares of the firm’s stock in a transaction on Friday, August 11th. The shares were sold at an average price of $5.71, for a total transaction of $35,025.14. Following the transaction, the chief financial officer now owns 388,602 shares in the company, valued at approximately $2,218,917.42. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website.

Several institutional investors have recently added to or reduced their stakes in the company. William Blair Investment Management LLC raised its holdings in shares of FULGENT GENETIC by 10.4% during the 2nd quarter. William Blair Investment Management LLC now owns 640,219 shares of the company’s stock valued at $4,091,000 after purchasing an additional 60,508 shares in the last quarter. Blair William & Co. IL bought a new position in shares of FULGENT GENETIC during the 1st quarter valued at $287,000. Bank of New York Mellon Corp bought a new position in shares of FULGENT GENETIC during the 1st quarter valued at $122,000. Finally, Wells Fargo & Company MN raised its holdings in shares of FULGENT GENETIC by 2,046.0% during the 1st quarter. Wells Fargo & Company MN now owns 10,730 shares of the company’s stock valued at $118,000 after purchasing an additional 10,230 shares in the last quarter. Institutional investors and hedge funds 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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