UBS Group Upgrades Fulgent Genetics (NASDAQ:FLGT) to “Buy”

Fulgent Genetics (NASDAQ:FLGT) was upgraded by research analysts at UBS Group from a “neutral” rating to a “buy” rating in a research report issued to clients and investors on Tuesday, Marketbeat.com reports. The brokerage presently has a $30.00 price objective on the stock, up from their prior price objective of $20.00. UBS Group’s target price indicates a potential upside of 45.14% from the company’s previous close.

Several other analysts have also recently issued reports on FLGT. Piper Sandler set a $21.00 target price on Fulgent Genetics and gave the company a “neutral” rating in a research report on Monday. Raymond James Financial reissued an “outperform” rating and set a $25.00 price objective (up from $24.00) on shares of Fulgent Genetics in a report on Monday, May 5th.

Fulgent Genetics Trading Down 0.5%

Shares of Fulgent Genetics stock opened at $20.67 on Tuesday. The stock’s fifty day moving average price is $19.63 and its 200-day moving average price is $18.38. The firm has a market cap of $632.71 million, a P/E ratio of -12.45 and a beta of 0.83. Fulgent Genetics has a 12 month low of $14.57 and a 12 month high of $25.00.

Fulgent Genetics (NASDAQ:FLGT) last issued its earnings results on Friday, August 1st. The company reported $0.07 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.23) by $0.30. Fulgent Genetics had a negative net margin of 16.83% and a negative return on equity of 2.26%. The company had revenue of $81.80 million for the quarter, compared to analysts’ expectations of $76.21 million. During the same period in the prior year, the business earned $0.15 EPS. The firm’s quarterly revenue was up 15.2% on a year-over-year basis. Analysts forecast that Fulgent Genetics will post -0.85 earnings per share for the current year.

Insider Activity

In other Fulgent Genetics news, COO Jian Xie sold 1,873 shares of the company’s stock in a transaction on Tuesday, May 27th. The shares were sold at an average price of $20.54, for a total transaction of $38,471.42. Following the completion of the transaction, the chief operating officer directly owned 372,631 shares in the company, valued at approximately $7,653,840.74. This represents a 0.50% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 31.76% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the company. Millennium Management LLC grew its stake in Fulgent Genetics by 28.6% during the 1st quarter. Millennium Management LLC now owns 1,969,433 shares of the company’s stock valued at $33,283,000 after acquiring an additional 437,632 shares in the last quarter. Acadian Asset Management LLC grew its holdings in Fulgent Genetics by 124.0% in the 1st quarter. Acadian Asset Management LLC now owns 805,941 shares of the company’s stock valued at $13,611,000 after buying an additional 446,076 shares in the last quarter. Geode Capital Management LLC increased its stake in shares of Fulgent Genetics by 2.2% in the 4th quarter. Geode Capital Management LLC now owns 514,152 shares of the company’s stock worth $9,499,000 after acquiring an additional 11,283 shares during the last quarter. Ameriprise Financial Inc. raised its holdings in shares of Fulgent Genetics by 40.8% during the 4th quarter. Ameriprise Financial Inc. now owns 501,809 shares of the company’s stock worth $9,268,000 after acquiring an additional 145,518 shares during the period. Finally, JPMorgan Chase & Co. raised its holdings in shares of Fulgent Genetics by 39.4% during the 4th quarter. JPMorgan Chase & Co. now owns 471,259 shares of the company’s stock worth $8,704,000 after acquiring an additional 133,215 shares during the period. 48.06% of the stock is owned by institutional investors and hedge funds.

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.