Fulgent Genetics (NASDAQ:FLGT) Shares Gap Up on Insider Buying Activity

Fulgent Genetics, Inc. (NASDAQ:FLGT)’s stock price gapped up prior to trading on Thursday following insider buying activity. The stock had previously closed at $16.65, but opened at $17.36. Fulgent Genetics shares last traded at $17.94, with a volume of 155,735 shares trading hands.

Specifically, CFO Paul Kim bought 100,000 shares of Fulgent Genetics stock in a transaction that occurred on Wednesday, March 5th. The stock was purchased at an average cost of $15.96 per share, for a total transaction of $1,596,000.00. Following the completion of the acquisition, the chief financial officer now owns 348,282 shares of the company’s stock, valued at approximately $5,558,580.72. This represents a 40.28 % increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website.

Wall Street Analyst Weigh In

Several research analysts have commented on the stock. StockNews.com upgraded shares of Fulgent Genetics from a “sell” rating to a “hold” rating in a report on Wednesday. Piper Sandler decreased their price objective on shares of Fulgent Genetics from $22.00 to $16.00 and set a “neutral” rating for the company in a research note on Tuesday.

Fulgent Genetics Price Performance

The business has a fifty day moving average price of $17.15 and a two-hundred day moving average price of $19.30. The firm has a market cap of $557.97 million, a PE ratio of -3.34 and a beta of 1.39.

Hedge Funds Weigh In On Fulgent Genetics

A number of large investors have recently made changes to their positions in FLGT. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its position in Fulgent Genetics by 13.4% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 50,654 shares of the company’s stock valued at $936,000 after purchasing an additional 5,986 shares in the last quarter. Squarepoint Ops LLC boosted its stake in shares of Fulgent Genetics by 178.3% during the 4th quarter. Squarepoint Ops LLC now owns 41,608 shares of the company’s stock valued at $768,000 after buying an additional 26,659 shares during the period. Two Sigma Advisers LP grew its holdings in shares of Fulgent Genetics by 29.7% during the 4th quarter. Two Sigma Advisers LP now owns 83,000 shares of the company’s stock valued at $1,533,000 after acquiring an additional 19,000 shares in the last quarter. State of Wyoming acquired a new position in shares of Fulgent Genetics in the fourth quarter worth $57,000. Finally, Quantinno Capital Management LP purchased a new stake in shares of Fulgent Genetics during the fourth quarter worth $242,000. Institutional investors and hedge funds 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.