Piper Sandler Issues Pessimistic Forecast for Fulgent Genetics (NASDAQ:FLGT) Stock Price

Fulgent Genetics (NASDAQ:FLGT) had its price objective trimmed by Piper Sandler from $26.00 to $22.00 in a research note issued to investors on Monday morning,Benzinga reports. The firm currently has a neutral rating on the stock.

Fulgent Genetics Price Performance

Shares of FLGT stock opened at $20.04 on Monday. The company’s 50-day simple moving average is $21.01 and its two-hundred day simple moving average is $21.44. Fulgent Genetics has a one year low of $18.76 and a one year high of $30.68. The company has a market capitalization of $607.21 million, a P/E ratio of -3.63 and a beta of 1.51.

Insider Activity

In other Fulgent Genetics 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 sale, the chief executive officer now directly owns 707,275 shares in the company, valued at $16,147,088.25. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Over the last ninety days, insiders have sold 4,324 shares of company stock worth $98,717. Corporate insiders own 31.76% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Asset Dedication LLC purchased a new position in shares of Fulgent Genetics in the second quarter worth $33,000. nVerses Capital LLC purchased a new position in shares of Fulgent Genetics during the second quarter worth $43,000. Signaturefd LLC raised its holdings in shares of Fulgent Genetics by 103.6% during the second quarter. Signaturefd LLC now owns 2,225 shares of the company’s stock worth $44,000 after purchasing an additional 1,132 shares during the last quarter. Canada Pension Plan Investment Board purchased a new position in shares of Fulgent Genetics during the second quarter worth $63,000. Finally, Gladius Capital Management LP acquired a new stake in Fulgent Genetics during the third quarter valued at $81,000. Hedge funds and other institutional investors own 48.06% of the company’s stock.

About Fulgent Genetics

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.