Piper Sandler Cuts Fulgent Genetics (NASDAQ:FLGT) Price Target to $22.00

Fulgent Genetics (NASDAQ:FLGT) had its price target cut by research analysts at Piper Sandler from $26.00 to $22.00 in a research report issued to clients and investors on Monday,Benzinga reports. The firm currently has a “neutral” rating on the stock. Piper Sandler’s price objective would indicate a potential upside of 14.82% from the company’s current price.

Fulgent Genetics Trading Down 4.4 %

NASDAQ:FLGT opened at $19.16 on Monday. The stock has a 50-day moving average price of $20.96 and a 200 day moving average price of $21.44. The stock has a market capitalization of $580.55 million, a P/E ratio of -3.63 and a beta of 1.51. Fulgent Genetics has a 12-month low of $18.76 and a 12-month high of $30.68.

Insider Activity

In related news, CEO Ming Hsieh sold 2,313 shares of the company’s stock in a transaction on Tuesday, August 27th. The shares were sold at an average price of $22.83, for a total transaction of $52,805.79. Following the completion of the transaction, the chief executive officer now owns 707,275 shares in the company, valued at approximately $16,147,088.25. This 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 can be accessed through this hyperlink. Insiders have sold a total of 4,324 shares of company stock worth $98,717 over the last quarter. Insiders own 31.76% of the company’s stock.

Hedge Funds Weigh In On Fulgent Genetics

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Mirae Asset Global Investments Co. Ltd. increased its holdings in shares of Fulgent Genetics by 98.2% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 86,792 shares of the company’s stock worth $1,883,000 after buying an additional 42,998 shares during the last quarter. Caxton Associates LP purchased a new position in Fulgent Genetics in the second quarter worth about $492,000. Susquehanna Fundamental Investments LLC purchased a new position in Fulgent Genetics in the first quarter worth about $213,000. Divisadero Street Capital Management LP increased 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 worth $9,912,000 after acquiring an additional 160,212 shares during the last quarter. Finally, Algert Global LLC raised 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 valued at $1,598,000 after purchasing an additional 25,680 shares during the period. 48.06% of the stock is owned by institutional investors.

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.