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 after an insider bought additional shares in the company. 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.

Specifically, CFO Paul Kim bought 100,000 shares of the company’s stock in a transaction on Wednesday, March 5th. The shares were purchased at an average cost of $15.96 per share, for a total transaction of $1,596,000.00. Following 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 purchase was disclosed in a filing with the SEC, which can be accessed through this link.

Wall Street Analysts Forecast Growth

FLGT has been the topic of a number of research analyst reports. StockNews.com upgraded shares of Fulgent Genetics from a “sell” rating to a “hold” rating in a report on Wednesday. Piper Sandler dropped their price target on Fulgent Genetics from $22.00 to $16.00 and set a “neutral” rating on the stock in a research note on Tuesday.

Fulgent Genetics Stock Performance

The stock has a market cap of $568.61 million, a price-to-earnings ratio of -3.37 and a beta of 1.39. The business has a 50-day simple moving average of $17.14 and a two-hundred day simple moving average of $19.26.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the business. JPMorgan Chase & Co. lifted its position in Fulgent Genetics by 113.2% during the 3rd quarter. JPMorgan Chase & Co. now owns 338,044 shares of the company’s stock worth $7,346,000 after buying an additional 179,477 shares in the last quarter. BNP Paribas Financial Markets raised its stake in shares of Fulgent Genetics by 220.9% during the 3rd quarter. BNP Paribas Financial Markets now owns 43,813 shares of the company’s stock worth $952,000 after purchasing an additional 30,160 shares in the last quarter. State Street Corp grew its stake in shares of Fulgent Genetics by 1.4% in the third quarter. State Street Corp now owns 793,545 shares of the company’s stock valued at $17,244,000 after buying an additional 10,868 shares in the last quarter. Franklin Resources Inc. acquired a new position in Fulgent Genetics during the third quarter worth $215,000. Finally, Geode Capital Management LLC raised its position in Fulgent Genetics by 2.7% during the third quarter. Geode Capital Management LLC now owns 502,869 shares of the company’s stock worth $10,930,000 after acquiring an additional 13,320 shares in the last quarter. Institutional investors and hedge funds 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.