Fulgent Genetics (NASDAQ:FLGT) Hits New 52-Week Low - Here's Why

Fulgent Genetics, Inc. (NASDAQ:FLGT - Get Free Report) shares reached a new 52-week low during mid-day trading on Monday . The company traded as low as $16.07 and last traded at $16.49, with a volume of 29156 shares. The stock had previously closed at $16.64.

Analyst Ratings Changes

Several research firms have recently issued reports on FLGT. StockNews.com lowered shares of Fulgent Genetics from a "hold" rating to a "sell" rating in a research note on Wednesday, November 27th. Piper Sandler reduced their price objective on shares of Fulgent Genetics from $26.00 to $22.00 and set a "neutral" rating for the company in a research report on Monday, November 11th.

Fulgent Genetics Price Performance

The stock has a fifty day moving average of $18.35 and a 200 day moving average of $20.31. The firm has a market capitalization of $506.83 million, a P/E ratio of -3.00 and a beta of 1.39.

Insider Transactions at Fulgent Genetics

In other news, CEO Ming Hsieh sold 2,227 shares of the firm's stock in a transaction that occurred on Monday, November 25th. The shares were sold at an average price of $18.26, for a total transaction of $40,665.02. Following the completion of the sale, the chief executive officer now owns 703,711 shares in the company, valued at $12,849,762.86. This trade represents a 0.32 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders have sold 3,413 shares of company stock worth $62,321 in the last ninety days. Company insiders own 31.76% of the company's stock.

Hedge Funds Weigh In On Fulgent Genetics

Institutional investors and hedge funds have recently bought and sold shares of the company. State Street Corp raised 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 during the period. Geode Capital Management LLC lifted its holdings in Fulgent Genetics by 2.7% during the third quarter. Geode Capital Management LLC now owns 502,869 shares of the company's stock valued at $10,930,000 after purchasing an additional 13,320 shares during the last quarter. JPMorgan Chase & Co. boosted its position in Fulgent Genetics by 113.2% during the third quarter. JPMorgan Chase & Co. now owns 338,044 shares of the company's stock worth $7,346,000 after purchasing an additional 179,477 shares during the period. Point72 Asset Management L.P. purchased a new position in shares of Fulgent Genetics in the third quarter worth about $5,854,000. Finally, Invenomic Capital Management LP raised its position in shares of Fulgent Genetics by 98.9% in the third quarter. Invenomic Capital Management LP now owns 249,747 shares of the company's stock valued at $5,427,000 after purchasing an additional 124,185 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.