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

Fulgent Genetics, Inc. (NASDAQ:FLGT - Get Free Report) shares 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 traded.

Specifically, CFO Paul Kim acquired 100,000 shares of Fulgent Genetics stock in a transaction that occurred on Wednesday, March 5th. The shares were acquired at an average price of $15.96 per share, with a total value of $1,596,000.00. Following the purchase, the chief financial officer now directly owns 348,282 shares of the company's stock, valued at $5,558,580.72. The trade was a 40.28 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website.

Analyst Ratings Changes

Several equities research analysts have commented on FLGT shares. Piper Sandler lowered their target price 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. StockNews.com raised shares of Fulgent Genetics from a "sell" rating to a "hold" rating in a report on Wednesday.

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Fulgent Genetics Price Performance

The company has a market cap of $573.11 million, a price-to-earnings ratio of -3.37 and a beta of 1.54. The stock has a 50-day moving average price of $17.14 and a 200 day moving average price of $19.26.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of FLGT. JPMorgan Chase & Co. raised its stake in shares of Fulgent Genetics by 113.2% in the 3rd quarter. JPMorgan Chase & Co. now owns 338,044 shares of the company's stock valued at $7,346,000 after purchasing an additional 179,477 shares during the period. BNP Paribas Financial Markets grew its holdings in shares of Fulgent Genetics by 220.9% during the third quarter. BNP Paribas Financial Markets now owns 43,813 shares of the company's stock worth $952,000 after buying an additional 30,160 shares in the last quarter. State Street Corp raised its position in Fulgent Genetics by 1.4% in the 3rd 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 last quarter. Franklin Resources Inc. bought a new stake in Fulgent Genetics in the 3rd quarter valued at approximately $215,000. Finally, Geode Capital Management LLC boosted its position in Fulgent Genetics by 2.7% during the 3rd 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 during the last quarter. 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.