Fulgent Genetics (FLGT) Lowered to “Hold” at Zacks Investment Research

Fulgent Genetics (NASDAQ:FLGT) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued to investors on Tuesday, Zacks.com reports.

According to Zacks, “Fulgent Genetics, Inc. is a technology company. It provide genetic testing services to physicians with clinically actionable diagnostic information. The Company’s technology platform integrates data comparison and suppression algorithms, adaptive learning software, advanced genetic diagnostics tools and integrated laboratory process which serves primarily to hospitals and medical institutions. Fulgent Genetics, Inc. is headquartered in Temple City, California. “

Other equities analysts have also recently issued research reports about the company. TheStreet raised Fulgent Genetics from a “d” rating to a “c-” rating in a report on Friday, March 1st. Credit Suisse Group cut Fulgent Genetics from an “outperform” rating to a “neutral” rating in a report on Friday, April 26th. Three equities research analysts have rated the stock with a hold rating and one has given a buy rating to the stock. Fulgent Genetics currently has a consensus rating of “Hold” and an average target price of $5.68.



FLGT traded down $0.02 on Tuesday, reaching $5.60. The stock had a trading volume of 4,600 shares, compared to its average volume of 19,445. Fulgent Genetics has a fifty-two week low of $3.02 and a fifty-two week high of $7.85. The stock has a market cap of $103.52 million, a PE ratio of -29.47 and a beta of 1.41.

Fulgent Genetics (NASDAQ:FLGT) last issued its earnings results on Tuesday, May 7th. The company reported ($0.09) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.06) by ($0.03). Fulgent Genetics had a negative return on equity of 7.05% and a negative net margin of 20.33%. The firm had revenue of $5.37 million during the quarter, compared to analyst estimates of $5.46 million. As a group, equities analysts forecast that Fulgent Genetics will post -0.13 earnings per share for the current fiscal year.

In related news, insider Ming Hsieh purchased 8,739 shares of Fulgent Genetics stock in a transaction on Tuesday, March 5th. The shares were purchased at an average price of $4.95 per share, for a total transaction of $43,258.05. Following the transaction, the insider now owns 6,579,326 shares of the company’s stock, valued at approximately $32,567,663.70. The purchase was disclosed in a legal filing with the SEC, which is available at this hyperlink. Insiders own 57.80% of the company’s stock.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in FLGT. Essex Investment Management Co. LLC bought a new stake in shares of Fulgent Genetics in the 4th quarter valued at about $261,000. Old West Investment Management LLC grew its position in shares of Fulgent Genetics by 8.5% in the 4th quarter. Old West Investment Management LLC now owns 434,454 shares of the company’s stock valued at $1,377,000 after buying an additional 34,140 shares during the last quarter. Brown Advisory Inc. bought a new stake in shares of Fulgent Genetics in the 4th quarter valued at about $46,000. Finally, Financial Advisors LLC bought a new stake in shares of Fulgent Genetics in the 4th quarter valued at about $35,000. Hedge funds and other institutional investors own 6.62% of the company’s stock.

About Fulgent Genetics

Fulgent Genetics, Inc, together with its subsidiaries, provides genetic testing services to physicians with clinically actionable diagnostic information. Its technology platform integrates data comparison and suppression algorithms, learning software, and genetic diagnostics tools and integrated laboratory processes.

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