Short Interest in Fulgent Genetics, Inc. (NASDAQ:FLGT) Drops By 10.3%

Fulgent Genetics, Inc. (NASDAQ:FLGT) saw a significant decline in short interest during the month of November. As of November 15th, there was short interest totalling 579,100 shares, a decline of 10.3% from the October 31st total of 645,600 shares. Based on an average daily trading volume, of 179,100 shares, the short-interest ratio is currently 3.2 days. Currently, 2.9% of the company’s stock are sold short.

Fulgent Genetics Stock Performance

FLGT traded down $0.02 during midday trading on Tuesday, reaching $19.55. The company had a trading volume of 326,968 shares, compared to its average volume of 186,618. The business has a 50-day moving average price of $19.71 and a two-hundred day moving average price of $21.05. Fulgent Genetics has a 12-month low of $16.56 and a 12-month high of $30.68. The stock has a market cap of $598.03 million, a PE ratio of -3.54 and a beta of 1.42.

Insider Activity at Fulgent Genetics

In related news, CEO Ming Hsieh sold 2,227 shares of the business’s stock in a transaction dated Monday, November 25th. The shares were sold at an average price of $18.26, for a total transaction of $40,665.02. Following the transaction, the chief executive officer now directly owns 703,711 shares in the company, valued at approximately $12,849,762.86. The trade was a 0.32 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders have sold a total of 3,413 shares of company stock valued at $62,321 over the last 90 days. Insiders own 32.66% of the company’s stock.

Hedge Funds Weigh In On Fulgent Genetics

Institutional investors have recently bought and sold shares of the company. Asset Dedication LLC purchased a new stake in Fulgent Genetics in the second quarter worth $33,000. Point72 DIFC Ltd bought a new position in shares of Fulgent Genetics during the 3rd quarter worth $46,000. nVerses Capital LLC purchased a new stake in Fulgent Genetics in the 2nd quarter worth about $43,000. Signaturefd LLC raised its stake in Fulgent Genetics by 103.6% in the 2nd quarter. Signaturefd LLC now owns 2,225 shares of the company’s stock valued at $44,000 after acquiring an additional 1,132 shares during the period. Finally, Canada Pension Plan Investment Board purchased a new stake in Fulgent Genetics during the second quarter valued at about $63,000. Hedge funds and other institutional investors own 48.06% of the company’s stock.

Wall Street Analyst Weigh In

FLGT has been the subject of several recent analyst reports. Piper Sandler reduced their target price on Fulgent Genetics from $26.00 to $22.00 and set a “neutral” rating for the company in a report on Monday, November 11th. StockNews.com downgraded Fulgent Genetics from a “hold” rating to a “sell” rating in a research note on Wednesday, November 27th.

Fulgent Genetics Company Profile

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.