Balyasny Asset Management L.P. Purchases New Stake in Fulgent Genetics, Inc. (NASDAQ:FLGT)

Balyasny Asset Management L.P. acquired a new stake in Fulgent Genetics, Inc. (NASDAQ:FLGT - Free Report) during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund acquired 26,313 shares of the company's stock, valued at approximately $486,000. Balyasny Asset Management L.P. owned 0.09% of Fulgent Genetics as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors also recently bought and sold shares of FLGT. Exchange Traded Concepts LLC lifted its stake in Fulgent Genetics by 5.0% in the 4th quarter. Exchange Traded Concepts LLC now owns 35,324 shares of the company's stock valued at $652,000 after buying an additional 1,689 shares in the last quarter. Federated Hermes Inc. lifted its holdings in shares of Fulgent Genetics by 4.4% during the 4th quarter. Federated Hermes Inc. now owns 41,882 shares of the company's stock worth $774,000 after acquiring an additional 1,774 shares during the period. Russell Investments Group Ltd. increased its holdings in shares of Fulgent Genetics by 267.4% during the 4th quarter. Russell Investments Group Ltd. now owns 2,693 shares of the company's stock worth $50,000 after buying an additional 1,960 shares during the last quarter. Dynamic Technology Lab Private Ltd lifted its stake in shares of Fulgent Genetics by 15.2% in the 4th quarter. Dynamic Technology Lab Private Ltd now owns 15,129 shares of the company's stock valued at $280,000 after purchasing an additional 1,995 shares in the last quarter. Finally, KLP Kapitalforvaltning AS acquired a new stake in shares of Fulgent Genetics in the fourth quarter worth $57,000. Hedge funds and other institutional investors own 48.06% of the company's stock.

Fulgent Genetics Stock Performance

Shares of NASDAQ:FLGT traded up $0.87 on Monday, hitting $21.22. The company's stock had a trading volume of 425,641 shares, compared to its average volume of 275,817. The company has a market capitalization of $646.02 million, a price-to-earnings ratio of -3.84 and a beta of 1.00. Fulgent Genetics, Inc. has a 12 month low of $14.57 and a 12 month high of $25.11. The stock's 50-day moving average is $18.06 and its two-hundred day moving average is $18.05.

Fulgent Genetics (NASDAQ:FLGT - Get Free Report) last released its earnings results on Friday, May 2nd. The company reported $0.04 EPS for the quarter, beating the consensus estimate of ($0.18) by $0.22. The firm had revenue of $73.46 million for the quarter, compared to analysts' expectations of $71.26 million. Fulgent Genetics had a negative net margin of 59.39% and a negative return on equity of 1.81%. Fulgent Genetics's quarterly revenue was up 14.0% on a year-over-year basis. During the same quarter last year, the company earned ($0.01) EPS. Equities analysts expect that Fulgent Genetics, Inc. will post -0.85 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several brokerages have issued reports on FLGT. Raymond James reaffirmed an "outperform" rating and issued a $25.00 price objective (up previously from $24.00) on shares of Fulgent Genetics in a research report on Monday, May 5th. Piper Sandler restated a "neutral" rating and issued a $23.00 price target (up from $16.00) on shares of Fulgent Genetics in a research report on Tuesday, May 6th. Finally, StockNews.com upgraded Fulgent Genetics from a "sell" rating to a "hold" rating in a research note on Wednesday, March 5th.

Insiders Place Their Bets

In other Fulgent Genetics news, CFO Paul Kim bought 100,000 shares of the business's stock in a transaction that occurred on Wednesday, March 5th. The stock was acquired at an average cost of $15.96 per share, with a total value of $1,596,000.00. Following the completion of the purchase, the chief financial officer now directly owns 348,282 shares in the company, valued at approximately $5,558,580.72. This trade represents a 40.28% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available through this link. 31.76% of the stock is currently owned by insiders.

Fulgent Genetics 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.