Bank of New York Mellon Corp Purchases New Position in Fulgent Genetics, Inc. $FLGT

Bank of New York Mellon Corp purchased a new stake in Fulgent Genetics, Inc. (NASDAQ:FLGT - Free Report) during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor purchased 75,639 shares of the company's stock, valued at approximately $1,552,000. Bank of New York Mellon Corp owned 0.27% of Fulgent Genetics as of its most recent SEC filing.

A number of other institutional investors also recently made changes to their positions in the company. Kestra Advisory Services LLC bought a new stake in Fulgent Genetics in the 4th quarter valued at $35,000. Caitong International Asset Management Co. Ltd increased its position in Fulgent Genetics by 214.6% during the fourth quarter. Caitong International Asset Management Co. Ltd now owns 1,834 shares of the company's stock worth $48,000 after acquiring an additional 1,251 shares during the period. Raymond James Financial Inc. bought a new position in Fulgent Genetics during the second quarter worth about $49,000. Quantbot Technologies LP acquired a new stake in Fulgent Genetics in the 3rd quarter worth about $61,000. Finally, Los Angeles Capital Management LLC acquired a new stake in Fulgent Genetics in the 4th quarter worth about $218,000. Institutional investors own 48.06% of the company's stock.

Insider Activity

In other Fulgent Genetics news, insider Hanlin Gao sold 1,673 shares of the business's stock in a transaction dated Wednesday, September 2nd. The stock was sold at an average price of $19.66, for a total transaction of $32,891.18. Following the completion of the transaction, the insider owned 986,117 shares of the company's stock, valued at approximately $19,387,060.22. The trade was a 0.17% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, COO Jian Xie sold 2,127 shares of the stock in a transaction dated Wednesday, September 2nd. The stock was sold at an average price of $19.66, for a total transaction of $41,816.82. Following the completion of the transaction, the chief operating officer directly owned 359,924 shares of the company's stock, valued at $7,076,105.84. This trade represents a 0.59% decrease in their position. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last three months, insiders have sold 5,932 shares of company stock valued at $117,156. Insiders own 36.18% of the company's stock.

Fulgent Genetics Price Performance

NASDAQ FLGT opened at $19.85 on Thursday. The business has a fifty day moving average price of $19.66 and a two-hundred day moving average price of $17.92. The stock has a market capitalization of $546.17 million, a PE ratio of -7.04 and a beta of 0.93. Fulgent Genetics, Inc. has a fifty-two week low of $13.46 and a fifty-two week high of $31.04.

Fulgent Genetics (NASDAQ:FLGT - Get Free Report) last posted its quarterly earnings results on Thursday, July 30th. The company reported ($0.58) EPS for the quarter, missing analysts' consensus estimates of ($0.46) by ($0.12). Fulgent Genetics had a negative return on equity of 4.93% and a negative net margin of 26.05%.The business had revenue of $85.39 million for the quarter, compared to analyst estimates of $94.00 million. Fulgent Genetics has set its FY 2026 guidance at -2.350--2.220 EPS. As a group, sell-side analysts expect that Fulgent Genetics, Inc. will post -3.48 earnings per share for the current year.

Analysts Set New Price Targets

A number of research analysts have issued reports on the stock. Piper Sandler increased their target price on shares of Fulgent Genetics from $15.00 to $19.00 and gave the stock a "neutral" rating in a research report on Tuesday, August 4th. Weiss Ratings upgraded shares of Fulgent Genetics from a "sell (e+)" rating to a "sell (d-)" rating in a research report on Thursday, August 27th. Finally, Wall Street Zen upgraded Fulgent Genetics from a "strong sell" rating to a "sell" rating in a research note on Saturday, August 29th. One research analyst has rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, Fulgent Genetics currently has an average rating of "Hold" and an average price target of $27.50.

About Fulgent Genetics

Fulgent Genetics, Inc NASDAQ: FLGT is a California-based company specializing in high-complexity genetic testing and diagnostic services. Operating from its headquarters in Temple City, Fulgent leverages next-generation sequencing (NGS) technologies and advanced bioinformatics to deliver a broad range of clinical and research assays. The company's infrastructure includes CAP- and CLIA-certified laboratories, enabling it to process large volumes of samples with rapid turnaround times.

Fulgent's product portfolio encompasses hereditary cancer panels, rare disease and neuromuscular disorder testing, pharmacogenomic screenings, non-invasive prenatal tests, and infectious disease assays including COVID-19 diagnostics.

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