Short Interest in Fulgent Genetics, Inc. (NASDAQ:FLGT) Increases By 19.6%

Fulgent Genetics, Inc. (NASDAQ:FLGT) was the target of a significant increase in short interest in March. As of March 15th, there was short interest totalling 1,650,000 shares, an increase of 19.6% from the February 28th total of 1,380,000 shares. Based on an average trading volume of 407,500 shares, the short-interest ratio is presently 4.0 days. Currently, 8.3% of the shares of the company are sold short.

Analyst Upgrades and Downgrades

FLGT has been the topic of a number of research analyst reports. StockNews.com upgraded Fulgent Genetics from a “sell” rating to a “hold” rating in a research report on Wednesday, March 5th. Piper Sandler dropped their target price on shares of Fulgent Genetics from $22.00 to $16.00 and set a “neutral” rating for the company in a report on Tuesday, March 4th.

Fulgent Genetics Stock Performance

FLGT stock traded up $0.31 on Wednesday, reaching $17.62. The company had a trading volume of 395,583 shares, compared to its average volume of 246,192. Fulgent Genetics has a 1 year low of $14.57 and a 1 year high of $25.11. The company’s fifty day moving average is $16.80 and its 200 day moving average is $18.57. The company has a market cap of $543.86 million, a P/E ratio of -3.19 and a beta of 1.54.

Insider Activity

In related news, CFO Paul Kim purchased 100,000 shares of the business’s stock in a transaction dated Wednesday, March 5th. The stock was acquired at an average price of $15.96 per share, for a total transaction of $1,596,000.00. Following the acquisition, the chief financial officer now directly owns 348,282 shares of the company’s stock, valued at $5,558,580.72. This trade represents a 40.28 % increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 32.66% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the company. Point72 Asset Management L.P. acquired a new stake in shares of Fulgent Genetics during the third quarter worth $5,854,000. Millennium Management LLC grew its holdings in Fulgent Genetics by 20.6% in the 4th quarter. Millennium Management LLC now owns 1,531,801 shares of the company’s stock valued at $28,292,000 after buying an additional 261,152 shares during the period. JPMorgan Chase & Co. increased its stake in shares of Fulgent Genetics by 113.2% during the 3rd quarter. JPMorgan Chase & Co. now owns 338,044 shares of the company’s stock valued at $7,346,000 after acquiring an additional 179,477 shares during the last quarter. Ameriprise Financial Inc. boosted its position in shares of Fulgent Genetics by 40.8% in the fourth quarter. Ameriprise Financial Inc. now owns 501,809 shares of the company’s stock worth $9,268,000 after acquiring an additional 145,518 shares during the last quarter. Finally, Invenomic Capital Management LP grew its holdings in Fulgent Genetics by 98.9% in the third quarter. Invenomic Capital Management LP now owns 249,747 shares of the company’s stock valued at $5,427,000 after purchasing an additional 124,185 shares during the period. Institutional investors and hedge funds 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.