Fulgent Genetics, Inc. (NASDAQ:FLGT) President and COO Xie Jian has recently sold a portion of his company shares, according to the latest SEC filing. On August 27, the executive sold 715 shares of common stock at an average price of approximately $22.83 per share, totaling over $16,325.
The transactions were executed in multiple trades with prices ranging from $22.72 to $22.915. Following the sale, Xie Jian still holds a significant number of shares, with direct ownership of 342,764 shares and indirect ownership of 220,816 shares through a trust.
The shares sold by Xie Jian were to satisfy tax withholding obligations related to the vesting of restricted stock units that were granted on February 23, 2023. This grant was previously reported in a Form 4 filed with the SEC in February of the same year.
Investors often monitor insider transactions as they provide insights into executives' perspectives on the company's stock value. The recent sale by Fulgent Genetics' President and COO may attract the attention of market watchers and investors alike as they assess the company's current financial standing and future prospects.
In other recent news, Fulgent Genetics posted a robust second quarter in 2024, with total revenues surging to $71 million from the previous year's $67.9 million. This was primarily driven by its precision diagnosis services in reproductive health and oncology. The company's core revenue, excluding earnings related to COVID-19, was reported at $70.2 million. Fulgent Genetics has tripled its capacity by consolidating labs and expanding its Texas facility, and the company maintains a strong cash position, with $838 million in cash, cash equivalents, and marketable securities.
Fulgent Genetics is making strides in its therapeutic development programs. Its lead drug candidate, FID-007, has shown promise in treating head and neck cancer, with Phase 1 clinical data being encouraging. The company has now initiated a Phase 2 trial for FID-007 and is progressing with its second candidate, FID-022.
In terms of future outlook, Fulgent Genetics expects to see a 7% year-over-year growth with core revenues of about $280 million for 2024. The company is also anticipating a full-year net non-GAAP loss of approximately $0.30 per share. These are some of the recent developments in the company.
InvestingPro Insights
Fulgent Genetics, Inc. (NASDAQ:FLGT) has recently witnessed insider transactions that have caught the eye of investors. Amidst these developments, it's essential to consider the company's financial health and market performance to gain a comprehensive view. According to InvestingPro data, Fulgent Genetics boasts a market capitalization of approximately $699.85 million, indicating its size and significance in the market. Despite a challenging environment, evidenced by a negative P/E ratio of -4.23 and an adjusted P/E ratio for the last twelve months as of Q2 2024 at -9.15, the company has shown some resilience in certain areas.
InvestingPro Tips suggest that Fulgent Genetics' management has been proactive in enhancing shareholder value, as indicated by an aggressive share buyback strategy. Moreover, the company's financial stability is underscored by its possession of more cash than debt on its balance sheet, which is a positive sign for investors looking for a potentially secure investment. Additionally, the company's liquid assets exceed its short-term obligations, providing it with a cushion to manage its immediate financial needs.
While the company's revenue saw a decline of 5.42% over the last twelve months as of Q2 2024, there was a quarterly revenue growth of 4.68% in Q2 2024, suggesting some operational improvements. However, it's important to note that analysts do not expect the company to be profitable this year, and it has not been profitable over the last twelve months. Fulgent Genetics also does not pay a dividend, which may influence the investment decisions of those seeking regular income.
For investors interested in further insights, there are additional InvestingPro Tips available on the platform, providing a deeper dive into Fulgent Genetics' performance and potential investment opportunities. The full list of tips can be found at InvestingPro Fulgent Genetics.
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