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small-cap

One NASDAQ – Listed Pharma Stock Trading Near Resistance Zone: Fulgent Genetics, Inc

Jun 07, 2023 | Team Kalkine
One NASDAQ – Listed Pharma Stock Trading Near Resistance Zone: Fulgent Genetics, Inc

Fulgent Genetics, Inc

Company Overview:  Fulgent Genetics, Inc. is a technology-based company with a clinical diagnostic business and a therapeutic development business. The Company's clinical diagnostic business offers molecular diagnostic testing services, genetic testing, and anatomic pathology laboratory services designed to provide physicians and patients with clinically actionable diagnostic information.

As per our previous daily report published on FLGT on 22nd December 2022, Kalkine provided a ‘Buy’ stance on the stock at USD 31.33 based on ‘Robust financial health, better liquidity position and valuation done, and the stock price has now moved by ~30.7% since then and the stock has moved above R1 and R2 mentioned in the report.

Noted below are the details of support and resistance levels provided in our previous report:

FLGT’s Daily Chart

Considering the target level attainment, price above resistance 1 and 2, risks associated, and volatile market conditions on the back of rising interest rates and recession fear aSell’ rating has been assigned to the “FLGT” at the current market price of USD 40.97 (as of 07th June 2023, at 07:43 AM PST).  

Note: This report may be updated with details around fundamental and technical analysis, price/ chart in due course, as appropriate

Note 1: Past performance is not a reliable indicator of future performance.

Note 2: The reference date for all price data, currency, technical indicators, support, and resistance level is 07th June 2023. The reference data in this report has been partly sourced from REFINITIV.

Note 3: Investment decisions should be made depending on an individual's appetite for upside potential, risks, holding duration, and any previous holdings. An 'Exit' from the stock can be considered if the Target Price mentioned as per the Valuation and or the technical levels provided has been achieved and is subject to the factors discussed above.

Note 4: Target Price refers to a price level that the stock is expected to reach as per the relative valuation method and or technical analysis taking into consideration both short-term and long-term scenarios.

Note 5: ‘Kalkine reports are prepared based on the stock prices captured either from the New York Stock Exchange (NYSE), NASDAQ Capital Markets (NASDAQ), and or REFINITIV. Typically, all sources (NYSE, NASDAQ, or REFINITIV) may reflect stock prices with a delay which could be a lag of 15-20 minutes. There can be no assurance that future results or events will be consistent with the information provided in the report. The information is subject to change without any prior notice.’