Stock Alert: Fulgent Genetics Gains 18% On Launching At-home Covid-19 Test

Shares of Fulgent Genetics, Inc. (FLGT) climbed $3 or 18.18% Tuesday after-hours after the genetic testing services company said it launched an at-home testing solution for Covid-19, after receiving Emergency Use Authorization (EUA) from the FDA.

Fulgent Genetics plans to offer the testing service from next week through Picture Genetics, the company's consumer-initiated genetic testing platform.

"Since launching our RT-PCR Test (non-at-home test) several months ago, we have won several strategic accounts and are processing thousands of tests daily with an average turnaround time of 24 hours from receipt of sample. This at-home COVID-19 test will diversify our go-to-market approach for tests by utilizing our existing consumer-initiated genetic testing platform," commented Brandon Perthuis, Chief Commercial Officer at Fulgent Genetics.

In the last quarter, Fulgent had reported revenue growth of 44% year-over-year at $7.8 million.

"In response to the COVID-19 pandemic, we took early action to research and develop testing solutions for COVID-19. We have been able to launch multiple screening tests for COVID-19, which are available today and seeing strong demand," said Ming Hsieh, Chairman and Chief Executive Officer.

For comments and feedback contact: editorial@rttnews.com

Business News

Invest in the Best Pharma Stocks by Subscribing to RTT Biotech Investor.
Editors Pick
Swiss luxury goods group Compagnie Financiere Richemont AG reported Friday significantly higher profit in fiscal 2022 with strong growth in demand. The company also lifted its dividend, and announced a special dividend. Meanwhile, the shares were losing around 12 percent in the morning trading in Switzerland. Coeurd-Alene, Idaho-based White Cane Smoked Salmon LLC is recalling Wild Alaskan Cooked and Smoked Salmon as it contains undeclared wheat and soy, known allergens, the U.S. Food and Drug Administration said. The affected Alaskan Cooked and Smoked Salmon is packaged in vacuum bag, sold frozen, and there is no lot code or best by date on a package. Auto giant Ford Motor Co. (F) has issued a recall of about 39,000 2021 Expedition and Lincoln Navigator vehicles due to fire risk. The company has asked the customers of the recalled 2021 Ford Expedition and Lincoln Navigator SUVs to park their vehicles outside and away from structures while it investigates...
Follow RTT