logo
  

Stock Alert: Fulgent Genetics Rises 20% On Upbeat Results

Shares of technology company providing comprehensive testing solutions through its scalable technology platform Fulgent Genetics, Inc. (FLGT) are rising more than 20% Wednesday morning on upbeat second-quarter results.

The stock hit a new high of $43.64 this morning.

The company reported earnings of $0.14 per share up from $0.02 last year. Earnings on an adjusted basis of $0.17 beat the average estimate of analysts polled by Thomson Reuters at $0.02 loss per share.

Revenue for the quarter surged 105% year-over-year at $17.3 million driven by COVID-19 testing.

"Our second quarter volume increased over 1200% sequentially, and we see the opportunity for continued momentum through the balance of the year. Our traditional genetic testing orders rebounded in June and July and are on track for growth in the second half of 2020," Paul Kim, Chief Financial Officer, said.

For comments and feedback contact: editorial@rttnews.com

Business News

Get Access to Premium Stock Alerts with RTT Intelligent Investor.
Editors Pick
Green Field Farms Dairy has recalled its Whole Chocolate Milk product as a laboratory analysis indicated that the product was not effectively pasteurized, the U.S. Food and Drug Administration announced. The recall involves 1,242 units of the Whole Chocolate Milk with an expiration date of September 29, 2021. General Motors will start replacing defective battery modules in Chevrolet Bolt EVs and EUVs with new modules. The replacement battery modules will be shipped to dealers as soon as mid-October, the automaker said in a statement. CVS Health is set to recruit qualified candidates to fill 25,000 clinical and retail jobs during a one-day national career event on Friday, September 24. This will enable CVS to meet the high demand for pharmacists, pharmacy technicians, nurses, and retail store associates to support flu season, COVID-19 vaccinations and testing.
Follow RTT