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Fulgent Genetics (FLGT) Stock Rocketed 34.46% In Extended Trading Following Strong Financial Results

IMH

IMH

Shares of the testing services and comprehensive testing solutions technology company Fulgent Genetics, Inc. (NASDAQ: FLGT) rocketed 34.46% in the after-hour trades on Thursday. Release of the financial results helped the stock to rise in after-hour which remained declining in regular session.

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What says the company’s performance?


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Fulgent Genetics’ proprietary technology platform has helped it to build an extensive menu of tests, deliver accurate results, and optimize genetic reference panels, all at a fair price point. The Company combines Next Generation Sequencing (NGS) with its technology platform to perform full-genome sequencing together with deletion/duplication analysis in a variety of panel formats tailored to meet customer-specific needs. A new line of screening tests known as Picture Genetics launched in 2019. The tests were created by the Company to facilitate patient-based testing, providing a more personalized treatment approach.

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As of March 2020, the Company has commercialized a variety of tests for the detection of SARS-CoV-2. These tests include NGS and reverse transcription-polymerase chain reaction (“RT-PCR”) based tests. These tests use upper respiratory specimens (nasal, nasopharyngeal, and oropharyngeal swabs) to detect SARS-CoV-2. The FDA has previously granted the Company Emergency Use Authorization (EUA) for RT-PCR-based tests and for the at-home testing service handled by Picture Genetics.

For the period ended December 31, 2020, FLGT today reported financial results for its Q4 and full-year 2020. Highlights of the financial results are as follows:

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