FLGT - How Did Fulgent Genetics Stock Perform in 2020?
The pandemic changed the fortunes of a lot of healthcare stocks in 2020. Little-known biotechs and diagnostics companies struggling for survival suddenly found themselves with customers, funding, and stock prices like they had never imagined. The stock of Fulgent Genetics (NASDAQ: FLGT) , a genetic testing company, is up more than 300% this year.
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Fulgent entered the year coming off a great 2019. The company had grown revenue 52% and the stock had risen from $4 to more than $12 -- over 200%. The company's broad and flexible testing platform and next-generation sequencing of genomes had caught on with customers. Fulgent could customize tests for customers, for about 5,700 different genetic conditions. In 2019, billable testing volume grew to 58,573, a 160% increase from 2018. If management thought that growth was exciting, COVID-19 was about to redefine the term.
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How Did Fulgent Genetics Stock Perform in 2020?