FLGT - Is It Too Late to Buy Fulgent Genetics Stock?
Fulgent Genetics (NASDAQ: FLGT) is arguably the cheapest coronavirus stock on the market -- if not the cheapest biotech of any type out here, with a price-to-earnings (P/E) valuation of just 6.6. What's more, the company has about $697.4 million in cash on its balance sheet and negligible debt. Subtract that from the company's $2.43 billion market cap, and Fulgent appears even more undervalued in terms of its enterprise value ( EV ).
Investors, however, are not buying into the discount story. After all, the company is heavily dependent on providing billable COVID-19 tests in the U.S., where the pandemic is largely subsiding as the government's mass vaccination campaign has successfully inoculated more than half of all adults already. Meanwhile, the stock is sitting on a 462% year-over-year gain. Given all that, is it too late for new investors to buy Fulgent Genetics?
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Is It Too Late to Buy Fulgent Genetics Stock?