FLGT - Nasdaq Falls 40; Fulgent Fluidigm Collapse on COVID-19 Competition
The Nasdaq Composite (NASDAQINDEX: ^IXIC) has been the standout winner in the U.S. stock market so far in 2020, but it can't keep up the pace every single day. With market participants paying close attention to the Federal Reserve's latest pronouncement on how it intends to manage monetary policy, the blue chip stocks in the Dow Jones Industrials found themselves in the ascendancy on Thursday. After trying to eke out a small gain, the Nasdaq got stuck in the red by the end of the day.
The COVID-19 pandemic has been a source of great difficulty throughout the business world, but it's also given some companies an opportunity to show what they can do to solve medical problems. Both Fulgent Genetics (NASDAQ: FLGT) and Fluidigm (NASDAQ: FLDM) have enjoyed huge gains this year because of their roles in helping to evaluate coronavirus patients. However, both companies fell sharply today in the face of new competition.
Both stocks were sharply lower on Thursday. Fluidigm's losses amounted to 27%, while Fulgent took a 28% hit.