FLGT - Why Fulgent Genetics Stock Temporarily Soared 31% Today
Shares of Fulgent Genetics (NASDAQ: FLGT) soared nearly 31% at one point Friday morning. However, the stock was up only 5% as of 11 a.m. EST.
That huge, albeit temporary, gain stemmed from Fulgent's fourth-quarter update after the market close on Thursday. The genetic testing company reported revenue of $295 million with adjusted earnings of $167.5 million, or $6.20 per share. Both top- and bottom-line results represented huge improvements from the prior-year period and trounced Wall Street consensus estimates. Fulgent also provided 2021 guidance that projects 90% revenue growth this year.
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Why Fulgent Genetics Stock Temporarily Soared 31% Today