FLGT - Why Shares of Fulgent Genetics Nearly Doubled in 2021
Shares of diagnostic testing company Fulgent Genetics (NASDAQ: FLGT) were up 93% last year, according to S&P Global Market Intelligence . The unpredictability of COVID took shareholders on a journey through several peaks and valleys on the way to that gain. The roller coaster has continued into 2022 with the stock down nearly 20% year to date already.
Much of the volatility can be blamed on the waves of coronavirus infections. Naturally, the need for testing rises and falls with cases. Management raised its full-year guidance when it reported first-quarter results. It followed that by retracting the projected increase after the second quarter. In the most recent report, guidance rocketed higher once again. That's enough to give any analyst whiplash.
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Why Shares of Fulgent Genetics Nearly Doubled in 2021