Fulgent Genetics (FLGT) has rapidly developed a couple of tests for COVID-19, which is at least in part substituting the pandemic-related decline in its core business, but we think the latter is temporary, as were the incurred costs for developing the COVID-19 tests.
As demand for the company's COVID-19 tests are ramping rapidly and their core business is coming back, we think the shares are still attractive.
We bought Fulgent Genetics at $9.87 for the SHU portfolio last November, and it has been quite a ride:
The company was growing very substantially, and in Q1