Stock Alert: Fulgent Genetics Gains 18% On Launching At-home Covid-19 Test

(RTTNews) - Shares of Fulgent Genetics, Inc. (FLGT) climbed $3 or 18.18% Tuesday after-hours after the genetic testing services company said it launched an at-home testing solution for Covid-19, after receiving Emergency Use Authorization (EUA) from the FDA.

Fulgent Genetics plans to offer the testing service from next week through Picture Genetics, the company's consumer-initiated genetic testing platform.

"Since launching our RT-PCR Test (non-at-home test) several months ago, we have won several strategic accounts and are processing thousands of tests daily with an average turnaround time of 24 hours from receipt of sample. This at-home COVID-19 test will diversify our go-to-market approach for tests by utilizing our existing consumer-initiated genetic testing platform," commented Brandon Perthuis, Chief Commercial Officer at Fulgent Genetics.

In the last quarter, Fulgent had reported revenue growth of 44% year-over-year at $7.8 million.

"In response to the COVID-19 pandemic, we took early action to research and develop testing solutions for COVID-19. We have been able to launch multiple screening tests for COVID-19, which are available today and seeing strong demand," said Ming Hsieh, Chairman and Chief Executive Officer.