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Tag: FLGT stock

  • Fulgent Genetics Inc. (FLGT) Rebounds on Agreement to Acquire Inform Diagnostics & Preliminary Q1 Revenue

    On April 18, genetic testing company, Fulgent Genetics Inc. (FLGT) came out with a couple of good news. The company has signed an agreement to acquire pathology laboratory Inform Diagnostics. On top of this, FLGT also said that it now expected Q1 2022 revenue to exceed previous guidance while raising 2022 guidance as well.

    Consequently, the stock rebounded after a loss of 1.55%, to register an increase of 7.58% in the after-hours. Thus, FLGT was trading at a value of $59.45 a share in late trading on Monday.

    Source: Medium

    FLGT’s Acquisition of Inform

    The company through the latest definitive agreement now plans to acquire Inform Diagnostics which is a portfolio company of Avista Capital Partners. Expected to close in the second quarter of 2022, the deal will result in the acquisition of the lab for $170 million in cash.

    Founded in 1996, Inform Diagnostics is now one of the largest national pathology laboratories in the U.S.

    Some of the major plus points of the rationale behind this acquisition include the expansion plan of FLGT, increased geographic reach, and attractive financial position on top of commercial synergies. Moreover, Inform’s philosophy of being a reliable and high-quality provider of pathology services aligns perfectly with Fulgent’s core purpose.

    Q1 2022 Preliminary Results

    The company also provided its preliminary results for the quarter that ended on March 31, 2022. FLGT now anticipates total revenue for the quarter to be roughly $300 million against its previous guidance of $245 million. Moreover, analysts’ estimates revolve around $244.65 million for the quarter. Hence, the new figures not only surpassed the company’s own guidance but also consensus estimates for the quarter.

    The complete financial results for the first quarter of 2022 are expected to be declared on May 3, 2022, along with an earnings conference call.

    FLGT’s Outlook

    Additionally, the company also revised its full-year 2022 revenue and is now looking forward to core revenue of $175 million approx. Earlier the company expected core revenue to be roughly $120 million. This outlook represents the successful acquisition of Inform as per schedule with anticipated revenue contribution from the lab.

    Core revenue excludes revenue from Covid-19 NGS testing.

    Conclusion

    Quick-to-action genetic testing solutions provider after bringing its Covid-19 testing to the market has had a great performance so far. Expanding its business further, the company is now in process of acquiring Inform Diagnostics. This acquisition will lead to a further increase in its revenue. Therefore, the company now looks ahead to another bright year while investors were questioning its growth in the future as Covid-19 began slowing down.

  • Fulgent Genetics (FLGT) Stock Has A Great Potential, As Demand For Testing Kits Still To Remain High Ahead

    Fulgent Genetics (FLGT) Stock Has A Great Potential, As Demand For Testing Kits Still To Remain High Ahead

    For medical test manufacturer Fulgent Genetics Inc (FLGT) the coronavirus pandemic has become a big growth force. The biotech company was able to adapt its platform rapidly to build COVID-19 tests, leading to triple-digit sales growth.

    One of the biggest beneficiaries of the high demand for testing has been Fulgent Genetics. The company’s revenue came increasing 880 percent year-on-year in the third quarter. Management increased its full-year growth outlook to $300 million based on these findings. However as reports of the imminent release of the COVID-19 vaccine became more regular, the investment in Fulgent Genetics was considered less appealing by many investors. After the vaccine success news, company’s shares dropped 16 percent during the final week of the last month but have recovered with a gain of 7.19 in the past 5 session last week.

    Most likely, the market for testing will continue for many more quarters, even after the COVID-19 vaccine is available. In a week, the pandemic will not subside, and many businesses and government agencies will continue to test people periodically until the outbreaks finally vanish. It is possible that routine monitoring will continue until 2022. This means that Fulgent Genetics’ new main product is going to sell well while growth is unlikely to be triple-digit.

    The key benefit of Fulgent Genetics, however, is not so much a coronavirus test, but a promising platform that allows users, if appropriate, to build a test for other types of diseases relatively quickly. Fulgent Genetics currently provides tests for 5,700 genetic markers and has tools to develop new product lines as well. The pandemic, in general, increased Fulgent Genetics’ exposure and allowed the business to attract a large number of new customers. In reality, Fulgent has built an enterprise software framework that will be extended to support flu vaccination, using large corporations, government departments, and hospital systems to handle testing and vaccination data.

    Fulgent Genetics Inc (FLGT) was up 2.09% at the ring of the bell on Friday to $43.55.

  • 41 Stocks Taking Bigger Strides in Pre-Market Session

    41 Stocks Taking Bigger Strides in Pre-Market Session

    IMAC Holdings Inc. (IMAC) stock plunged -13.16% to $1.32 in the pre-market trading after the company reported third-quarter earnings. The most recent rating by Ascendiant Capital Markets, on April 15, 2020, is at a Buy.

    Allied Healthcare Products Inc. (NASDAQ: AHPI) shares are trading down -10.31% at $7.05 at the time of writing. The company’s 52-week range was noted as $0.92 to $45.00.

    EuroDry Ltd. (EDRY) tumbled over -16.9% at $5.9 in pre-market trading today following Company posted results for the nine-month period and quarter ending September 30, 2020.

    Pyxis Tankers Inc. (PXS), a Marine Shipping company, dropped about -11.86% at $1.04 in pre-market trading Friday as a result of publication stating announcement date of quarterly results and conferencing call.

    XPeng Inc. (XPEV) stock moved up 5.41 percent to $47.15 in the pre-market trading after the news that it has posted strong operating and financial results as a public company.

    Electra Meccanica Vehicles Corp. (SOLO) gained over 18.01% at $5.7 in pre-market trading Friday 13 November 2020 as the company posted robust 3rd quarter results.

    Li Auto Inc. (LI) is up more than 19.57% at $38.0 in pre-market hours Friday 13 November 2020 as the news appeared that the company has announced unaudited Q3 earnings. The stock had jumped over 27.27% to $31.78 in the last trading session.

    Before the trading started on 13 November 2020, Sino-Global Shipping America Ltd. (SINO) is down -7.02% to reach $2.25 following the company revealed earnings scores of fiscal 2020. It has been trading in a 52-week range of $1.37 to $4.89.

    Biocept Inc. (BIOC) stock plunged -15.42% to $5.21 in the pre-market trading as the firm posted third-quarter earnings. The most recent rating by Chardan Capital Markets, on November 14, 2017, is at a Buy.

    Fulgent Genetics Inc. (NASDAQ: FLGT) shares are trading up 6.63% at $41.0 at the time of writing after the news surfaced that company has reported record 3rd quarter earnings and raised its outlook for full-year 2020. The company’s 52-week range was noted as $6.70 to $52.47. Analysts have a consensus price target of $75.

    Zhongchao Inc. (ZCMD) tumbled over -10.7% at $1.92 in pre-market trading today after it was publicized that Zhongchao Inc. and Takeda pharmaceutical will expand the extent of collaboration in China.

    CBAK Energy Technology Inc. (CBAT), an Electrical Equipment & Parts company, rose about 28.46% at $5.1 in pre-market trading.

    Aeterna Zentaris Inc. (AEZS) lost over -11.11% at $0.32 in pre-market trading Friday 13 November 2020 as it was reported that the giant has announced its 3rd quarter earnings results as well provided business update.

    Northern Dynasty Minerals Ltd. (NAK) is down more than -4.5% at $0.885 in pre-market hours Friday 13 November 2020. The stock had jumped over 13.08% to $0.93 in the last trading session.

    Before the trading started on 13 November 2020, 9F Inc. (JFU) is down -9.68% to reach $1.12. It has been trading in a 52-week range of $0.72 to $11.41.

    Boxlight Corporation (BOXL) stock soared 4.97% to $1.69 in the pre-market trading after the news that the company is set to hold data for its Q3 earnings results and conference call. The most recent rating by National Securities, on May 19, 2020, is at a Buy.

    CureVac N.V. (NASDAQ: CVAC) shares are trading up 5.83% at $73.75 at the time of writing as cureVac’s COVID-19 vaccine candidate, CVnCoV, is suitable for standard fridge temperature Logistics. The company’s 52-week range was noted as $36.15 to $85.00.

    NIO Limited (NIO) grew over 5.57% at $50.99 in pre-market trading today as the news surfaced that the Chinese maker of electric vehicles, Nio Inc (NASDAQ: NIO), is facing intensified competition from Tesla Inc (NASDAQ: TSLA), which will only get more serious with the introduction of its China-made Model Y car.

    Revlon Inc. (REV), a Household & Personal Products company, dropped about -8.49% at $11.0 in pre-market trading Friday after the reports that company sales dropped during the third fiscal quarter.

    Kandi Technologies Group Inc. (KNDI) stock moved up 12.72 percent to $7.8 in the pre-market trading after it was revealed in the news that Kandi Technologies announced the closing of a registered direct placement of $60 million of common stock and warrants.

    Niu Technologies (NIU) gained over 4.49% at $33.29 in pre-market trading Friday 13 November 2020 as it was reported the company will announce its quarterly results on November 23, 2020.

    Onconova Therapeutics Inc. (ONTX) is down more than -10.86% at $0.2601 in pre-market hours Friday 13 November 2020 as news appeared that the company has issued a business update and reveled its quarterly earnings results. The stock had jumped over 7.99% to $0.29 in the last trading session.

    Before the trading started on 13 November 2020, Futu Holdings Limited (FUTU) is up 4.7% to reach $41.68 as it was publicized that the company’s stock will be added to the MSCI Hong Kong Small Cap Index. It has been trading in a 52-week range of $8.16 to $40.99.

    Fisker Inc. (FSR) stock soared 5.86% to $15.89 in pre-market trading. The most recent rating by Cowen, on November 09, 2020, is at an Outperform.

    Novavax Inc. (NASDAQ: NVAX) shares are trading up 5.43% at $95.8 at the time of writing. The company’s 52-week range was noted as $3.54 to $189.40 after the report that company loss widened in Q3 and revenues missed analysts’ estimates. Analysts have a consensus price target of $290.

    Kaixin Auto Holdings (KXIN) grew over 9.46% at $3.47 in pre-market trading today.

    Vipshop Holdings Limited (VIPS), an Internet Retail company, rose about 6.09% at $23.5 in pre-market trading Friday after the exciting news surfaced that the stock earnings beat analysts’ predictions.

    Inovio Pharmaceuticals Inc. (INO) stock moved up 4.75 percent to $11.9 in the pre-market trading after the company posted its third-quarter results.

    Fastly Inc. (FSLY) gained over 4.94% at $80.01 in pre-market trading Friday 13 November 2020.

    Verastem Inc. (VSTM) is up more than 4.64% at $1.58 in pre-market hours Friday 13 November 2020 after the company highlighted its recent progress along with its quarterly results. The stock had jumped over 5.59% to $1.51 in the last trading session.

    Before the trading started on 13 November 2020, NovaBay Pharmaceuticals Inc. (NBY) is down -19.99% to reach $0.52 as the company posted Q3 earnings reports. It has been trading in a 52-week range of $0.24 to $1.94.

    Digital Ally Inc. (DGLY) stock plunged -7.51% to $2.34 in the pre-market trading after the publication of the company’s Q3 operating results. The most recent rating by Aegis Capital, on June 29, 2020, is at a Buy.

    Jumia Technologies AG (NYSE: JMIA) shares are trading up 5.01% at $14.25 at the time of writing after the company said that it has managed to cut down on losses after making a strategic shift due to covid-19. The company’s 52-week range was noted as $2.15 to $23.90. Analysts have a consensus price target of $4.50.

    JD.com Inc. (JD) grew over 4.83% at $90.55 in pre-market trading today after the company revealed the date of its earnings call.

    Creative Realities Inc. (CREX), a Software – Application company, dropped about -15.53% at $0.87 in pre-market trading Friday as the company reported its third-quarter 2020 results.

    Myovant Sciences Ltd. (MYOV) stock moved up 6.43 percent to $18.22 in the pre-market trading following Corporate Updates and Financial Results for the second-quarter fiscal year 2020.

    Cassava Sciences Inc. (SAVA) lost over -19.59% at $8.99 in pre-market trading Friday 13 November 2020 as Cassava Sciences announced a proposed public offering of common stock.

    Four Seasons Education (Cayman) Inc. (FEDU) is down more than -6.41% at $0.82 in pre-market hours Friday 13 November 2020. The stock had jumped over 2.82% to $0.88 in the last trading session.

    Before the trading started on 13 November 2020, Bionano Genomics Inc. (BNGO) is down -6.65% to reach $0.535 as the company revealed its latest business update along with quarterly earnings results. It has been trading in a 52-week range of $0.25 to $1.39.

    Blink Charging Co. (BLNK) stock plunged -5.94% to $9.82 in the pre-market trading as the company revealed both quarterly and nine-month 2020 results. The most recent rating by H.C. Wainwright, on August 14, 2020, is at a Neutral.

    Farfetch Limited (NYSE: FTCH) shares are trading up 15.71% at $50.0 at the time of writing as the company posted Q3 earnings results. The company’s 52-week range was noted as $5.99 to $44.73. Analysts have a consensus price target of $42.

    Kensington Capital Acquisition Corp. (KCAC) grew over 11.19% at $15.9 in pre-market trading today after the company announced on November 25, 2020, a special meeting will be held to approve the business combination.

    Aytu BioScience Inc. (AYTU), a Biotechnology company, dropped about -2.93% at $0.9998 in pre-market trading Friday following Aytu BioScience announced fiscal Q1 2021 net revenue of $13.5 Million, an increase of 839% year-over-year.

    Palatin Technologies Inc. (PTN) stock moved up 4.22 percent to $0.4151 in the pre-market trading after it reports 1st quarter and fiscal year 2021 results; Teleconference and Webcast to be held on November 17, 2020.

    SPI Energy Co. Ltd. (SPI) gained over 5.43% at $8.15 in pre-market trading Friday 13 November 2020.

    Nabriva Therapeutics plc (NBRV) stock soared 6.41% to $0.45 in the pre-market trading. The most recent rating by Wedbush, on March 19, 2020, is at a Neutral. Nabriva Therapeutics to Participate in Upcoming Virtual Investor Conferences.

    Timber Pharmaceuticals Inc. (AMEX: TMBR) shares are trading up 5.32% at $0.99 at the time of writing after the announcement of the business update and 3rd quarter results. The company’s 52-week range was noted as $0.87 to $12.60.