|Over a week ago|
Fulgent Genetics awarded CDC genomic sequencing contract for SARS-CoV-2 samples » 16:1203/1503/15/21
Fulgent Genetics announced that the U.S. Centers for Disease Control and Prevention, or CDC, has awarded the company a contract to provide genomic sequencing of samples of SARS-CoV-2 on an ongoing basis, leveraging the company's next generation sequencing, or NGS, capabilities. Under the agreement, Fulgent Genetics will sequence the genomes of random samples that have tested positive for SARS-CoV-2, the virus that causes COVID-19. Fulgent will leverage its NGS platform and provide sequencing data to the CDC as part of their initiative to conduct a large-scale genomic survey of the virus using random samples from across the United States. Ultimately, the CDC believes this large-scale genomic survey of the virus can provide important baseline information for national and state-level virus surveillance, help define changes in transmission, help to identify unusual or emerging variants, and ultimately improve the public health response to the virus. Fulgent said it was selected as a partner due to its access to samples, laboratory capabilities for processing and sequencing of these samples, ability to manage the significant amount of data collected, and ability to deliver data to the CDC under the strict specifications they require.
|Over a month ago|
Quidel slips, drags on peers as demand for testing 'softens significantly' » 14:4603/1003/10/21
QDEL, QGEN, FLGT, GNMK, PKI, BDX, HOLX
Shares of Quidel (QDEL)…
Shares of Quidel (QDEL) are under pressure on Wednesday after the company said demand for testing was down 30%-40% quarter-to-date versus the fourth quarter and that it sees quarterly revenue of "at least" $450M, with consensus estimates at roughly $755M. The guidance also sent shares of several peers, including Qiagen (QGEN) and Fulgent Genetics (FLGT), into negative territory. DEMAND DOWN: During Barclays' Global Health Virtual Conference, Quidel said that testing in February and March has "softened significantly," with demand for testing down 30%-40% quarter-to-date versus the fourth quarter. The company also noted that it sees revenue of "at least" $450M for the quarter, with consensus at $755.07M. For the current fiscal year, Quidel sees revenue of roughly $2.5B, with consensus at $2.87B. PRICE ACTION: In afternoon trading, shares of Quidel have dropped over 16% to $130.75. Also lower, Qiagen has slipped almost 4% to $45.84, Fulgent Genetics has plunged over 12% to $96.09, GenMark (GNMK) has slid more than 18% to $16.31, PerkinElmer (PKI) has slipped over 4% to $120.57, Becton Dickinson (BDX) has slid about 2% to $237.50, and Opko Health (OPKO) and Hologic (HOLX) have dropped about 5% apiece to $4.31 and $68.47, respectively.
Fulgent Genetics price target raised to $140 from $135 at Piper Sandler » 05:0603/0503/05/21
Piper Sandler analyst…
Piper Sandler analyst Steven Mah raised the firm's price target on Fulgent Genetics to $140 from $135 and keeps an Overweight rating on the shares post the Q4 results. The analyst believes management is being conservative on guidance and notes multiple sources of upside that are not baked into the guide"
Fulgent Genetics sees FY21 EPS $12.50, consensus $11.55 » 16:1503/0403/04/21
Sees FY21 revenue $800M,…
Sees FY21 revenue $800M, consensus $600.24M. Of the $800M, the company anticipates $70M in revenue from NGS testing, representing growth of 92% year-over-year.
Fulgent Genetics reports Q4 EPS $6.20, consensus $4.05 » 16:1303/0403/04/21
Reports Q4 revenue…
Reports Q4 revenue $294.98M, consensus $199.44M. Ming Hsieh, chairman and CEO, said, "Our record fourth quarter results capped off a transformational year for Fulgent Genetics. While we did not envision 2020 to unfold in the way that it did, I am proud of our team for supporting the pivot of our business to rapidly scale to become one of the top providers of COVID-19 testing in the country. The results we achieved were possible because of our differentiated technology platform built over the ten years since our founding. While the majority of our business this year was from COVID-19 testing, we believe we have laid a very strong foundation for continued growth in the years ahead. This year we made inroads with numerous new customers, established new reimbursement agreements, expanded our capacity and commercial capabilities, and have grown our direct-to-consumer genetic testing platform, Picture Genetics. We have also begun utilizing our NGS based COVID testing capabilities to aid in identification and screening of potential new strains and mutations of the virus. And finally, we have taken a novel approach to licensing our lab management software solutions and are offering a new COVID vaccine management software platform, which will continue to aid in recovery from the pandemic. I believe we are extremely well positioned in the years ahead as vaccine rollout continues and our lives return to a state of normalcy."
Fulgent Genetics, BioIQ partner on COVID-19 testing programs » 10:0202/1602/16/21
BioIQ announces a…
BioIQ announces a partnership with Fulgent Genetics to offer viral genome sequencing capable of identifying various variants of the COVID-19 virus. Fulgent Genetics' full viral genome sequencing is a new and rapidly evolving tool that better characterizes COVID-19 infections and the consequences of new variants in the population. The partnership makes it possible for BioIQ employer, government, and health plan customers to leverage Fulgent Genetics' testing solution to inform testing regimens, clinical treatment protocols and vaccination strategies pursuant to the identified COVID-19 variant. Local public health agencies can similarly leverage the testing solution in ongoing population infection surveillance programs with BioIQ.
Fulgent Genetics price target raised to $135 from $100 at Piper Sandler » 05:1102/0302/03/21
Piper Sandler analyst…
Piper Sandler analyst Steven Mah raised the firm's price target on Fulgent Genetics to $135 from $100 and keeps an Overweight rating on the shares. Based on publicly available information from California, channel checks imply Fulgent performed 2M COVID-19 tests in California in Q4, Mah tells investors in a research note. This beats his estimate of 1.49M total COVID-19 tests for the entire U.S.. The checks also imply Fulgent is on track to beat the Q1 estimate as well, Mah tells investors in a research note. The analyst now has increased confidence in Fulgent's testing.
Fulgent Genetics price target raised to $130 from $75 at Oppenheimer » 08:3402/0102/01/21
Oppenheimer analyst Kevin…
Oppenheimer analyst Kevin DeGeeter raised the firm's price target on Fulgent Genetics to $130 from $75 and keeps an Outperform rating on the shares. The analyst notes that since December, Fulgent has increased share in California from 10% to 17%, while consistently generating turnaround time at or below statewide median. He looks to continue accumulating Fulgent into recent strength and into expected early March Q4 financial results update.
Invitae downgraded to Perform on valuation at Oppenheimer » 07:1902/0102/01/21
NVTA, EXAS, FLGT
As previously reported,…
As previously reported, Oppenheimer analyst Kevin DeGeeter downgraded Invitae (NVTA) to Perform from Outperform. The analyst notes that the shares recently reaching his prior price target of $51. He also cites ambiguity regarding synergies between ArcherDx and Invitae's franchises in hereditary cancer and women's health; and preference for Invitae to provide greater financial transparency on impact from M&A and growth initiatives. While DeGeeter views 2021 guidance for revenues of $450M-plus as potentially conservative, he believes opportunities for further multiple expansion may be limited contributing to increased risk of underperformance for Invitae shares. The analyst views larger cap names such as Exact Sciences (EXAS) or special situations such as Fulgent Genetics (FLGT) as more appropriate for investors putting new money into the sector.
|Over a quarter ago|
Fly Intel: Wall Street's top stories for Friday » 16:1401/0801/08/21
MU, BA, PFE, BNTX, MRNA, SRPT, DB, CMRX, ACIA, CSCO, BNGO, FLGT
Equity futures took the…