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Oppenheimer Initiates Coverage of Fulgent Genetics With Outperform Rating

NEW YORK – Oppenheimer on Wednesday initiated coverage of Fulgent Genetics with an Outperform rating and a price target on its shares of $75.

Fulgent is "the world's most highly leveraged publicly traded company to PCR testing for the detection of COVID-19," Oppenheimer Analyst Kevin DeGeeter wrote in a research note sent to investors and noted that the firm benefited from early adopter positioning and an expanded menu of testing options. He added that the stock provided an opportunity to gain market share as the pandemic testing market matures as well as a hedge against upcoming data disclosures by COVID-19 vaccine programs.

Oppenheimer's forecast for Fulgent's Fiscal Year 2021 revenues of $235.6 million is above the consensus Wall Street estimate of $173.5 million.

BTIG initiated coverage of Fulgent in May with a Buy rating; PiperSandler also covers the stock. Earlier this month, both investment banks increased their price targets for shares of Fulgent to $35 and $68, respectively.

In Thursday morning trading on the Nasdaq, shares of Fulgent jumped 12 percent to $49.15.