UBS Starts Fulgent Genetics (FLGT) at Neutral

UBS analyst Dan Leonard initiates coverage on Fulgent Genetics (NASDAQ: FLGT) with a Neutral rating and a price target of $35.00.

The analyst comments "We initiate coverage of Fulgent Genetics (FLGT) with a Neutral rating. While we believe Fulgent can continue to grow its next-generation sequencing (NGS) based testing business (~35% of FY23e core revenue), we expect growth will decelerate going forward. Further, its commodity oncology / pathology businesses (~56% of sales) could dampen growth momentum given the lower growth trends in those markets and limited visibility. Separately, Fulgent's therapeutic efforts might hold promise, but we believe investors are unlikely to attribute much value for at least the next two years while we await more clinical data."

For an analyst ratings summary and ratings history on Fulgent Genetics click here. For more ratings news on Fulgent Genetics click here.

Shares of Fulgent Genetics closed at $26.52 yesterday.

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