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Fulgent Genetics (FLGT) Soars 6.6%: Is Further Upside Left in the Stock?
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Fulgent Genetics, Inc. (FLGT - Free Report) shares soared 6.6% in the last trading session to close at $23.31. The move was backed by solid volume with far more shares changing hands than in a normal session. This compares to the stock's 10.6% gain over the past four weeks.
Fulgent Genetics scored a strong price increase on investors’ optimism surrounding its impending second-quarter 2024 financial results, which is slated to release on Aug 2 post the closing bell. The Zacks Consensus Estimate for the second quarter revenue indicate a 1.3% growth year over year. Furthermore, Precision Diagnostics, presently the largest growth driver in the company’s laboratory services business, posted a 34% year-over-year revenue growth in the first quarter.
This company is expected to post quarterly loss of $0.31 per share in its upcoming report, which represents a year-over-year change of -287.5%. Revenues are expected to be $68.71 million, up 1.3% from the year-ago quarter.
While earnings and revenue growth expectations are important in evaluating the potential strength in a stock, empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.
For Fulgent Genetics, the consensus EPS estimate for the quarter has remained unchanged over the last 30 days. And a stock's price usually doesn't keep moving higher in the absence of any trend in earnings estimate revisions. So, make sure to keep an eye on FLGT going forward to see if this recent jump can turn into more strength down the road.
Fulgent Genetics is a member of the Zacks Medical Info Systems industry. One other stock in the same industry, 10x Genomics (TXG - Free Report) , finished the last trading session 0.8% lower at $19.84. TXG has returned 1.2% over the past month.
For 10x Genomics, the consensus EPS estimate for the upcoming report has changed +1.2% over the past month to -$0.46. This represents a change of +13.2% from what the company reported a year ago. 10x Genomics currently has a Zacks Rank of #2 (Buy).
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Fulgent Genetics (FLGT) Soars 6.6%: Is Further Upside Left in the Stock?
Fulgent Genetics, Inc. (FLGT - Free Report) shares soared 6.6% in the last trading session to close at $23.31. The move was backed by solid volume with far more shares changing hands than in a normal session. This compares to the stock's 10.6% gain over the past four weeks.
Fulgent Genetics scored a strong price increase on investors’ optimism surrounding its impending second-quarter 2024 financial results, which is slated to release on Aug 2 post the closing bell. The Zacks Consensus Estimate for the second quarter revenue indicate a 1.3% growth year over year. Furthermore, Precision Diagnostics, presently the largest growth driver in the company’s laboratory services business, posted a 34% year-over-year revenue growth in the first quarter.
This company is expected to post quarterly loss of $0.31 per share in its upcoming report, which represents a year-over-year change of -287.5%. Revenues are expected to be $68.71 million, up 1.3% from the year-ago quarter.
While earnings and revenue growth expectations are important in evaluating the potential strength in a stock, empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.
For Fulgent Genetics, the consensus EPS estimate for the quarter has remained unchanged over the last 30 days. And a stock's price usually doesn't keep moving higher in the absence of any trend in earnings estimate revisions. So, make sure to keep an eye on FLGT going forward to see if this recent jump can turn into more strength down the road.
The stock currently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>
Fulgent Genetics is a member of the Zacks Medical Info Systems industry. One other stock in the same industry, 10x Genomics (TXG - Free Report) , finished the last trading session 0.8% lower at $19.84. TXG has returned 1.2% over the past month.
For 10x Genomics, the consensus EPS estimate for the upcoming report has changed +1.2% over the past month to -$0.46. This represents a change of +13.2% from what the company reported a year ago. 10x Genomics currently has a Zacks Rank of #2 (Buy).