Fulgent Genetics [NASDAQ: FLGT] Announces COVID-19 Testing Deal In Ohio

Fulgent Genetics, Inc. [NASDAQ: FLGT] has announced Wednesday that it has been chosen by the Ohio Department of Rehabilitation and Correction (ODRC) to fulfill the COVID-19 testing needs.

The Ohio Department of Rehabilitation and Correction will get benefit from Fulgent’s RT-PCR testing capabilities and Enterprise Platform. The Ohio department will test its approximately 14,000 employees on a routine basis.

The partnership between the Ohio department and Fulgent includes on-site testing at locations across the state. It will leverage Fulgent’s Enterprise Platform. 

Fulgent Genetics, Inc. shares were trading up 7.37% at $41.81 at the time of writing on Tuesday. FLGT share price went from a low point around $6.70 to briefly over $52.47 in the past 52 weeks, though shares have since pulled back to $41.81.

Fulgent Genetics market capitalization has remained high, hitting $927.76 million at the time of writing. This company had a trading volume of 1.02 million as compared to the average volume of 932.33K.

If we look at its profitability, its return on assets, equity, and investment is 3.00%, 3.30%, and -0.60%. If we look at its liquidity, it has a current ratio of 6.30.

The platform of Fulgent will help the ODRC to provide the on-site testing process. It will give each employee a QR code or using their employer ID which is linked to their sample via a barcode scan.

The sample then returned to Fulgent for processing and supervision. The employees will get their test results within 24 hours of sample receipt.