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NEW YORK – Investment bank BTIG on Monday downgraded Fulgent Genetics from a Buy rating to Neutral saying the benefits the firm is seeing from its COVID-19 testing business may not be sustainable.

On Monday, Fulgent raised its full-year revenue guidance for the third time this year, this time to $300 million, which would represent 800 percent year-over-year growth. The Temple City, California firm had increased guidance in August from $120 million to $135 million.

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