NEW YORK – Fulgent Genetics' stock rose as much as 12 percent on Wednesday following an announcement that the firm has partnered with Florida's Miami-Dade County on COVID-19 testing.
Under the deal, the Temple City, California-based genetic testing firm will provide RT-PCR-based COVID-19 tests as well as its community testing platform for managing drive-through testing sites. Financial and other details were not disclosed.
The announcement drove shares of Fulgent to an intraday high of $30.79 on Wednesday. In late afternoon trading, the company's shares were up about 7 percent to $29.16.
"Rapid turnaround times for testing are vital to limiting the spread of COVID-19, and Fulgent Genetics promises efficient processing, within 24 to 48 hours of receipt of the sample," Miami-Dade County Mayor Carlos Gimenez said in a statement. Fulgent's PCR-based tests have received Emergency Use Authorization from the US Food and Drug Administration.
The deal makes Miami-Dade the latest US county to sign with Fulgent for coronavirus testing, joining California's Los Angeles, Orange, San Bernardino, and Santa Clara Counties.
With a population of approximately 2.7 million, according to a 2019 census report, "Miami-Dade is the most populous county in Florida and seventh most populous in the United States," Brandon Perthuis, Fulgent chief commercial officer, said in a statement. "We are incredibly happy to partner with the county in their tremendous efforts to combat this virus."
Earlier this month, Fulgent announced it has partnered with New York City Health and Hospitals to provide coronavirus testing for New York's schools.