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BTIG Initiates Coverage of Fulgent Genetics

NEW YORK ­– Investment bank BTIG has initiated coverage of Fulgent Genetics with a Buy rating and a $20 price target.

In a research note on Thursday, BTIG analyst Sung Ji Nam wrote that Fulgent has shown growth over the past several years.

"We anticipate this strong growth momentum to continue over the next few years with FLGT's expanding product offerings and customer base," Nam wrote. "With the company's focus on operational efficiency, we believe FLGT has the cost structure to reach sustainable profitability relatively sooner than its peer group of molecular genetic testing service companies."

Based in Temple City, California, Fulgent offers clinical genetic testing using next-generation sequencing. The firm also has a consumer-oriented testing firm, Picture Genetics.

In morning trading on the Nasdaq, shares of Fulgent were up 4 percent at $16.70.