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The genetic testing company said its orders for traditional tests have also rebounded and are on track for growth in the second half of 2020.
The investment bank gave shares of the Temple City, California-based genetic testing company a buy rating and a $20 price target.
Fulgent saw a 75 percent increase year over year in billable tests, leading to revenues of $7.8 million. It also withdrew its 2020 full-year revenue guidance.
Consumers have filed complaints about the San Diego-based firm's questionable business practices and lack of response in the last year.
While it continues to seek investments, the firm is also making preparations for an initial public offering on the Nasdaq First North exchange.
PWNHealth will enable Stratify to offer its Prompt Personal Genetic Score prostate cancer genetic risk test directly to consumers with medical oversight.
During a conference call to discuss the firm's second-quarter results, CEO and President Francis deSouza also highlighted potential growth from clinical sequencing.
The organization continues to support direct access genetic testing for healthcare decision making, while remaining neutral on recreational, novelty, lifestyle, and ancestry genetic testing.
The firm said net product revenues fell 11 percent year over year in the fourth quarter.
The clearance enables 23andMe to report on the two most common variations in the MUTYH gene influencing MAP, which increases risk of CRC development.