Why Fulgent Genetics Is Crashing Today

After competitor Abbott Labs (NYSE: ABT) unveiled a $5, 15-minute COVID-19 test, shares of Fulgent Genetics (NASDAQ: FLGT) are tumbling 28.7% at 11:15 a.m. EDT on Thursday.

Fulgent Genetics' bread-and-butter business is providing genetic testing for cancer patients and would-be parents. However, management pivoted earlier this year to provide COVID-19 testing, too, and that's caused revenue and the company's share price to soar.

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Source Fool.com