Shares of Fulgent Genetics at last check were up 16% to $33.46.
“With flu season fast approaching, ... it will be critical to differentiate between influenza and SARS-CoV-2, and that this combination of virus testing will become the standard of care during the remainder of the pandemic," said Brandon Perthuis, chief commercial officer of Fulgent Genetics, in a statement.
The news comes after the Temple City, Calif., company said it would partner up with New York City Health and Hospitals to provide Covid-19 tests to students before they return to school this fall.
The company is preparing to test hundreds of thousands of students across 1,600 locations over the next several months.
Fulgent Genetics will provide students with its FDS EUA-approved at-home test, Picture by Fulgent. The test uses a self-collected nasal swab sample that is then sent to a lab for examination.
The company said in a news release that test results would be ready within 24 to 48 hours from the time the sample was received and accepted by the lab.
“It’s an ambitious goal to test so many students in such a rapid fashion, but the combination of the Fulgent technology platform and lab capacity along with the strong testing infrastructure of New York City makes this possible,” said Perthuis.
This initiative will be one of the first large-scale Covid-19 testing programs to be carried out with at-home kits.
“In just a few short days, we were able to get the first shipment of hundreds of thousands of Picture kits to New York City," added Perthuis. "We will now be working closely with the city on the distribution, return and replenishment of the kits."