Fulgent Genetics bounces on $250 mln stock buyback plan

Fulgent Genetics

08/03/2022 13:23

** Fulgent Genetics Inc's  FLGT.O  shares up 7.6% at $53.62
premarket after co announces buyback
    ** Shares looking to snap 6-day losing streak
    ** Genetic testing firm on Tues says board authorized $250
mln share repurchase program to be funded by working capital
 urn:newsml:reuters.com:*:nBw9qxY7La
    ** Co says share price volatility presents "an attractive
opportunity" to implement buyback program
    ** Co says has cash/cash equivalents exceeding $1 bln
    ** FLGT has $1.5 bln market cap, based on ~30.3 mln shares
outstanding
    ** Stock has lost 50% of its value YTD through close on Mon

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-332-219-1430))