Benzinga | Sep 2, 2020 09:25PM EDT

Fulgent Shares Up 10% On COVID-19 Testing Deal For New York Schools

Fulgent Genetics (NASDAQ:FLGT) shares spiked nearly 10% in the after-hours session Wednesday, as the company said it would supply COVID-19 testing to hundreds of thousands of students in partnership with New York City Health and Hospitals at nearly 1,600 locations.

What Happened: The California-based company will supply its RT-PCR at-home test, approved under United States Federal Drug Administration emergency use authorization, for students, as they return to school beginning September, it said in a statement.

The test utilizes a nasal swab sample and results will be provided within 24-48 hours from the time the company receives a specimen, Fulgent said.

Why It Matters: Fulgent's COVID-19 test can be taken at home or at school and was chosen because it can be self-administered, the company claimed.

XpresSpa Group Inc (NASDAQ:XSPA) is testing passengers at New York's JFK International Airport using Abbott Laboratories' (NYSE:ABT) ID NOW tests.

Abbott already has EUA for a $5 COVID-19 test, which it claims can detect the disease in 15 minutes.

Fulgent Price Action: Fulgent shares traded 10.3% higher at $31.80 in the after-hours session on Wednesday after the company announced its partnership. The stock earlier closed the regular session nearly 0.3% lower at $23.83 per share.

Photo courtesy: Governor Tom Wolf via Flickr