Fulgent Genetics Inc. (FLGT) stock is soaring 8.93% in Tuesday's trading session, building on pre-market gains following a significant upgrade from UBS. The surge in stock price comes as investors react positively to the improved outlook from the global financial services firm.

UBS has upgraded Fulgent Genetics from Neutral to Buy, demonstrating increased confidence in the company's prospects. Alongside the rating change, UBS has substantially raised its price target for FLGT from $20 to $30, suggesting potential for further upside. This upgrade represents a major vote of confidence in Fulgent Genetics' future and has clearly resonated with market participants.

While specific reasons for the upgrade were not detailed in the available information, such changes in analyst ratings often reflect positive developments in a company's business model, market position, or industry trends. Investors are likely to watch closely for any additional insights or company announcements that could further support this bullish outlook. The significant price movement indicates that the market is reacting strongly to this positive assessment from a respected financial institution.