Shares of Fulgent Genetics Inc. (FLGT) surged 5.83% in pre-market trading on Tuesday, following a significant upgrade from UBS. The stock's upward movement comes as investors react positively to the improved outlook from a major financial institution.

UBS, a leading global financial services firm, has upgraded Fulgent Genetics from Neutral to Buy. This upgrade represents a substantial vote of confidence in the company's future prospects. Along with the rating change, UBS has also raised its price target for FLGT from $20 to $30, indicating a potential for significant upside from current levels.

The upgrade from UBS suggests that the firm sees improved fundamentals or growth potential for Fulgent Genetics. 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 will likely be watching closely for any additional insights or company announcements that could further support this bullish outlook.