Why Is Applied DNA (APDN) Stock Up 212% Today?

  • Applied DNA (APDN) stock is rising on monkeypox test news.
  • The company is starting analytical validation of its test.
  • This will have it seeking approval from the New York State Department of Health (NYSDOH).
APDN Stock - Why Is Applied DNA (APDN) Stock Up 212% Today?

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Applied DNA (NASDAQ:APDN) stock is rocketing higher on Tuesday after the company revealed its starting analytical validation of a monkeypox virus test.

The new test from Applied DNA has been developed as a New York State Department of Health (NYSDOH) Laboratory Developed Test. If the current validation goes well, the company intends to submit it to NYSDOH for approval.

Applied DNA is hoping for approval from the NYSDOH. If it gets that, the company will be able to move forward with plans to use it for monkeypox virus testing. This would take place at its CLEP/CLIA molecular diagnostics laboratory in Stony Brook, NY.

Dr. James A. Hayward, president and CEO of Applied DNA, said the following in a news release:

Based on our experience with the COVID-19 pandemic, we are keenly aware of the crucial role PCR-based diagnostic tools can play in responding and helping to control public health outbreaks. With a proven workflow and testing services born of COVID-19, upon test approval, ADCL stands ready to apply its testing capacity in service of New Yorkers’ health.

All of this news has APDN stock seeing heavy trading on Tuesday. This has some 55 million shares moving as of this writing. That’s a massive increase in trading volume compared to its daily average of around 152,000 shares.

APDN stock is up 211.9% as of Tuesday afternoon.

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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.

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