Applied DNA (NASDAQ:APDN) stock is rocketing higher on Monday after the company announced a massive order for its LinearDNA product.
LinearDNA is an enzymatic manufacturing platform that produces DNA without risks of bacterial contamination and non-target DNA sequences. Today’s news includes the company’s largest single order for the product yet.
Applied DNA doesn’t give an exact number for the order, but it does note that it’s in the mid-six-digit range. The company also mentions that this is a repeat order from a “global manufacturer of in vitro diagnostics.”
According to Applied DNA, the current deal has it agreeing to supply the company with LinearDNA starting this quarter. It will complete its delivery of the product over the following three quarters as well.
Dr. James Hayward, President and CEO of Applied DNA, said the following about the news:
“Our proprietary enzymatic approach to manufacturing DNA via PCR underpins our ability to produce DNA more efficiently and rapidly relative to other DNA production methods and at scale.”
Investors Are Reacting Well to the Order
To go along with today’s news, APDN stock is experiencing incredibly heavy trading. As of this writing, more than 44 million shares of the company’s stock have changed hands. That’s an amazing increase compared to the daily average trading volume of about 7.6 million shares.
APDN stock is up 72% as of Monday afternoon. Even so, the stock is still down about 50% since the start of the year.
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On the date of publication, William White did not hold (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.