HomeEquities ScoreWhy did Applied DNA Sciences Inc. (APDN) stock face headwinds in the...

Why did Applied DNA Sciences Inc. (APDN) stock face headwinds in the after-hours on Tuesday?

Applied DNA Sciences Inc. (APDN) shares lost 3.82% in after-hours on Tuesday, August 03, 2021, and closed the daily trading at $6.55 per share. In the regular trading session on Tuesday, APDN’s stock gained 25.41%. APDN shares have fallen29.72% over the last 12 months, and they have moved up 28.73% in the past week. Over the past three months, the stock has gained 12.94%, while over the past six months, it has declined 38.65%. APDN has a current market of $48.96 million and its outstanding shares stood at 7.24 million.

Let’s see what are the latest developments about the company?


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Applied DNA Sciences upcoming financial results

Applied DNA Sciences, Inc (APDN) will release its fiscal 2021 third-quarter financial results on Thursday, August 12, 2021, after market close and hold its quarterly investor conference call and webcast that same day.

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APDN won COVID-19 Testing Contract

On August 03, 2021, Applied DNA Clinical Labs, LLC, (ADCL), which is a wholly-owned subsidiary of Applied DNA Sciences, Inc. (APDN) won a competitively-bid COVID-19 testing contract by the City University of New York (CUNY) Board of Trustees to facilitate the University’s reopening in the fall. The Contract term is 12 months, has a maximum value not to exceed $35.0 million, and contains no minimum weekly testing commitment.

The safeCircle™ of ADCL will provide weekly asymptomatic diagnostic COVID-19 screening of on-campus unvaccinated students, staff, and faculty, and a random sampling of vaccinated individuals across the CUNY school system. ADCL will also provide on-site staffing and sample transport and logistics. It is expected that ADCL will perform 20,000 to 65,000 tests throughout the Contract.

APDN advanced identification thread technology

On June 8, 2021, Applied DNA Sciences, Inc (APDN)  announced the availability of A&E’s INTEGRITY™ advanced identification thread technology, for its ECO100 recycled sewing thread line.

INTEGRITY™ ECO100 provides an innovative and economical solution for brands to authenticate and validate their products anywhere within the supply chain by way of a common component – sewing thread

Update about APDN Veterinary COVID-19 Vaccine 

On June 7, 2021, Applied DNA Sciences Inc  (APDN) and its program development partner, Evvivax S.R.L. announced results from an in vitro neutralization study of sera evaluating the company’s COVID-19 vaccine in felines.

The study showed neutralizing antibody titers against B.1.1.7 were not significantly impacted while neutralizing antibody titers against P1 and B.1.526 were reduced as expected and consistent with other CDC-reported data on vaccine-induced antibody neutralization against these variants. The Company believes these expected reductions in viral neutralization titers against P1 and B.1.526 are unlikely to lead to a significant reduction in the effectiveness of the vaccine candidate against these variants in domestic felines and other veterinary applications, such as farmed mink.

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Conclusion

The APDN stock went up after the company secured a new contract for Covid-19 testing but we had no news for its loss in the after-hours session on Tuesday. Based on its recent developments, we are confident that it will perform well in the coming days.

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