Here is why Codex DNA Inc. (DNAY) stock rallied on Wednesday?

Codex DNA Inc. (DNAY) shares surged 7.18% in after-hours on Wednesday, December 29, 2021, and closed the daily trading at $10.00. Even in the regular trading session of Wednesday, DNAY’s stock rallied 39.05%. The stock volume remained 5.67 million shares. DNAY shares have moved up 39.88% in the past week. Over the past three months, the stock has lost 16.77%, while over the past six months, it has declined 57.59%.

Let’s have a look at its recent news and developments.

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DNAY latest development

Codex DNA Inc. (DNAY) reported in a regulatory filing that it has signed a research collaboration and license agreement with U.S. pharmaceutical company Pfizer.

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Both companies will work together to further develop Codex DNA’s BioXP, which its maker describes as the world’s only fully automated gene synthesis platform. Once further developed, BioXP will be utilized to manufacture materials that can potentially be used by Pfizer in its products.

Codex DNA will receive an upfront payment of $8 million. Down the road, Codex DNA can earn up to $180 million in sales milestones provided that its technology results in marketable products for Pfizer, in addition to royalty payments.

DNAY expand its COVID-19 Tools catalog

On December 23, 2021, Codex DNA, Inc. (DNAY), released a new full-length synthetic genome of the SARS-CoV-2 virus for the highly mutated and contagious Omicron variant (B.1.1.529 lineage). The genome was built with the company’s BioXp™ 3250 system, a fully automated synthetic biology benchtop workstation for rapid, accurate, and reproducible writing of DNA and mRNA.

With the new Omicron variant, Codex DNA offers a full catalog of 14 SARS-CoV-2 synthetic genomes as well as custom-made SARS-CoV-2 genomes that are used to support researchers in their search for solutions to fight specific variants.

DNAY automated mRNA synthesis kit

On November 29, 2021, Codex DNA, Inc. (DNAY) launched its BioXp™ mRNA synthesis kits with CleanCap® Reagent AG, a proprietary mRNA capping technology from TriLink BioTechnologies, part of Maravai LifeSciences (MRVI). These new automation kits will allow users to generate large yields of high-quality, capped mRNA to accelerate the discovery and development of mRNA-based vaccines and therapeutics.

BioXp kits with integrated CleanCap Reagent AG are designed to increase the productivity and efficiency of mRNA synthesis workflows.

DNAY latest financial results

On November 09, 2021, Codex DNA, Inc. (DNAY), reported financial results for the third quarter ended September 30, 2021.

Q3 2021 financial highlights

  • DNAY reported total revenue of $2.8 million in Q3 2021 compared to $1.6 million for the same period in the prior year.
  • The cost of revenue was$1.6 million in Q3 2021, compared to $0.7 million in Q3 2020.
  • Operating expenses were $10.6 million in Q3 2021, compared to $5.2 million in Q3 2020.
  • It suffered a net loss of $9.8 million for the third quarter of 2021, compared to $4.5 million in the same period in the prior year.
  • The company ended the third quarter with cash and cash equivalents of $109.8 million.

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The recent news about the Codex DNA agreement with Pfizer was the reason behind its exceptional gains on Wednesday and it can continue its momentum on Thursday as well.

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