Why Is Applied DNA Stock Soaring Higher Today?

  • Applied DNA Sciences Inc's APDN subsidiary Applied DNA Clinical Labs LLC has received a COVID-19 testing contract by the City University of New York (CUNY) 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 Contract specifies the deployment of safeCircle, its high-throughput, pooled COVID-19 testing program, to provide weekly asymptomatic diagnostic COVID-19 screening. 
  • CUNY projects weekly testing in the range of 20,000 to 65,000 tests throughout the Contract. 
  • Testing under the Contract will commence in early August, and all sample collection sites will be fully operational before the start of the academic year on August 25. 
  • Price Action: APDN shares are up 37.9% at $7.49 during the market session on the last check Tuesday.
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