Applied DNA Sciences, Inc. (APDN), a DNA based technology provider, saw an increase of 3.66% in its share price on Friday, as a result of which, the share price soared up to $6.80. In the current market, the company’s shares price is rising further. Up till now, it has gained 0.44% and stands at $6.83.
Contract for COVID-19 testing
On the 3rd of August, the company announced that its subsidiary, ADCL, was awarded a COVID-19 testing contract by the Board of Trustees of the City University of New York. The contract was awarded to serve the purpose of facilitation in the reopening of the University, which is scheduled to happen in the fall season. According to the contract, the company is asked to provide weekly asymptomatic COVID-19 screening of unvaccinated students, faculty, and other staff present at the campus.
Availability of identification thread technology
In early June, Applied DNA Sciences announced the availability of A&E’s advanced identification thread technology for the ECO100 recycled sewing thread line. This latest thread technology provides a brand new and innovative solution to different brands to serve the authentication and validation of their products. This identification thread could authenticate the products via the aid of Beacon Technology, or with qPCR test.
Announcement of study results over COVID vaccine
On 7th of June, the company announced the study results of sera, evaluating the company’s COVID vaccines in the felines. The results show that the company’s vaccines against the COVID-19 have the potential of providing high levels of protection against the current as well as future variants of the COVID-19 pandemic, said James A. Hayward, CEO, and President of Applied DNA Sciences Inc.
APDN Q2 financial results
In early May, the company announced the financial results for the second quarter of fiscal 2021, which ended March 31st. The revenue reported by the company stands at $2.7 million, as compared to $552 thousand earned during the equivalent period of 2020, an increase of 384%. During the first quarter of fiscal 2021, the company generated revenue of $1.6 million. The massive increase in revenue during the second quarter of 2021 is primarily due to the increase in services and product revenue, which was mainly brought in due to increased demand for the company’s COVID-19 related services and products. The net loss per share was $0.21, as compared to a net loss of $0.79 during the equivalent period of 2020.
First six months financial results
Along with quarterly results, the company also announced the financial results for six months period of the fiscal year 2021. According to them, the company revenue during the six months period stands at $4.3 million, as compared to $1.2 million during the equivalent period of 2020. Apart from that, the net loss per share stood at $1 per share, as compared to a net loss of $1.76 per share for an equivalent period of 2020.
What lies ahead for APDN stock?
Looking ahead, the time seems perfect for the Applied DNA Sciences business to thrive. According to analyst estimates, the company’s expected revenue for next year could be $18.76 million, while the earning per share for next could increase about 67.40%. As far as APDN stock performance is concerned, short-term investments could face volatility. The long-term investors could yield a handsome profit from APDN stock in the near future.
