Trending

A small biotech firm's stock spiked 425% after giving a positive update on a PCR test for monkeypox

Business Insider US
A biotech lab. picture alliance/Getty Images
A biotech lab. picture alliance/Getty Images
  • Applied DNA Sciences stock jumped over 400% on Tuesday after the company gave an update on a monkeypox PCR test.
  • The firm will begin validation of the test, after which it can seek approval from regulators for public testing.
  • About 82.5 million shares changed hands, compared to average volume of 153,000. 
  • For more stories go to www.BusinessInsider.co.za.

Applied DNA Sciences stock shot up on Tuesday after the small biotech firm gave a positive update on their development of a PCR test for monkeypox. 

Shares jumped to $3.71 as of 15h00 ET, up 425% from yesterday's close of $70.

The wave of investors snapped up shares after Applied DNA announced it had started the validation of its polymerase chain reaction (PCR) test for the monkeypox virus. The company's subsidiary, Applied DNA Clinical Labs, will be in charge of approving the technology, after which Applied DNA Sciences will be able to seek approval from state regulators.

If approved, the company will be able to test people for the virus across New York, which has declared a state of emergency due to rising monkeypox infections, along with California and Illinois.

Now a step closer to widespread testing, the firm's announcement generated enough excitement to have the stock stopped 27 times for volatile trading today.

"Based on our experience with the Covid-19 pandemic, we are keenly aware of the crucial role PCR-based diagnostic tools can play in responding and helping to control public health outbreaks," Applied DNA Chief Executive James Hayward said in a statement. "ADCL stands ready to apply its testing capacity in service of New Yorkers' health."


Rand - Dollar
16.20
+0.3%
Rand - Pound
19.66
+0.8%
Rand - Euro
16.62
+0.9%
Rand - Aus dollar
11.54
-0.0%
Rand - Yen
0.12
+0.6%
Gold
1,800.50
+0.6%
Silver
20.80
+2.4%
Palladium
2,224.00
-2.9%
Platinum
966.20
+0.5%
Brent Crude
99.60
+2.2%
Top 40
63,996
-1.0%
All Share
70,731
-0.8%
Resource 10
64,048
-2.8%
Industrial 25
86,577
-0.6%
Financial 15
16,059
+0.6%
All JSE data delayed by at least 15 minutes Iress logo