I once bought a company that traded like this. A new IPO that started trading. But it kept halting up. Hit $154.00 before heading back down quickly. I remember someone on the chat board bought 100 shares at $100 -- and was pissed when it went down to $62.00 -- It's easy to get sucked in.
APDN today is quite amusing. Once in awhile this stock hit my radar in the past. But would quickly dive into the red.
Looks like the Company and Insiders are selling as much as they can today. Which is generating more short-sales.
FWIW My thinking is that given Dr. Hayward's scientific reputation as 1) an expert in PCR with dual doctorates from a NY university in the field of molecular biology, and 2) an inventor with a patent to his credit relevant to PCR, along with his 17 years as CEO of Applied DNA Sciences (NY) and close ties to New York State--odds are Hayward would not submit for validation (costly) to NYSDOH a breakthrough PCR diagnostic test kit specific to monkeypox virus were he not virtually certain the test kit would pass muster with flying colors.
Applied DNA Sciences, Inc. (NASDAQ: APDN) (the “Company”), a leader in polymerase chain reaction (“PCR”)-based technologies, announced that its wholly-owned clinical laboratory subsidiary, Applied DNA Clinical Labs, LLC (“ADCL”), has initiated analytical validation of a Company-developed, PCR-based monkeypox virus test that is specific for the genetic signature of the monkeypox virus. The test has been developed as a type of NYSDOH Laboratory Developed Test (“LDT”). If the test is validated by ADCL, a validation package will be submitted to New York State Department of Health (“NYSDOH”) for approval. If approved, the test will be used to power ADCL’s monkeypox testing services.
ADCL’s monkeypox test utilizes an A17L gene-target specific to monkeypox that enables the qualitative detection and differentiation of monkeypox virus from other non-variola orthopoxviruses using real-time PCR. If validated and approved, testing will be performed at ADCL’s CLEP/CLIA molecular diagnostics laboratory in Stony Brook, N.Y., utilizing its established and proven workflows to ensure accurate results and competitive turn-around-times.
“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. With a proven workflow and testing services born of COVID-19, upon test approval, ADCL stands ready to apply its testing capacity in service of New Yorkers’ health,” stated Dr. James A. Hayward, president and CEO of Applied DNA Sciences.
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