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Applied DNA Sciences Inc (NASDAQ:APDN) Rockets 55% After Coronavirus Vaccine Plan

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In a development that is going to bring cheer to its shareholders, APDN’s stock has jumped significantly this week due to an announcement Monday. Applied DNA Sciences Inc (NASDAQ:APDN) announced that it is going to produce as many as four DNA vaccines for preclinical testing and those vaccines are aimed at coronavirus.

Big Development

Applied DNA Sciences is going to use its PCR based DNA manufacturing systems to produce these vaccines. The vaccines are going to be made by Applied’s majority owned subsidiary company LineaRx. The subsidiary is going to collaborate with Takis Biotech to make the four candidates.

This is a massive development for the sole reason that if the company does manage to produce this vaccine then it could eventually turn into a major player in the business. It is likely that the stock is going to remain in focus this week considering the sort of gains it has made so far.

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Over the past weeks, many stocks have made big gains due to the possibility of producing a coronavirus vaccine and Applied is the latest in that line. APDN’s stock jumped by as much as 55% to $6.18 this morning as investors piled on to it.

That being said, it should also be noted that there are other companies as well who are working on developing a coronavirus vaccine. The President and Chief Executive Officer of the company Dr. James A. Hayward stated that Applied is looking to scale up its process quite quickly.

He said, “Within weeks of arrival we expect to immediately scale up PCR-based production of each vaccine candidate and ship them back to Takis.” It seems that the company’s proprietary platform could prove to be quite crucial in the whole process and Hayward said as much in the press release sent out by Applied today.

The company claims that the platform allows fast development and can also be scaled up when needed. Sign-up for continuing coverage on shares of $APDN stock, as well as other hot stock picks, get our free newsletter today and get our next breakout pick!

Disclosure: we hold no position in $APDN, either long or short, and we have not been compensated for this article.

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