Applied DNA Sciences blasts more than 350% higher after initiating validation of monkeypox virus test

Shares of Applied DNA Sciences Inc.
APDN,
+311.16%
skyrocketed 353.7% higher in very volatile trading Tuesday, after the biotechnology company said it initiated validation of a monkeypox virus test. Trading volume spiked to 73.1 million shares, compared with the full-day average of about 256,450 shares. The stock has been halted no less than 27 times for volatility since the opening bell. The company said if its polymerase chain reaction (PCR)-based monkeypox virus test is validated by is subsidiary Applied DNA Clinical Labs (ADCL), a validation package will be submitted to the New York State Department of Health for approval. New York declared last week a State Disaster Emergency in response to the monkeypox outbreak. “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,” said Applied DNA Chief Executive Dr. James Hayward. “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.” The stock has not soared 100.7% over the past three months, while the iShares Biotechnology ETF
IBB,
+0.29%
has gained 3.6% and the S&P 500
SPX,
-0.67%
has lost 1.0%.