Applied DNA stock soars more than 80% active trading, after quadrupling in the previous session

Shares of Applied DNA Sciences Inc.
APDN,
+46.30%
shot up 84.0% in premarket trading, after they more than quadrupled in the previous session (up 311.2%) in the wake of the biotechnology company’s announcement that it had initiated a validation of a monkeypox virus test. The two day rally comes after the stock tied its record-low close of 68 cents on Aug. 1, after first setting that record low on July 25. Trading volume was already above 16.3 million shares ahead of the open, compared with the full-day average of about 4.2 million shares; 117.2 million shares changed hands on Tuesday. Despite Tuesday’s big rally, the stock was still down 30.4% year to date through Tuesday, while the iShares Biotechnology ETF
IBB,
+4.09%
has lost 19.7% and the S&P 500
SPX,
+1.59%
has lost 14.2%.