Stocks To Watch: Applied DNA Sciences [NASDAQ: APDN] was one of the biggest gainers in Tuesday’s trading session. However today in pre-market it is pulling back, APDN is currently trading down about 38% at $11.79 per share.
The stock went parabolic yesterday and closed the day with gains of 331.82%. This huge jump in price was triggered by news that the company was successful in its research on leather DNA tagging. This breakthrough followed research in the U.K that showed that SigNature DNA could trace an animal’s hide from the farm to the store. The company believes that its research has identified an efficient and affordable way to make use of DNA in leather mapping.
This is a big deal because, it opens a whole new world in animal rights. It will help trace leather products to farms that treat animals well. According to the company CEO, Dr. James Hayward, these results validate their previous work in this area. He also stated that, they are looking forward to opportunities where they can apply this technology in the leather industry. He added that the company was pleased with the positive response they had received from the industry.
Today, the company will be doing a presentation on this issue at the Leather Compliance and Sustainability Conference that will be hosted by Eurofins/BLC. This will be followed by a keynote presentation on December 5th, 2019 at the SATRA Sustainable Footwear Forum by Tony Benson, the company’s Managing Director of EMEA.
Looking at the charts, there was strong upside momentum in Tuesday’s trading session. The stock opened the day at $6.02 and shot up to a high of $19.69, before closing the day at $19.00. The trading volume was quite high and stood at 13.64 million in that session. From a technical analysis perspective, this was a bullish reversal that was accompanied by strong volumes, and could signal to potential gains in the near term.
About Applied DNA Sciences Inc
Applied DNA Sciences Inc develops and markets plant-based DNA solutions among many other DNA-based solutions. The company has its headquarter in Stony Brook, New York.