Stock Alert: Applied DNA Sciences Jumps 30% After Getting EUA For Covid-19 Testing Kit

(RTTNews) - Shares of Applied DNA Sciences, Inc. (APDN) are currently gaining over 30% on Friday morning after the U.S. FDA approved Emergency Use Authorization for expanded used of its COVID-19 testing kit.

APDN is currently trading at $11.56, up $2.85 or 32.72%, on the Nasdaq.

Applied DNA Sciences said FDA granted an Emergency Use Authorization amendment that both expands the installed base of PCR equipment platforms that can process the company's LineaTM COVID-19 Assay Kit and introduces automation to significantly increase the throughput of the assay by use of robotic RNA extraction.

The EUA amendment extends the RT-PCR platform authorization from the Applied Biosystems QuantStudio Dx to include Applied Biosystems' QuantStudio 5 Real-Time PCR system.