Stock Alert: Applied DNA Stock Up 81% On EUA For Linea COVID-19 RT-PCR Test

(RTTNews) - Shares of Applied DNA Sciences Inc. (APDN) are surging over 81% in pre-market today, after the company announced that the U.S. FDA has provided Emergency Use Authorization or EUA for the clinical use of the company's patent-pending Linea COVID-19 RT-PCR test for COVID-19.

The Linea COVID-19 assay kit is an rRT-PCR (reverse transcription, Real Time Polymerase Chain Reaction)-based assay designed to detect specific highly conserved target sequences of the SARS-CoV-2 Spike (S) gene. The Linea COVID-19 assay is an advanced single-well multiplex test that allows for simple set up and higher-throughput as compared to tests that require multiple wells per test.

Further, the company noted that Linea COVID-19 assay is approved to run on the FDA-approved Applied Biosystems QuantStudio Dx real-time PCR instrument, which allows for testing results for up to 94 samples within one hour, or more than 2,000 tests in 24 hours per device.

The stock has been trading in the range of $2.52 - $27.20 for the past one year, and closed Wednesday's trade at $8.89, down 40 cents or 4.31%. Trading volume was 415K versus an average volume of 1.84 million shares. APDN is currently trading at $16.10, up $7.21 or 81.10% in the pre-market session.