Applied DNA Sciences, Inc. (OTCBB:APDN) Attempts Reversal
After a long streak of drops that sliced almost 30% of its share price, Applied DNA Sciences, Inc. (OTCBB:APDN) had a green reversal yesterday, closing up in double digits for the first time in two months. The company was probably assisted by an optimistic press release that came out yesterday near the market’s open.
The company’s line of work is a curious mix of DNA science and security technology. APDN is working on unique markers using plant DNA. Those are in turn intended for forensics, anti-counterfeiting and authentication applications.
The company’s announcement released just yesterday morning concerned an increase in workforce, described as a 72% increase, meaning APDN had a total staff of under 30 people before. APDN also cited a growing number of contracts from military electronics suppliers – allegedly sixteen so far.
The news for expansion and an increase in demand for APDN‘s products seems to have piqued investor interest once again, after a month-long drought in PR. The company was also targeted by stock promoters in the past, with the previous two waves of tout emails coming in early April and May. While nobody is pumping APDN now, it’s just something that may be worth keeping in mind.
Here is how APDN looked financially as of the end of their last report period, March 31:
- $4.4 million in cash
- $344 thousand in quarterly revenue
- $3.1 million in quarterly net loss
With common stock diluted a little over 20% from May 2012 to May 2013, APDN may need to start generating profit before further dilutive financing potentially starts chasing investors away. Within the last six months APDN sold preferred and common stock for cash totaling $7.5 million. With the recent appointments of new professionals at the company’s leading positions, hopefully APDN will be able to leverage its technology on a wider market space and turn profitable.
Other gainers in yesterday’s market include NanoTech Entertainment, Inc. (OTCMKTS:NTEK) who recovered from a slip but only partially, failing to make up even for the slip of the previous session. Northumberland Resources, Inc. (OTCMKTS:NHUR) seem to have also found a bottom and reversed their free fall, recovering by $0.04.
