Tracking down the DNA contained in fabric is not just for a modern-day Sherlock Holmes trying to solve a murder mystery. Applied DNA Sciences (OTC: APDN) unveiled a new platform under the company’s SigNature DNA brand for the detection of textile counterfeiting. The new platform will be able to link a genuine product to its original source of manufacturing for a range of textile and apparel goods plus accessory items. The authentication platform can be submitted as evidence in a court of law.
Traders looked somewhat undecided over the news as the stock opened the day basically unchanged from the closing price on Friday. During the first half-hour of trading, the stock retreated to its intraday low of $0.13. Buyers took their cue and drove share prices to the day’s high of $0.15 in the early hours of the trading session. As the day wore on, trading activity in the stock slowed markedly. When the closing bell rang, the stock managed to gain nearly 8% to close at $0.15. Though share prices did not show much movement, the volume on the day wore a hole in the carpet. Over 4.9 million shares exchanged hands compared to an average daily volume of 2.8 million.
For a good portion of the last 12 months, share prices have remained flatter than indoor-outdoor carpeting. In July, however, the stock dropped to a new 52-week low at $0.02 on news of the company closing on a $5 million round of financing through a private placement of its stock. Buyers began flocking toward the stock on August 10, 2012, when the company announced a long-term supply deal with 3 SI Security Systems for DNA markers. Ten days later the stock traded at a fresh annual high of $0.16. The company released its third quarter earnings report on August 14, 2012, that showed record revenues of $528,000 and an improving bottom line. Buyers have given little ground over the last four weeks.
In other related news, the SigNature DNA product helped London police nab ten criminals involved in a cash-in-transit spree. The robbers were caught with specially marked bills stained with the SigNature DNA product. On August 7, 2012, the company announced plans to expand its plant capacity and its payroll.
A glance at Stockreads.com and Stockpromoters.com show no recent promotional activity. On Twitter, however, several comments about Applied DNA Sciences were made. The stock caught the attention of @stockrockets and @SmallCapUpdates talked about the new DNA platform.
Applied DNA Sciences provides botanical DNA-based security and authentication solutions. The company’s products help in the fight against counterfeiting in industries such as textiles, identity cards, pharmaceuticals and even wine. Applied DNA Sciences also has products that permanently stain currency. The Stony Brook, New York, company was founded in 1983.
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