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In a stark reflection of investor sentiment, Applied DNA Sciences Inc (NASDAQ:APDN) stock has tumbled to a 52-week low, touching down at $1.14. According to InvestingPro data, the company maintains a healthy current ratio of 4.72, with more cash than debt on its balance sheet, though it's quickly burning through available funds. This latest price level underscores a precipitous drop over the past year, with the company's shares experiencing a staggering 1-year change of -99.71%. The severe downturn in APDN's stock price has alarmed shareholders and market analysts alike, as the company grapples with challenges that have eroded its market value to this record low point within the span of a year. Technical indicators from InvestingPro suggest the stock is currently in oversold territory, with 17 additional key insights available to subscribers, including detailed valuation metrics and growth forecasts.
In other recent news, Applied DNA Sciences Inc. has announced a strategic shift in its pharmacogenomics strategy. The company is refining its TR8™ PGx pharmacogenomics testing service by focusing on subpanels for specific use cases, in addition to full panel testing. This move follows an FDA safety announcement and aims to enhance the utility of their testing services for healthcare providers. Additionally, Applied DNA has submitted a validation package to the New York State Department of Health for a new test targeting the H5 bird flu virus. This laboratory-developed test is designed to detect and subtype the H5 virus, responding to the virus's spread among dairy cows and poultry in the U.S.
The company also announced a 1-for-50 reverse stock split to meet Nasdaq's minimum bid price requirement. This action will reduce outstanding shares from approximately 55.2 million to about 1.1 million. In another development, Applied DNA's special meeting of stockholders failed to reach a quorum, delaying the approval needed for the exercisability of private placement warrants. The company plans to reconvene the meeting to secure the necessary stockholder approval. Lastly, Applied DNA has set May 22, 2025, for its virtual annual stockholder meeting, with stockholder proposals due by April 11, 2025.
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