H.C. Wainwright analyst Yi Chen raised the firm’s price target on Applied DNA Sciences to $8 from $4 and keeps a Buy rating on the shares. The company last week announced that its wholly-owned subsidiary, Applied DNA Clinical Labs, has initiated analytical validation of a company-developed, PCR-based monkeypox virus test that is specific for the genetic signature of the monkeypox virus, Chen tells investors in a research note. Given the presence of a large at-risk population in New York, the analyst believes the test could drive the growth of clinical laboratory service revenue in the near term. This test has the potential to be the first PCR test in New York that exclusively detects monkeypox virus, says Chen.
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