Codex DNA Inc. (DNAY) gained a further 7.92% in the after-hours on December 30, 2021. The stock has been advancing since the regulatory filing of the company disclosed its research collaboration and license agreement with Pfizer as per Yahoo Finance.
During regular trading, the stock leaped by 17.68% at its closing value of $10.98 with 12.21M shares exchanging. The stock continued its uptrend in the after-hours, reaching $11.85 with an after-hours volume of 482.96K shares.
The genomic tools’ developer, Codex DNA Inc. has a market capitalization of $273.44 million. Currently, the company has 29.31 million shares outstanding in the market.
What is going on?
DNAY stock has been on an uptrend since news began circulating in the market about its agreement with the pharmaceutical giant. Pfizer is the co-developer of the Comirnaty COVID-19 vaccine.
As per the agreement, the companies will further develop DNAY’s BioXP platform. Moreover, the developed platform which is to be owned by Codex will be used to synthesize useful materials for Pfizer.
Moreover, DNAY will receive $8 million as upfront payment with eligibility for a further $10 million in milestone payments, if achieved. In addition to royalty payments, the company would be able to earn up to $180 million in sales milestones. This will be possible only if its BioXp platform produces marketable products for Pfizer.
Consequently, the stock has been gaining huge, adding over 74% in the past five days alone.
DNAY’s Other Recent Developments
On December 23, the company announced releasing a new full-length synthetic genome of the Omicron variant of SARS-CoV-2. Omicron which is a highly contagious and mutated variant of the virus has been deemed as a Variant of Concern by the WHO.
DNAY’s BioXpTM 3250 system was responsible for the creation of the new genome. Moreover, the BioXp system is a synthetic biology benchtop workstation that is fully automated. It is capable of constituting rapid, accurate, and reproducible writing of DNA and mRNA.
Hence, this synthetic version of the omicron variant will provide helpful tools and resources for the fight against the pandemic.
DNAY’s Financials
On November 09, DNAY declared its financial results for the third quarter of 2021. The company’s revenue increased by 70% year over year, to $2.8 million in Q3 of 2021, against $1.6 million in Q3 2020.
Moreover, the net loss in the third quarter of 2021, was $9.8 million or $0.34/share, against $4.5 million or $0.89/share in the year-ago quarter.
