Biotech Firm Confirms 100% Accuracy of COVID-19 Mutation Assays

Source: Streetwise Reports   06/02/2021

Applied DNA Sciences’ SARS-CoV-2 mutation panel and its validation are discussed in a ROTH Capital Partners report.

In a May 26 research note, ROTH Capital Partners analyst Jonathan Aschoff reported that Applied DNA Sciences Inc. (APDN:NASDAQ) technically validated, through testing, its seven COVID-19 mutation detection assays that comprise its Linea Selective Genomic Surveillance (SGS) SARS-CoV-2 Mutation Panel.

Aschoff described the validation process and provided the results.

Applied DNA tested more than 1,000 SARS-CoV-2-positive samples using its high throughput SGS assays. Then it conducted whole genome sequencing (WGS) on each of the samples. Then, to determine accuracy of all seven assays, the company compared the results of both methods.

“The accuracy was impressive, showing 100% concordance with WGS performed on the same samples,” Aschoff wrote.

The analyst noted that the concerning L452R and E484K mutations are among those that Applied DNA’s assays can detect. Most current Centers for Disease Control and Prevention-designated variants of concern contain one or both of these mutations, and the two can hamper the efficacy of certain emergency use authorization antibody treatments.

Aschoff pointed out that the U.S. desperately needs a better method than WGS for rapid mutation identification, and Applied DNA’s mutation panel can meet it.

“The broad mutant coverage of the SGS assay can be expanded as new concerning mutants arise, thereby avoiding the wasting of sequencing reagents by focusing their use on confirming actual variants rather than also being used to screen viruses of unknown genotype,” he wrote.

In fact, the molecular technology firm is currently developing an assay to detect the E484Q mutation that, together with L452R, comprise the highly infectious B.1.617, or Indian, variant. Once Anixa validates the new assay, it will add it to its mutation panel.

ROTH Capital Partners has a Buy rating on Applied DNA Sciences and a target price of $24 per share. The stock is currently trading at about $5.92 per share.

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Disclosures from ROTH Capital Partners, Applied DNA Sciences, Inc., Company Note, May 26, 2021

Regulation Analyst Certification (“Reg AC”): The research analyst primarily responsible for the content of this report certifies the following under Reg AC: I hereby certify that all views expressed in this report accurately reflect my personal views about the subject company or companies and its or their securities. I also certify that no part of my compensation was, is or will be, directly or indirectly, related to the specific recommendations or views expressed in this report.

Disclosures:
Within the last twelve months, ROTH has received compensation for investment banking services from Applied DNA
Sciences, Inc.
ROTH makes a market in shares of Applied DNA Sciences, Inc. and as such, buys and sells from customers on a principal
basis.

ROTH Capital Partners, LLC expects to receive or intends to seek compensation for investment banking or other business relationships with the covered companies mentioned in this report in the next three months.