The SeqLL Inc (NASDAQ: SQL) stock price soared 283% after announcing that it had entered into a two-year Cooperative Research and Development Agreement (CRADA) with the U.S. Department of Justice’s Federal Bureau of Investigation (FBI).
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Investors cheered the announcement despite the tech company not disclosing the financial terms of the agreement. Under this CRADA, SeqLL and the FBI Laboratory Division will evaluate and determine the forensic capabilities of direct RNA sequencing using SeqLL’s True Single Molecule Sequencing (tSMS®) platform.
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The rally in SQL’s stock price shows how excited investors were with the CRADA, given that this is the first time that the FBI has used the CRADA mechanism to expand its laboratory capabilities to be more effective at their primary responsibility of investigating crimes and catching criminals.
SeqLL will work together with the FBI to produce an assay that can identify bodily fluids without compromising the traditional DNA and STR sequencing mechanisms used by the FBI for up-to-date analysis.
Using CRADAs is an excellent way for organisations to share their resources and expertise while conducting collaborative research to advance their mission. The FBI expects to advance its laboratory capabilities via the CRADA with SeqLL.
Investor interest in SeqLL (SQL) stock reached significant highs as over 30 million SQL shares had changed hands at the time of writing.
Eric Pokorak, Assistant Director FBI Laboratory Division, said: “Body fluid identification can provide investigative context and have probative value. We are excited to collaborate with SeqLL to evaluate the potential of this capability in forensic casework.”
Daniel Jones, SeqLL’s CEO and Founder, said: “We are delighted to be working with a motivated and knowledgeable partner, such as the FBI LD. We appreciate the opportunity this CRADA provides to methodically develop forensic applications utilizing SeqLL’s technology. We look forward to demonstrating how single-molecule, PCR-free approaches are ideally suited for this space.”
I wouldn’t chase SQL stock higher, given that parabolic rallies are typically followed by significant pullbacks as sellers overpower buyers after the initial excitement about a news release fades.
*This is not investment advice.
The SeqLL (SQL) stock price chart.
The SeqLL (SQL) stock price soared 283% to trade at $2.0665, from Monday’s closing price of $0.5395.
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