Why Is Applied DNA Stock Soaring Higher Today?

Applied DNA Sciences Inc's APDN subsidiary Applied DNA Clinical Labs LLC has received a COVID-19 testing contract by the City University of New York (CUNY) to facilitate the University's reopening in the fall.
The contract term is 12 months, has a maximum value not to exceed $35.0 million, and contains no minimum weekly testing commitment.
The Contract specifies the deployment of safeCircle, its high-throughput, pooled COVID-19 testing program, to provide weekly asymptomatic diagnostic COVID-19 screening.
CUNY projects weekly testing in the range of 20,000 to 65,000 tests throughout the Contract.
Testing under the Contract will commence in early August, and all sample collection sites will be fully operational before the start of the academic year on August 25.
Price Action: APDN shares are up 37.9% at $7.49 during the market session on the last check Tuesday.