Palladyne AI Subsidiary Wins US Navy Contract For Developing New Missiles — PDYN Stock Soars Pre-Market
Synopsis
The company said that the Air-Launched Rapid Response Missile is expected to deliver nearly hypersonic speed and long range at a fraction of the cost of other hypersonic weapons.
Palladyne AI Corp. (PDYN) on Wednesday announced that its subsidiary has been awarded a contract by the U.S. Navy to develop new air-launched, near-hypersonic, long-range, low-cost missiles.
Palladyne’s subsidiary GuideTech will develop the new Air-Launched Rapid Response Missile (ALRRM). The company said that ALRRM is expected to deliver nearly hypersonic speed and long range at a fraction of the cost of other hypersonic weapons.
Palladyne AI shares were up nearly 12% in Wednesday’s pre-market trade. Retail sentiment on Stocktwits around the company trended in the ‘neutral’ territory. PDYN was the second most trending ticker on the platform at the time of writing.
Get updates to this story developing directly on Stocktwits.<
For updates and corrections, email newsroom[at]stocktwits[dot]com.<
Stay updated with all the latest Business News, including market trends, Share Market News, stock updates, taxation, IPOs, banking, finance, real estate, savings, and investments. Track daily Gold Price changes, updates on DA Hike, and the latest developments on the 8th Pay Commission. Get in-depth analysis, expert opinions, and real-time updates to make informed financial decisions. Download the Asianet News Official App from the Android Play Store and iPhone App Store to stay ahead in business.