It’s looking like a dire summer for many investors as the Nasdaq continues to unravel from its November peak and the S&P 500 sees a 45% fall from its January peak. However, amidst this bear market, some industries continue to see steady returns. In this article, we look at 2 NASDAQ stocks on the rise – Mullen Automotive Inc. NASDAQ: MULN and Codex DNA. NASDAQ: DNAY – as well as their ongoing & upcoming catalysts.


With a mission to provide exciting EV options tailored to the American consumer’s life, Mullen Automotive Inc. NASDAQ: MULN strives to make EVs more accessible than ever through an ecosystem that tackles every aspect of EV ownership. By doing this, the company plans to become a pillar in establishing a self-sustaining local economy. With this in mind, MULN has been making major technological strides lately – catching the attention of many EV investors.

Last year, the company filed multiple trademarks for its solid-state polymer battery technology. Even though the Mullen FIVE is scheduled to roll out in 2024, Michery is bullish on MULN’s future as testing shows “this technology, once implemented on the Mullen FIVE, will deliver over 600 miles of range on a full charge.”

Clearly, MULN has been making efforts to support its Mullen FIVE EV Crossover program. As of June 22nd, the emerging EV manufacturer announced it has filed 130+ patents in 24 countries – all of which are related to the design and styling of the Mullen FIVE EV Crossover. Upon the announcement, shares were up 2.6% in the Wednesday morning trading session. 

However, this growth comes as no surprise. Ever since the company announced that it is set to join the Russell 2000® and 3000® Indexes, MULN has been on a run-up. Membership in the Russell 3000® Index will automatically include MULN in the large-cap Russell 1000® Index or small-cap Russell 2000® Index along with the appropriate growth and value style indexes. In a PR earlier this month, David Michery – CEO and chairman of Mullen Automotive – shared his thoughts on this step:

I believe that our inclusion in the Russell Indexes will bring Mullen Automotive great visibility within the institutional investment community. This is an excellent milestone for our company, which will provide increased liquidity and investor awareness.”

To ensure a stone cash position and facilitate this growth, Esousa Holdings, LLC – an existing Mullen shareholder – has acquired a $28 million convertible note from Drawbridge and entered into an agreement with Mullen to extend the maturity date by 2 years.

Michery believes the note extension is an important step for MULN given that “it preserves our cash flow at a time when the economy appears to be hitting some headwinds, and it provides the Company with a strengthened cash position, allowing us to execute on our EV plans”.

Following its run-up, MULN is now trading at $1.61 near its newly formed resistance of 1.65 with primary support at 1.22 and secondary support at 1. The MACD just approached a bearish crossover following a series of bullish crossovers and accumulation has been on a downtrend but is now showing a slight uptick. Meanwhile, the RSI is at 79 and continues to trend upwards – indicating MULN stock is extremely overbought.

Because MULN is now trading near its resistance and is clearly overbought, bullish investors could wait for a pullback and for the RSI to cool off before finding a good entry point. The downward trend in accumulation indicates investors are cashing out for profits. Given its many upcoming great catalysts, MULN could be a profitable long-term hold.


Through its award-winning BioXp system, Codex DNA NASDAQ: DNAY has been enabling rapid, accurate, and reproducible writing of DNA and mRNA for years. Delivering a virtually error-free synthesis of DNA/RNA within days and hours, the system’s technology is used by scientists around the world in labs to enhance and accelerate the design-build-test paradigm for high-value products for biologics drug discovery, vaccines as well as cell and gene therapy.

CEO Dr.Todd R. Nelson continues to place great emphasis on showcasing and advancing the company’s automated BioXp system and RapidAMP technology for antibody and protein engineering workflows technology. By joining conferences and displaying the technology’s amazing functionalities, DNAY continues to stir talks among investors.

Last month, the stock saw a major run-up as the company reported impressive revenue growth across its product portfolio for Q1 2022. With a 142% increase from the year-ago period, revenue for the quarter was $5.6 million – most of which is driven by sales of BioXp 3250 instruments, kits, and services. To facilitate this growth and expansion, the company reported a massive increase of $8 million in operating expenses – ranging across commercial, research, and development, as well as general and administrative organizations. In light of these efforts, the company could be well-positioned for further growth in the coming quarter.

Nelson has assured investors that:

With a strong global team, an expanding commercial presence, and groundbreaking enzymatic DNA synthesis technologies in development, DNAY is in an excellent position to deliver on its mission.”

Currently at a dip, DNAY is trading at $2.03 near its support at 1.92. The stock has been losing its momentum ever since its hit its high of 4.72 and formed a strong resistance line. Accumulation has seen a sharp dip on June 22nd but is now showing a slight uptick. Similarly, the MACD is bearish but is on the verge of a bullish crossover while the RSI is at 25 indicating the stock is slightly oversold.

The stock’s indicators show an overall bearish sentiment given the ongoing losses & negative news in the media. While it’s currently trading at a dip, DNAY could see a rebound to its previous month’s high as its upcoming catalysts play out.


Both the NASDAQ penny stocks we analyzed today are experiencing an evident decline following their major run-up. However, given their many upcoming catalysts and the lucrative nature of their industries, they’re on our radar and are likely to continue skyrocketing in the near future as events play out. Stay updated on the best entry points for both stocks.

As always, good luck to all (except the shorts).


Disclosure: We have no business relationship with any company whose stock is mentioned in this video. Viral Stocks is not an investment advisor and this video does not provide investment advice. Always do your own research, make your own investment decisions, or consult with your nearest financial advisor. This video is not a solicitation or recommendation to buy, sell, or hold securities. This video is our opinion and is meant for informational and educational purposes only and does not provide investment advice. Past performance is not indicative of future performance.

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