Arcadia Biosciences Inc (NASDAQ: RKDA) is flying in the market this morning, and for good reason. The company provided a management update that excited investors, sending the stock screaming for the top. Today, we’ll talk about:
- The management update;
- what we’re seeing from the stock; and
- what we’ll be watching for with regard to RKDA ahead.
RKDA Heads Up On Management Update
As mentioned above, Arcadia Biosciences is having an incredibly strong day in the market today after the company announced that a new member has been added to the board of directors. In a press release issued early this morning, the company announced that Albert D. Bolles, Ph.D., a leader in the consumer food industry, has joined the company’s board of directors.
In the release, RKDA outlined the years of leadership experience Dr. Bolles brings to the team. Most notably, he acted as Chief Technology and Operations Officer for ConAgra Foods, leading a technical organization with more than 10,000 employees and 100 manufacturing facilities.
Also, Dr. Bolles is an active partner with the Food and Drug Administration as well as the U.S. Department of Agriculture to influence public policy. In fact, his involvement proved to be instrumental with regard to passing the Food Safety Modernization Act of 2010. In a statement, Kevin Comcowich, Chair of the RKDA Board of Directors, had the following to offer:
Al is a visionary leader in the industry with proven success in global product innovation, R&D and corporate strategy… He will be instrumental in helping Arcadia build the commercial capabilities and industry relationships needed to launch its value-added food ingredients portfolio.
The above statement was followed up by Dr. Bolles. Here’s what he had to offer:
Arcadia has a robust pipeline of innovations in its non-GM wheat platform and other nutritional products that fit consumer needs in health and wellness… Their GoodWheat™ family of products has tremendous promise in the global marketplace, and I’m excited to join the board and leverage my experience and industry relationships to maximize its potential.
What We’re Seeing From The Stock
As investors, one of the first lessons that we learn is that the news moves the market. In this particular case, the news proved to be overwhelmingly positive. After all, bringing on a name on like Dr. Bolles could prove to be an instrumental move with regard to the growth and success of Arkadia Biosciences. So, it’s no surprise that excited investors are sending the stock screaming for the top. At the moment (10:22), RKDA is trading at $11.93 per share after a gain of $2.77 per share (30.24%) thus far today.
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What We’ll Be Watching For Ahead
Moving forward, the CNA Finance team will continue to keep a close eye on RKDA. In particular, we’re interested in following the company to see what changes the new addition to the board leads to. Nonetheless, we’ll continue to follow the story closely and bring the news to you as it breaks!
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