Arcadia Biosciences Inc (NASDAQ: RKDA)
Arcadia Biosciences was already having a pretty good day in the market today. When the opening bell rang, the stock was trading slightly in the green. From there, it stayed relatively flat, but remained on the profit side of the line. However, things went from pretty good to great minutes ago as the stock started soaring. Below, we’ll talk about what we’re seeing from RKDA, why, and what we’ll be watching for ahead.
What We’re Seeing From RKDA
As mentioned above, Arcadia Biosciences was having a decent day in the market early on. At the opening bell, the stock was trading in the green. While movement was relatively flat for the first while, the stock had no problems holding onto the gains. Nonetheless, the stock started ripping toward the top recently. At the moment (11:06), RKDA is trading at $1.14 per share after a gain of $0.17 per share or 17.53% thus far today.
Why The Stock Is Gaining
As is almost always the case, our partners at Trade Ideas were the first to send us the alert that RKDA was making a run for the top. When we received the notification, the CNA Finance team started digging to see what was causing the movement. In our search, we found a press release that we believe to be the reason for the gains.
In the release, we learned that Arcadia Biosciences recently released the results of a study. The study, conducted by the International Center for Tropical Agriculture. In the study, it was shown that rice lines with the company’s Nitrogen Use Efficiency trait produced at a higher level than normal. In fact, the study found that production was a 34% increase over controls. In a statement, Raj Ketkar, President and CEO at RKDA had the following to offer…
“This study indicates that Arcadia’s NUE trait can support enhanced yields for the world’s most important food crop… While the CIAT study references NERICA rice varieties, we believe our NUE trait can generate significant yield gains, reduce the use of nitrogen fertilizer, and improve on-farm economics for farmers growing rice varieties currently being commercialized in Asia, the world’s most important production and consumption rice market.”
What We’ll Be Watching For Ahead
Moving forward, the CNA Finance team will be keeping a close eye on RKDA. In particular, we’re watching for news associated with how the study results will be put into action, generating a profit for the company. Nonetheless, we’ll be watching closely and bringing you the updates as they break!
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