Arcadia Biosciences Inc (NASDAQ: RKDA) is having an incredible day in the market today, more than doubling in value early on. The gains are ultimately the result of news released by the company surrounding the fact that it has achieved a couple of key technology milestones. Today, we’ll talk about the news, what we’re seeing from the stock, and what we’re looking to see from RKDA ahead.
RKDA Heads Up On Technology Milestones
As mentioned above, Arcadia Biosciences is having an amazing day in the market today after announcing that it has achieved two key technology milestones. In a press release issued early this morning, the company announced that the milestones were completed in its High Fiber Resistant Starch (RS) Wheat program.
RKDA said that the first milestone was met when the company created wheat varieties that contain up to 94% amylose. This is the highest level available to date. The company said that this was achieved through advanced screening and traditional breeding techniques. The second milestone comes from these same wheat varieties. RKDA said these varieties deliver levels of total dietary fiber high enough to meet the threshold required by the United States FDA for a “Green Source” of fiber or “High in Fiber” designation on consumer packaging. In a statement, Raj Ketkar, President and CEO at RKDA, had the following to offer:
These milestones are key achievements in the commercial launch plan for our non-GM wheat ingredients portfolio, delivering health benefits to consumers and distinct market differentiators to consumer packaged goods companies… Arcadia’s new wheat varieties will allow people to enjoy the foods they love with the health benefits of resistant starch and dietary fiber, while satisfying consumer demand for clean-label, natural foods.
What We’re Seeing From The Stock
One of the first things that we learn when we start to work in the market is that the news moves the needle. In this particular case, the news released by Arcadia Biosciences proved to be overwhelmingly positive. After all, these milestones could lead to strong revenues from the wheat varieties announced today. So, it’s no surprise to see that the stock is soaring in the market. At the moment (10:20), RKDA is trading at $24.68 per share after a gain of $13.01 per share (111.48%) 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 learning more with regard to the next steps and commercialization of the wheat varieties included in this announcement. Nonetheless, we’ll continue to follow the story closely and bring the news to you as it breaks!
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