NEW YORK, NY / ACCESSWIRE / March 15, 2018 / Shares of Arcadia and Yield10 were two of the biggest movers in the market yesterday. The two agricultural bioscience companies were exploding in Wednesday trading. Shares of Arcadia soared to a new high after the company announced two significant milestones while shares of Yield10 rose higher despite any catalyst but may have been feeling the excitement of Arcadia's big announcement. The latter did announce its fourth quarter and year end 2017 results last week.
RDI Initiates Coverage on:
Arcadia Biosciences, Inc.
Yield10 Bioscience, Inc.
Arcadia Biosciences, Inc. shares closed up a staggering 311% yesterday on nearly 14 million shares. The stock hit a new high of $54.99 during intra-day trading and trading volume was explosive compared to usual. The tremendous move came after the company announced that it had achieved two milestones in its "high fiber resistant starch wheat program." First, the company has developed wheat varieties that have up to 94% amylose. According to the company's press release, higher levels of amylose, "correspond to high levels of resistant starch, which has been proven to deliver significant health benefits." The second milestone is that the wheat varieties also deliver levels of total dietary fiber that are high enough to meet FDA standards to be labeled "Godo Source" or "High in Fiber" on consumer packaging. The company's CEO Raj Ketkar remarked, "These milestones are key achievements in the commercial launch plan for our non-genetic modification 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."
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Yield10 Bioscience, Inc. shares closed up nearly 74% on Wednesday on skyrocket volume. The stock traded about 17.5 million shares compared to an average of about 950,000 shares. There was no remarkable news this week to explain the sudden explosion in share price but it was last week that the company announced its fourth quarter and full year 2017 results. The company's CEO Oliver P. Peoples, Ph.D., remarked, "In 2017, our team delivered a series of achievements reflecting our commitment to build Yield10 into a leader in agricultural innovation based on the development of novel crop yield traits. Recent highlights among our achievements for the year include the completion of successful field tests for our novel yield trait gene C3003 in Canada; signing a research license with Monsanto Company for evaluation of C3003 in soybean; designing new pathways for oil biosynthesis using genome editing technology in oilseed crops; and strengthening our balance sheet following the completion of a public offering in December." He further said, "We expect the momentum to continue in 2018, as permitting is currently underway for field tests of C3003 planned to begin at sites in Canada in the second quarter."
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