RKDA stock is the biggest gainer in the past week as shares of Arcadia Biosciences Inc (NASDAQ:RKDA) have gained over 350% since last Friday after the USDA’s approval for drought-tolerant soybeans.
Stock of the Week
The week has belonged to RKDA stock as far as the performance is concerned. The stock started climbing last Friday after it emerged that the drought-tolerant soya beans created by Verdeca, the company’s joint venture with Bioceres Crop Solutions Corp (NYSE:BIOX), had been approved by the United States Department of Agriculture. It goes without saying that it is a huge development for the company and RKDA stock skyrocketed on Friday.
However, the climb continued this week as the stock gained as much as 350% since the announcement. Arcadia stock is currently one of the most sought after stocks in the biosciences sector, and it is not a surprise at all.
At the time of writing, RKDA stock is trading higher by 20% at $8.45.
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On Monday, the trading volumes spiked significantly to further lay credence to the fact that investors have absolutely piled onto RKDA stock. Arcadia had a modest average daily volume of 2 million, but on Monday it rose to over 25 million shares. After the announcement on Friday, it climbed to a staggering 56 million shares. The company’s stock has gone back to the levels that were last seen in February and March this year when it announced the creation of its cannabis business.
Earnings Announcement
Late Wednesday, the company announced its financial results for the second quarter and yet again, there was much to cheer for investors. Arcadia generated net profits of $4.2 million, and it is a significant improvement from the performance in the prior-year period when it reported a loss.
The earnings per share stood at a healthy 84 cents, up from a per-share loss of 96 cents in Q2 2018. The revenues stood at $203,000. This has been an excellent week for the company, and that fact that it has managed to post a profit will definitely bring even more interest to RKDA stock in the weeks to come. It is definitely a stock worth keeping an eye on.
RKDA stock is trading just 20% away from its 52-week high of $10.40.
Featured image: DepositPhotos © lucadp
