Arcadia Biosciences stock (NASDAQ:RKDA) is soaring up by nearly 30% today after the farming technology firm announced that it is appointing a new member to its board of directors.
In a statement, the firm said that “the leading consumer food industry executive” Albert D. Bolles, Ph.D, has joined the company in order to further the company’s commercial success and increase industry relationships. Bolles has held some high positions with food and drink industry giants in the past, at one point serving as vice president, worldwide R&D for PepsiCo. In addition, he led a technical organization involving research and innovation with over 10,000 employees while serving as vice president of ConAgra Foods. Clearly, Bolles has a portfolio of industry contacts which could potentially benefit Arcadia in food supply circles, among others.
Bolles said of the appointment: “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 … I’m excited to join the board and leverage my experience”.
Arcadia Biosciences stock is up 28.06% at the time of writing, bringing the firm’s per-share value to $11.73 USD. The firm has a market cap of $34.7 million. The rise marks a welcome change for Arcadia’s stock value this month, which has been decreasing steadily since mid-April. Prices peaked hugely back in March after the company announced it has achieved milestones in its program to develop a new type of wheat. At the time, stocks surged over 300%, at one point valued at $47.99 per share according to MarketWatch.
More recently, Arcadia announced its first-quarter 2018 financial results earlier this month. The company reported total revenues of $214,000 in the first three months of 2018, down from $1.0 million for the same period in 2017. The firm note that this 79% drop was driven by the completion of a government grant in 2017. The firm expects further revenue from government grants as 2018 progresses as it shifts its focus onto nutrition and health products. In addition, the firm reported “significant yield gains in rice” in its field trial results of new rice-growing methods this month.
Arcadia Biosciences is an agricultural technology firm headquartered in California. Since its foundation in 2002, the firm has been focused on the development of agricultural products in order to improve health and the environment. In addition, the firm works to improve the economic viability of farming by increasing crop yields and reducing the environmental impact of farming. To this end, Arcadia employs genetic engineering and breeding techniques.
Featured image: Arcadiabio.com