Arcadia Biosciences Inc (NASDAQ: RKDA) shares soared past $4 in Wednesday’s pre-market session, 71% higher than Tuesday’s closing price of $2.33, after the company announced better-than-expected fourth-quarter sales results.
Arcadia reported quarterly losses of 47 cents per share which missed the analyst consensus estimate of 41 cents per share loss.
The company however reported quarterly sales of $7.13 million which beat the analyst consensus estimate of $1.26 million by over 460%. The sales beat appears to be the fuel behind this massive run Wednesday morning.
Arcadia is an agricultural biotechnology trait company. The company develops a portfolio of yield and traits addressing multiple crops that supply the global food and feed markets. Arcadia’s crop yield traits are utilized by its partners to develop higher-yielding seeds for global crops.
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