Yield10 Bioscience (NASDAQ:YTEN) stock is rocketing higher on Thursday after the agricultural bioscience company got new approval from the U.S. Department of Agriculture’s (USDA) Biotechnology Regulatory Services (BRS).
The big news here is Yield10 Bioscience’s Camelina sativa varieties getting approval for breeding and growth in the United States. This came after the agency determined the genetically modified plants don’t fall under regulations 7 CFR part 340.
This matters as the Camelina sativa varieties created by Yield10 Bioscience produce omega-3 fatty acids. Currently, most omega-3 fatty acids are derived from ocean fish. This opens a new way to produce omega-3 fatty acids.
What’s Next for YTEN Stock?
Here’s what Yield10 Bioscience Chief Science Officer Kristi Snell said about the company’s plans:
“In 2024, we plan to focus on executing our development program, building seed inventory in anticipation of commercial scale planting, and engaging with potential commercial partners to enable commercial sale of omega-3 oil and meal in target markets. Use of omega-3 oil in target markets may still be subject to regulation from other regulatory authorities in target geographies.”
This news has YTEN stock up 116.7% as of Thursday morning with more than 89 million shares traded. That’s already well above its daily average trading volume of about 2.5 million shares.
Investors will find more of the most recent stock market stories below!
We have all of the hottest stock market news for Thursday! That includes a collection of all the latest earnings reports worth reading about today. You can find all of this info at the following links!
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On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
