Moolec Science (NASDAQ:MLEC) stock is taking off on Monday after the company got approval from the Food and Drug Administration (FDA) for its plant-grown animal proteins.
According to a press release from the company, this covers its genetically engineered soybean that accumulates animal proteins. The FDA’s Department of Agriculture ruled that the genetically engineered soybean is unlikely to pose an increased plant pest risk compared to normal soybeans.
With this, the company can continue developing Piggy Sooy. This is a genetically engineered soybean that expresses the porcine myoglobin found in animal meat. The product has achieved a 26.6% expression rate for the total soluble protein.
Martin Salinas, co-founder and Chief of Technology at Moolec Science, said this about the news:
“This compelling advancement signifies a stride in enhancing our operational efficiency, transforming our methods of raw material sourcing, and optimizing our downstream crushing and processing operations.”
MLEC Stock Movement on Monday
Moolec Science shares are seeing heavy trading on Monday morning. That has more than 14 million units changing hands as of this writing. This is well above its daily average trading volume of about 71,000 shares.
MLEC stock is up 121% as of Monday morning!
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On the date of publication, William White did not have (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.
