Shares of agricultural biotech company Arcadia Biosciences Inc. shot up 35% on Monday after the company said it expects total revenues in 2020 and 2021 to exceed $10 million and $30 million, respectively. The company said it expects to begin generating net cash from operations in 2021.
Arcadia also announced that Chief Executive Raj Ketkar would retire in September and that the company’s board had elected Chief Financial Officer Matthew Plavan as the company’s new CEO. Shares of Arcadia have rocketed 174% in the year to date, while the S&P 500 has gained 14.7%.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.