Yield10 Bioscience (NASDAQ: YTEN) stock surged 80% on Thursday following a significant omega-3 fatty acid production breakthrough.
Yield10 Bioscience (YTEN) has achieved a significant regulatory milestone with its genetically engineered Camelina plants. These plants, designed to produce omega-3 fatty acids, have been deemed by the U.S. Department of Agriculture’s Animal and Plant Health Inspection Service (USDA-APHIS) as not posing an increased plant pest risk, thus exempting them from certain federal regulations.
This decision paves the way for Yield10 to proceed with large-scale commercial planting of its modified Camelina varieties in the United States. These plants are poised to become a reliable source of omega-3 oils, in high demand for applications in aquafeed, human nutrition, and various other markets. Currently, ocean-caught fish serve as the primary source of omega-3 fatty acids. However, supply limitations and volatility in this process prompt the quest for alternatives.
Dr. Kristi Snell, Yield10’s Chief Science Officer, stated that the company plans to build a seed inventory in 2024 to prepare for commercial planting. The company also aims to collaborate with potential partners for the sale of omega-3 oil and meal.
Yield10 has formerly partnered with Rothamsted Research and entered into a Letter of Intent with BioMar Group, a global aquafeed producer, to advance the commercialization of Camelina crops enriched with omega-3 fatty acids equivalent to fish oil. Yield10 actively develops second-generation Camelina lines, incorporating herbicide tolerance traits to enable large-scale commercial planting.
The work of Yield10 aligns with the SECURE Rule, implemented on May 18, 2020. While the rule streamlines the regulatory procedures for genetically modified organisms unlikely to pose plant pest risks, the U.S. FDA will still regulate Yield10’s omega-3 Camelina plants.
Yield10 Bioscience (NASDAQ: YTEN) Stock Reaction
YTEN stock soared 78.85% to close at $0.43 on Thursday. The traders had exchanged hands with 116,009,608 (116 million) shares compared to the average daily trading volume of 2.47 million.
