Arcadia Biosciences rockets on heavy volume for a 2nd straight day

Shares of Arcadia Biosciences Inc. rocketed higher again Monday, running up 53% on heavy volume after jetting 124% higher the previous session, to pace the Nasdaq exchanges gainers. Trading volume was 25.4 million shares, compared with the full-day average of about 2 million shares, and after turning over 56.7 million shares on Friday. The stock more than doubled on Friday after Verdeca, a joint venture between Arcadia and Bioceres Crop Solutions Corp. said its HB4 drought-tolerant soybeans received approval from the U.S. Department of Agriculture. Arcadia's stock has now gained 15.6% over the past 12 months, while the iShares Nasdaq Biotechnology ETF has lost 10.2% and the S&P 500 has edged up 2.2%. Arcadia's stock was back up toward levels last seen during the February-March rally, which was on the back of the company's announcement of a cannabis-focused business unit.

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