Ceres (CERE) Stock Spikes After Being Awarded Soybean Genetic Sequence Patent

NEW YORK (TheStreet) -- Ceres (CERE) shares are jumping 62.05% to $2.73 in early market trading on Wednesday after the agricultural biotech company announced that it was awarded a U.S. patent for a genetic sequence derived from soybean that is applicable for research and product development purposes.

Ceres noted that soybean is one of the most popular and profitable cash crops in the world as the number of acres farmers planted increased 2.4% annually between 2003 and 2013 to 275 million acres worldwide.

"Agricultural biotechnology has and will continue to represent a significant source of innovation for increasing crop yields through improving performance of seeds," said CEO Richard Hamilton.

The company said that it plans to offer other companies license to the innovation including the opportunity for exclusivity in certain crops.

"The need for technology improvements has become more pressing due to stresses from climate variability and competition for water resources," said Hamilton.

The stock is trading on heavy volume with over 4 million shares changing hands so far, well ahead of the stock's three month daily average of 220,000.

CERE Chart CERE data by YCharts

More from Markets

P&G Buys Consumer Healthcare Unit From Germany's Merck in First Peltz-era Deal

P&G Buys Consumer Healthcare Unit From Germany's Merck in First Peltz-era Deal

Amazon's Stock Spikes After Jeff Bezos Says He Has 100 Million Prime Members

Amazon's Stock Spikes After Jeff Bezos Says He Has 100 Million Prime Members

Oil Prices Soaring to $100 Makes These 4 Stocks Winners

Oil Prices Soaring to $100 Makes These 4 Stocks Winners

Amazon, Procter & Gamble, Southwest and Netflix - 5 Things You Must Know

Amazon, Procter & Gamble, Southwest and Netflix - 5 Things You Must Know

Global Stocks Mixed as Oil, Commodity Price Surges Ignite Fresh Inflation Talk

Global Stocks Mixed as Oil, Commodity Price Surges Ignite Fresh Inflation Talk