Amyris, Inc. (NASDAQ: AMRS) shares ended Wednesday on a very positive note despite the broad markets lagging. This was the result of reiterated guidance for its coming quarter as well as saying that it will discuss its future developments with cannabinoids.
Specifically, the company announced that management will be presenting at the Paradigm Capital Biosynthesis Conference on April 15 in Toronto. The focus of the conference will be to explore the most disruptive technology in the cannabis industry. Amyris believes that with its commercial history and technology platform that it is well suited to leverage development and commercialization of high-purity cannabinoids at significantly reduced cost through fermentation.
At the conference, Amyris will discuss its previously disclosed cannabinoid development, licensing and commercialization agreement containing $300 million of R&D and milestone payments and a long-term royalty stream.
John Melo, President and CEO of Amyris, commented:
We’re pleased to share our strategy and progress for cannabis at this conference. We have now completed in our labs the technical performance requirements for our first major milestone for our CBD collaboration and share the excitement of our partner and their commitment to market leadership by enabling some of the world’s leading brands to improve the health and wellness of consumers. We are making very good progress on a solid quarter and we are on track to deliver on the objectives we communicated on our recent earnings call.
Shares of Amyris closed up 24% at $2.34, with a 52-week range of $1.87 to $9.29. The stock has a consensus analyst price target of $11.00.