Shares of plant-based food maker Beyond Meat Inc BYND gained more than 7% Wednesday morning after announcing the launch of a more affordable, limited-edition burger.
What Happened: Beyond Meat will start selling a new "Cookout Classic" burger that sells at a cheaper price point compared to its regular burger. The limited-edition burger comes in a package of 10 and can be found in the frozen meat aisle at Walmart Inc WMT and Target Corporation TGT.
Why It's Important: The new burger is consistent with Beyond Meat's goals of narrowing the price gap with traditional animal protein and making its product more accessible to more consumers, the company said.
"This forward-looking pricing represents an important milestone along our journey to make Beyond Meat more accessible to all consumers," Beyond Meat Founder and CEO Ethan Brown said in the press release.
The new burger is no different from its regular burger and consists of plant-based ingredients with no GMOs, soy or gluten.
What's Next: Beyond Meat is setting a suggested retail price of $15.99, or $1.60 per patty, and will sell through the middle of August or until supplies last. The line will be available starting June 22.
The company also plans on offering promotions at major retailers for its fresh meat products through July 4.
Beyond Meat's stock traded around $162.26 at the time of publication.
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