Why Evogene (EVGN) Stock Is Trading Higher

Evogene Ltd EVGN shares are trading higher by 13.72% to $0.83 Wednesday morning after the company announced its subsidiary, Casterra, signed a framework agreement with an oil & gas company to sell its castor seeds for sustainable biofuel production, with initial purchase orders of $9.1 million.

According to Casterra's analysis, the purchase orders disclosed today have the potential to facilitate the production of approximately 1.5% of the existing global demand for non-fossil oil intended for biodiesel applications.

See Also: Why UPS Stock Is Sliding Wednesday

Casterra, operating as a subsidiary of Evogene, plays a leading role in advancing the development of exclusive high-yield castor plant varieties.

According to data from Benzinga Pro, EVGN has a 52-week high of $1.30 and a 52-week low of $0.55.

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