Research Firm Questions Surge In Origin Agritech (SEED)
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Origin Agritech Limited (Nasdaq: SEED) has been hit with a negative report from Citron Research, following the 100% surge in the stock earlier in the week on news of final Chinese approval of its genetically modified phytase corn.
Citron Research is calling the news "old", noting the company announced nearly 2 years ago that they licensed the product from the China Academy of Agricultural Science.
Citron also suggests that the company is not an innovator in the industry, with their two new big ideas already being offered in the market.
The report also notes SEED needs money urgently, which jives with recent rumors of a secondary stock offering.
Shares of SEED are flat on the day at $10.50 per share.
Link to Citron Research report
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