Kraig Biocraft Laboratories Inc. (OTCMKTS:KBLB) is down 11% in a week. The company has announced the commencement of its maiden production run of Q2 for its recombinant spider silk.
Market Reaction
On Wednesday, KBLB stock fell 1.40% at $0.0710 with more than 765K shares, compared to its average volume of 816K shares. The stock moved within a range of $0.0703 – 0.0800 after opening trade at $0.0749.
Kraig Biocraft Laboratories Kicks Off Q2 Recombinant Spider Silk Production as Lab Increases Testing Throughput Nearly Ten Fold
The lab team has drastically expanded testing capabilities to support the company’s subsidiary, Prodigy Textiles’, rising production capacity. The company’s spider silk operations have been built on the foundation of this standard testing. When this testing phase is finished, the team’s capacity will be roughly ten times higher than it was in Q1 2022.
COO John Rice said that the foundation for the capacity increase was established with investments at Prodigy in 2021. He explained that the leadership team in place at Prodigy has continued to hit marks, and the company’s investments in personnel and equipment are delivering what they envisioned. In the coming months, the company anticipates having interesting updates on Prodigy and the commercialization of its eco-friendly and affordable spider silk. So in the coming weeks, investors should watch KBLB.
Key Quote
“The groundwork for this capacity increase was laid with investments made at Prodigy in 2021,” said Company COO Jon Rice. “The leadership and team that we have put in place at Prodigy continue to hit their marks, and our investments in equipment and personnel are delivering the rewards we envisioned. I expect that we will have many exciting updates on Prodigy and the commercialization of our eco-friendly and cost effective spider silk in the coming months.”
Traders Review
KBLB stock is trading below the 20-Day and 50-Day Moving averages of $0.0785 and $0.0791 respectively. Moreover, the stock is trading below the 200-Day moving average of $0.0817.
