Shares of Monsanto (NYSE:MON) took a hit Monday after news approximately 100,000 acres of corn located in Iowa and Nebraska had higher rootworm damage and populations than when using its BT-based product.
Monsanto claims it hasn't discovered any areas of resistance yet, only areas with more crop damage and rootworm populations than normal.
Goldman Sachs (NYSE:GS) analyst Robert Koort, said, “While we understand why this news might appear alarming to investors worried that Monsanto’s products are losing their efficacy, we would highlight that this seems to have occurred in very few instances.”
Other analysts concur, saying it should be considered a buying opportunity.
This was actually data extracted from publication close to a month ago. Even so, it is something that will need to be watched going forward.
Monsanto closed Monday at $69.78, dropping $0.90, or 1.27 percent.
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