Shares of Ceres (CERE) are up 118% at the close after the company announced it was given a patent for its I-Code multi-gene trait development system. This new patent helps the company to develop and license this technology to other crop companies and organizations. The reason the stock surged so much is that licensing out this technology could be future revenue for the company. 

The I-Code can be used to select appropriate combinations of genes that will be used to improve upon traits of certain crops. More specifically the I-Code gene platform improves the traits of crops such as corn and soybean. The system can create thousands of different gene combinations making it powerful enough in research to even go against much larger competitors in the same space. 

I-Code stands for Intelligent Combinatorial Optimization and Directed Evolution. This patent could be utilized to help other companies in this industry because many of these companies are reliant upon patent protection for their technology. If these agricultural companies can use this I-CODE technology to improve upon the genetic process for these crops then they could improve upon production.