The biotech company Kraig Biocraft Laboratories Inc (OTCMKTS:KBLB) was on the move this past Friday and managed to deliver gains of as much as 7%. While the gains made by the stock may have brought the spider silk development company into focus it should be noted that there was no news about Kraig Biocraft last week.
In this situation, it could actually be worthwhile for investors to take a look at the updates provided by the company back on July 27. The updates were related to its spider silk production activities and the impact of the COVID 19 restrictions in Vietnam on its operations.
Kraig Biocraft announced that its Vietnam based subsidiary company Prodigy Textiles had been successful in producing enough spider silk so as to produce different types of fabric blends. It should however be noted that Kraig Biocraft also pointed out that it had earlier planned to produce these fabrics at Vietnam by the time the second fiscal quarter came to a close.
However, the company changed its plans and decided to produce those fabrics outside Vietnam owing to the COVID 19 related restriction in place in the country. Investors could keep an eye on the Kraig Biocraft stock this week.