NVDAcontentAD

Low-Gluten Grain Patent Pushes RKDA Stock Higher

Analysts covering the stock have been extremely bullish

Digital Content Manager
Sep 23, 2019 at 10:02 AM
facebook X logo linkedin


The shares of Arcadia Biosciences Inc (NASDAQ:RKDA) are looking to snap their four-day losing streak today, after the U.S. Patent and Trademark Office gave the firm's reduced gluten Goodwheat product a patent. The product, which contains 75% less allergenic gluten than traditional wheat, is slated for commercial sale by the end of the fourth quarter of this year. At last check, RKDA is up 4% at $5.51. 

Since surging to a one-year record close of $9.85 on Aug. 26, the agricultural issue has cooled quite a bit, down 46.2% at Friday's close. It looks like RKDA has found some support at its 320-day moving average, however. Plus, the equity still boasts a roughly 70% year-to-date gain. 

Analysts have been incredibly bullish on the stock, with the two in coverage giving it a "buy" or better rating. What's more, its 12-month consensus target price of $15 represents a level not touched by the stock since April 2018. 

While short interest waned in the last reporting period -- down 72% -- the 472,800 shares sold short still make up a solid 6.8% of the stock's available float. This could help provide some wind at the equity's back, should more of these pessimistic positions begin to unwind. 

 

 

Same-Day Trading Power: +227% YTD and Counting  — Get in for $10!

We're celebrating 44 years of helping traders win, and you can now tap into one of our most explosive services — Dynamite Day Trading Signals — for just $10.

This service was built for one thing: capturing intraday gains with precision. 

Access two highly-vetted options trades each week -  Complete with defined entries, exits, and a clear plan for same-day profits.

👉 Click Here to Learn More and Position Yourself to Take Action When the Next Alert Hits.

 

futupic

 
 
 
 

Follow us on X, Follow us on Twitter