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 twitter 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. 

 

 

Minimize Risk While Maximizing Profits

There is no options strategy like this one, which consistently minimizes risk while maintaining maximum profits. Perfect for traders looking for ways to control risk, reduce losses, and increase the likelihood of success when trading calls and puts. The Schaeffer’s team has over 41 years of options trading success targeting +100% gains on every trade. Rest assured your losses are effectively limited to your initial cost at the time of making your move! Don't waste another second... join us right now before the next trade is released! 

 


 


 
Special Offers from Schaeffer's Trading Partners