UPDATE: H.C. Wainwright Starts Arcadia Biosciences (RKDA) at Buy

June 19, 2018 7:14 AM EDT
Get Alerts RKDA Hot Sheet
Price: $0.96 +2.13%

Rating Summary:
    3 Buy, 1 Hold, 0 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 6 | Down: 18 | New: 52
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(Updated - June 19, 2018 7:32 AM EDT)

(updated to add analsyt comments)

H.C. Wainwright initiates coverage on Arcadia Biosciences (NASDAQ: RKDA) with a Buy rating and a price target of $20.00.

Analyst Raghuram Selvaraju commented, "We are initiating coverage on Arcadia Biosciences with a Buy rating and 12-month price target of $20 per share. Arcadia is a company with a lengthy track record in the generation of productivity traits for crops, including qualities such as drought resistance and nitrogen and water use efficiency. The company's current focus is on the generation of proprietary enriched consumer ingredients, particularly with its GoodWheatâ„¢ brand. Launched in March 2018, GoodWheat is a non-transgenic program aimed at creating a proprietary portfolio of high-fiber Resistant Starch (RS), Reduced Gluten (RG) and Extended Shelf Life wheat varieties. Arcadia intends to capture a greater share of the economics from such products by partnering with consumer products companies that are directly involved in creating products such as breads, cakes, pastries and other foods using its GoodWheat ingredients. Arcadia expects to have its first RG bread wheat flour available for commercial testing by late 2018 and expects to initiate pre-commercial activities within 12 months after that. We anticipate that the company's RS Wheat brand could be introduced within the next 24 - 36 months."

For an analyst ratings summary and ratings history on Arcadia Biosciences click here. For more ratings news on Arcadia Biosciences click here.

Shares of Arcadia Biosciences closed at $8.16 yesterday.

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