This marks the first analyst in coverage on RKDA stock
Agricultural biotech Arcadia Biosciences Inc (NASDAQ:RKDA) is again making a big move on the charts, after receiving its first analyst recommendation since going public roughly three years ago. H.C. Wainwright initiated coverage on RKDA stock with a "buy" rating and a stunning $20 price target, meaning it expects the shares to more than double, as they closed Monday at $8.16. The analyst in coverage suggested there are a number of potential catalysts that could boost RKDA, including the company's wheat program.
While the $20 price target certainly seems ambitious, it's far from uncharted territory for the security. In fact, Arcadia traded as high as $66.56 back in March, following the positive results for its wheat program. Since then it's struggled to gain upside momentum, however, hitting a near-term low of $7.31 about a month ago. In today's trading, RKDA shares are up 5.4% at $8.60.
But despite the stock's depressed price -- its 14-day Relative Strength Index (RSI) was 33 at yesterday's close -- many traders continue to bet against it. That's based on a dramatic 278.4% surge in short interest during the last two reporting periods. In fact, short interest on Arcadia Biosciences stock is at an all-time high.