Stocks To Watch: Arcadia Biosciences, Inc [NASDAQ: RKDA] is trading in pre-market and slightly in the green at the time of writing. This follows the company’s announcement that it has received a patent for reduced gluten grains. RKDA, a world leader in scientifically value-enhanced crops, stated that this breakthrough came through an in-house breeding platform. The program is quite innovative and this is the 17th patent in Arcadia’s GoodWheat non-GMO wheat varieties. According to the company’s vice president of R&D, the current patent reaffirms Arcadia’s position as a market leader in crop innovation.
This announcement comes a week after the company announced that it would start leveraging gene-editing expertise to target high growth markets. The company stated that, it has leveraged it’s TILLING (Targeting Induced Local Lesions in Genomes), Cas-9 and CRISPR platforms to create a niche position as a creator of high-value non-GMO traits.
Looking at the daily chart above, RKDA is currently at a tipping point. It has been dropping since August, but is now at the price range where it last gapped up in June. With the positive news surrounding it at the moment, this price level could offer some support, and a possible bounce-back based on current news. As of Friday’s close, this stock traded 599,234 shares in a range between $5.25 and $5.54.
In the day, the key external factor that could influence this stock is the strength or weakness of U.S indices. Markets across the world are down due to increased oil prices and the sudden collapse of Thomas Cook, one of the world’s largest travel companies. Nonetheless, there is some good news that could see U.S markets open in the green. Saudi Arabia has announced it will restore the disrupted oil output completely by next week.