Agricultural biotechnology company Arcadia Biosciences, Inc. (NASDAQ: RKDA) has named Stan Jacot its CEO, effective February 2. Jacot will replace Kevin Comcowich, who has been the company’s Interim CEO since December 2020 following the departure of Matt Plavan.
Jacot joined Arcadia from Ohio-based dough and frozen pizza maker Jane’s Dough Foods, where he served as the President.
Accepting the appointment, Jacot said, “Now is an exciting time to join the organization (Arcadia), as we prepare for the launch of GoodWheat pasta. The food we eat plays a significant role in our collective health, and I look forward to positively impacting the wellbeing of countless consumers through this revolutionary new line of pasta from the next generation of wheat – our GoodWheat.”
About Arcadia
California-based Arcadia Biosciences uses screening, breeding, and biotechnology techniques to enhance the quality and nutritional value of crops and food ingredients. It produces plant-based food, beverage and body care products, including GoodWheat, Zola coconut water, Soul Spring, ProVault and Saavy Naturals.
Following the announcement, after the market closed on Wednesday, RKDA stock lost nearly 2%.
Wall Street’s Take
Last month, Ram Selvaraju from H.C. Wainwright reiterated a Buy rating on Arcadia with a price target of $6 (575.1% upside potential).
Overall, the stock has a Moderate Buy consensus rating based on 2 Buys. The average Arcadia Biosciences stock price prediction of $5.25 implies 490.8% upside potential. Shares have lost 67.3% over the past six months.
Positive Sentiment
TipRanks’ Stock Investors tool shows that investors currently have a Very Positive stance on RKDA with 9.6% of investors on TipRanks increasing their exposure to the stock over the past 30 days.
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