Arcadia Biosciences target adjusted to $18 for split at H.C. Wainwright

H.C. Wainwright analyst Raghuram Selvaraju adjusted the firm’s price target on Arcadia Biosciences to $18 from $3 and keeps a Buy rating on the shares. The new target accounts for the effect of the reverse stock split as well as the dilution associated with the company’s most recent financing, the analyst tells investors in a research note. The firm thinks Arcadia should have sufficient resources to fund operations into the first half of 2024.