StockNews.com Begins Coverage on ARCA biopharma (NASDAQ:ABIO)

Posted by on Jun 5th, 2023

Equities researchers at StockNews.com began coverage on shares of ARCA biopharma (NASDAQ:ABIO – Get Rating) in a research report issued on Monday. The brokerage set a “sell” rating on the biopharmaceutical company’s stock.

ARCA biopharma Stock Performance

Shares of ARCA biopharma stock opened at $2.11 on Monday. ARCA biopharma has a twelve month low of $1.85 and a twelve month high of $2.70. The business has a 50-day moving average price of $2.04 and a 200-day moving average price of $2.15.

ARCA biopharma (NASDAQ:ABIO – Get Rating) last released its quarterly earnings data on Monday, April 24th. The biopharmaceutical company reported ($0.09) earnings per share (EPS) for the quarter.

Institutional Trading of ARCA biopharma

A number of large investors have recently made changes to their positions in the business. Vanguard Group Inc. boosted its stake in ARCA biopharma by 13.1% during the first quarter. Vanguard Group Inc. now owns 459,562 shares of the biopharmaceutical company’s stock worth $1,057,000 after buying an additional 53,279 shares during the period. Millennium Management LLC raised its stake in ARCA biopharma by 419.7% in the second quarter. Millennium Management LLC now owns 59,370 shares of the biopharmaceutical company’s stock worth $148,000 after buying an additional 47,946 shares in the last quarter. Renaissance Technologies LLC purchased a new position in ARCA biopharma in the second quarter valued at about $81,000. Virtu Financial LLC bought a new position in ARCA biopharma in the first quarter worth about $55,000. Finally, Jane Street Group LLC purchased a new position in shares of ARCA biopharma in the 4th quarter worth approximately $35,000. 15.42% of the stock is currently owned by institutional investors.

About ARCA biopharma

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ARCA biopharma, Inc is a clinical-stage biopharmaceutical company, which engages in the development and commercialization of targeted therapies for cardiovascular diseases. The firm focuses on the cardiovascular pathophysiology, molecular genetics, and clinical development. Its product candidate, Gencaro is a pharmacologic beta-blocker and mild vasodilator, which is developed for the treatment of chronic heart failure and other indications.

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