ARCA biopharma (NASDAQ:ABIO) Now Covered by StockNews.com

Equities researchers at StockNews.com initiated coverage on shares of ARCA biopharma (NASDAQ:ABIO) in a note issued to investors on Friday. The firm set a “sell” rating on the biopharmaceutical company’s stock.

ARCA biopharma Stock Down 0.6 %

Shares of ARCA biopharma stock opened at $3.23 on Friday. The company has a market cap of $46.84 million, a PE ratio of -8.73 and a beta of 1.17. The business has a 50 day moving average of $1.91 and a 200 day moving average of $1.85. ARCA biopharma has a 52 week low of $1.56 and a 52 week high of $3.88.

ARCA biopharma (NASDAQ:ABIO) last announced its earnings results on Thursday, February 1st. The biopharmaceutical company reported ($0.08) EPS for the quarter.

Hedge Funds Weigh In On ARCA biopharma

A number of hedge funds and other institutional investors have recently made changes to their positions in ABIO. Vanguard Group Inc. raised its holdings in shares of ARCA biopharma by 13.1% during the first quarter. Vanguard Group Inc. now owns 459,562 shares of the biopharmaceutical company’s stock valued at $1,057,000 after acquiring an additional 53,279 shares in the last quarter. Virtu Financial LLC purchased a new stake in ARCA biopharma in the first quarter worth $55,000. Renaissance Technologies LLC purchased a new stake in ARCA biopharma in the second quarter worth $81,000. Millennium Management LLC grew 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 purchasing an additional 47,946 shares during the period. Finally, Jane Street Group LLC purchased a new stake in ARCA biopharma in the fourth quarter worth $35,000. Institutional investors own 56.44% of the company’s stock.

ARCA biopharma Company Profile

ARCA biopharma, Inc, a clinical stage biopharmaceutical company, engages in the development and commercialization of targeted therapies for cardiovascular diseases. Its lead product candidate is Gencaro, a pharmacogenetically-targeted beta-adrenergic receptor antagonist that has completed Phase IIb trial for the treatment of atrial fibrillation in patients with heart failure.