ARCA biopharma (NASDAQ:ABIO) Coverage Initiated at StockNews.com

StockNews.com assumed coverage on shares of ARCA biopharma (NASDAQ:ABIO) in a research note issued to investors on Sunday morning. The firm issued a sell rating on the biopharmaceutical company’s stock.

ARCA biopharma Trading Down 6.9 %

Shares of ARCA biopharma stock opened at $3.25 on Friday. The company has a market capitalization of $47.16 million, a P/E ratio of -7.71 and a beta of 1.17. The stock has a fifty day simple moving average of $2.34 and a 200 day simple moving average of $1.96. ARCA biopharma has a 12-month low of $1.56 and a 12-month 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 hedge fund recently bought a new stake in ARCA biopharma stock. abrdn plc acquired a new position in ARCA biopharma, Inc. (NASDAQ:ABIO) during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund acquired 32,461 shares of the biopharmaceutical company’s stock, valued at approximately $55,000. Institutional investors and hedge funds own 56.44% of the company’s stock.

About ARCA biopharma

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.