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

Research analysts at StockNews.com initiated coverage on shares of ARCA biopharma (NASDAQ:ABIO – Get Rating) in a research note issued to investors on Saturday. The brokerage set a “sell” rating on the biopharmaceutical company’s stock.

ARCA biopharma Stock Down 2.9 %

Shares of ABIO stock opened at $2.04 on Friday. The stock has a 50 day simple moving average of $2.04 and a 200-day simple moving average of $2.15. ARCA biopharma has a 1-year low of $1.85 and a 1-year high of $2.70.

ARCA biopharma (NASDAQ:ABIO – Get Rating) last issued its quarterly earnings results on Friday, February 24th. The biopharmaceutical company reported ($0.08) EPS for the quarter.

Hedge Funds Weigh In On ARCA biopharma

Several hedge funds have recently bought and sold shares of the company. Vanguard Group Inc. raised its position in ARCA biopharma by 13.1% in the 1st quarter. Vanguard Group Inc. now owns 459,562 shares of the biopharmaceutical company’s stock valued at $1,057,000 after purchasing an additional 53,279 shares in the last quarter. Virtu Financial LLC acquired a new stake in ARCA biopharma in the 1st quarter valued at about $55,000. Renaissance Technologies LLC acquired a new stake in ARCA biopharma in the 2nd quarter valued at about $81,000. Millennium Management LLC raised its position in ARCA biopharma by 419.7% in the 2nd quarter. Millennium Management LLC now owns 59,370 shares of the biopharmaceutical company’s stock valued at $148,000 after purchasing an additional 47,946 shares in the last quarter. Finally, Murchinson Ltd. acquired a new stake in ARCA biopharma in the 4th quarter valued at about $120,000. Institutional investors and hedge funds own 15.42% of the company’s stock.

ARCA biopharma Company Profile

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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.