ARCA biopharma (NASDAQ:ABIO) Upgraded by StockNews.com to Sell

ARCA biopharma (NASDAQ:ABIO) was upgraded by stock analysts at StockNews.com to a “sell” rating in a research note issued to investors on Tuesday.

ARCA biopharma Price Performance

ARCA biopharma stock traded up $0.09 during trading hours on Tuesday, reaching $3.67. The company had a trading volume of 176,991 shares, compared to its average volume of 611,378. The firm has a market cap of $53.24 million, a price-to-earnings ratio of -8.74 and a beta of 0.91. ARCA biopharma has a 12-month low of $1.56 and a 12-month high of $4.49. The company has a 50-day moving average price of $3.26 and a 200 day moving average price of $2.83.

Insider Buying and Selling at ARCA biopharma

In other ARCA biopharma news, major shareholder Henderson Group Plc Janus bought 189,856 shares of the firm’s stock in a transaction on Wednesday, July 24th. The stock was acquired at an average price of $3.20 per share, with a total value of $607,539.20. Following the completion of the purchase, the insider now owns 2,081,168 shares of the company’s stock, valued at $6,659,737.60. The acquisition was disclosed in a document filed with the SEC, which is available at the SEC website. In the last three months, insiders have bought 492,997 shares of company stock valued at $1,667,418. 30.90% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On ARCA biopharma

Several institutional investors have recently modified their holdings of ABIO. abrdn plc purchased a new position in shares of ARCA biopharma during the 4th quarter worth $55,000. Cable Car Capital LLC bought a new stake in ARCA biopharma during the 4th quarter worth approximately $6,801,000. Cowen AND Company LLC bought a new position in shares of ARCA biopharma in the second quarter worth approximately $2,681,000. Renaissance Technologies LLC increased its stake in shares of ARCA biopharma by 11.3% in the second quarter. Renaissance Technologies LLC now owns 73,099 shares of the biopharmaceutical company’s stock worth $280,000 after purchasing an additional 7,400 shares in the last quarter. Finally, Cubist Systematic Strategies LLC bought a new stake in shares of ARCA biopharma during the 2nd quarter valued at $106,000. 56.44% of the stock is owned by hedge funds and other institutional investors.

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.