Equities researchers at Ascendiant Capital Markets began coverage on shares of Arca Biopharma (NASDAQ:ABIO) in a note issued to investors on Tuesday, February 27th, Marketbeat Ratings reports. The firm set a “buy” rating and a $2.00 price target on the biopharmaceutical company’s stock. Ascendiant Capital Markets’ price objective indicates a potential upside of 203.03% from the stock’s previous close.
Separately, ValuEngine upgraded Arca Biopharma from a “strong sell” rating to a “sell” rating in a report on Friday, February 2nd.
Arca Biopharma (ABIO) opened at $0.66 on Tuesday. The firm has a market capitalization of $7.75, a price-to-earnings ratio of -0.34 and a beta of 1.44. Arca Biopharma has a twelve month low of $0.45 and a twelve month high of $2.76.
In other news, major shareholder Ravi Viswanathan sold 1,460,209 shares of the company’s stock in a transaction on Monday, February 26th. The stock was sold at an average price of $0.50, for a total transaction of $730,104.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 3.75% of the company’s stock.
A hedge fund recently raised its stake in Arca Biopharma stock. Royce & Associates LP lifted its position in shares of Arca Biopharma Inc (NASDAQ:ABIO) by 30.6% in the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 234,847 shares of the biopharmaceutical company’s stock after buying an additional 55,000 shares during the period. Royce & Associates LP owned approximately 2.00% of Arca Biopharma worth $258,000 as of its most recent SEC filing. Institutional investors and hedge funds own 46.19% of the company’s stock.
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About Arca Biopharma
ARCA biopharma, Inc (ARCA) is a biopharmaceutical company. The Company is principally focused on developing genetically-targeted therapies for cardiovascular diseases. The Company’s lead product candidate is Gencaro (bucindolol hydrochloride), a beta-blocker and mild vasodilator that the Company is evaluating in a clinical trial for the treatment of atrial fibrillation (AF) in patients with heart failure with reduced left ventricular ejection fraction (HFREF).
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