Arca Biopharma (NASDAQ:ABIO) Stock Price Passes Below 50-Day Moving Average of $5.90

Arca Biopharma Inc (NASDAQ:ABIO)’s stock price passed below its 50-day moving average during trading on Tuesday . The stock has a 50-day moving average of $5.90 and traded as low as $5.54. Arca Biopharma shares last traded at $5.66, with a volume of 589 shares changing hands.

Separately, ValuEngine upgraded shares of Arca Biopharma from a “hold” rating to a “buy” rating in a report on Thursday, August 1st.

The firm’s fifty day moving average is $5.86 and its two-hundred day moving average is $5.59.

Arca Biopharma (NASDAQ:ABIO) last released its quarterly earnings results on Thursday, August 1st. The biopharmaceutical company reported ($1.14) earnings per share for the quarter, beating the consensus estimate of ($1.86) by $0.72.

A hedge fund recently raised its stake in Arca Biopharma stock. Aveo Capital Partners LLC boosted its stake in Arca Biopharma Inc (NASDAQ:ABIO) by 2.6% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 95,715 shares of the biopharmaceutical company’s stock after acquiring an additional 2,457 shares during the period. Aveo Capital Partners LLC owned 6.57% of Arca Biopharma worth $661,000 at the end of the most recent reporting period. 18.81% of the stock is owned by hedge funds and other institutional investors.

About Arca Biopharma (NASDAQ:ABIO)

ARCA biopharma, Inc is a biopharmaceutical company applying a precision medicine approach to developing genetically-targeted therapies for cardiovascular diseases. Its lead product candidate, Gencaro (bucindolol hydrochloride), is an investigational, pharmacologically unique beta-blocker and mild vasodilator, which is in the development for the treatment of atrial fibrillation in certain patients who also have heart failure (HF).

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