ARCA biopharma Stock Scheduled to Reverse Split on Tuesday, September 3rd (NASDAQ:ABIO)
ARCA biopharma, Inc. (NASDAQ:ABIO) is set to undergo a 1-for-12 reverse stock split on September 3rd, 2023, following the announcement made on August 23rd. Share adjustments will occur after the market closes on August 30th. The company has also recently disclosed a dividend of $0.59 to shareholders of record by August 26th. Insider trading shows significant activity with 30.90% of the stock owned by insiders. Institutional stakes have also increased, pointing to a diverse ownership structure in the clinical-stage biopharmaceutical company.
ARCA biopharma, Inc. (NASDAQ:ABIO - Free Report) shares are scheduled to reverse split on the morning of Tuesday, September 3rd. The 1-12 reverse split was announced on Friday, August 23rd. The number of shares owned by shareholders will be adjusted after the closing bell on Friday, August 30th.
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ARCA biopharma Trading Down 8.4 %
Shares of ARCA biopharma stock traded down $0.35 during mid-day trading on Monday, hitting $3.81. 495,895 shares of the stock were exchanged, compared to its average volume of 604,719. The stock has a market capitalization of $55.27 million, a price-to-earnings ratio of -8.93 and a beta of 0.91. ARCA biopharma has a twelve month low of $1.56 and a twelve month high of $4.49. The company has a 50-day simple moving average of $3.30 and a 200 day simple moving average of $2.88.
ARCA biopharma (NASDAQ:ABIO - Get Free Report) last released its earnings results on Thursday, August 1st. The biopharmaceutical company reported ($0.18) EPS for the quarter.
ARCA biopharma Announces Dividend
The company also recently disclosed a dividend, which will be paid on Wednesday, August 28th. Stockholders of record on Monday, August 26th will be issued a $1.59 dividend. The ex-dividend date of this dividend is Thursday, August 29th.
Analyst Ratings Changes
Separately, StockNews.com raised shares of ARCA biopharma to a "sell" rating in a research report on Tuesday, August 20th.
View Our Latest Stock Analysis on ABIO
Insider Activity at ARCA biopharma
In other news, major shareholder Henderson Group Plc Janus bought 166,042 shares of ARCA biopharma stock in a transaction dated Wednesday, July 3rd. The shares were acquired at an average cost of $3.55 per share, with a total value of $589,449.10. Following the completion of the transaction, the insider now owns 1,648,577 shares in the company, valued at approximately $5,852,448.35. The purchase was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In the last ninety days, insiders have purchased 492,997 shares of company stock worth $1,667,418. 30.90% of the stock is currently owned by company insiders.
Institutional Inflows and Outflows
Hedge funds have recently added to or reduced their stakes in the stock. Perceptive Advisors LLC bought a new stake in ARCA biopharma in the second quarter valued at about $59,395,000. Driehaus Capital Management LLC acquired a new position in shares of ARCA biopharma in the 2nd quarter valued at about $14,731,000. Affinity Asset Advisors LLC bought a new stake in shares of ARCA biopharma during the 2nd quarter valued at about $278,000. Cubist Systematic Strategies LLC bought a new position in ARCA biopharma in the second quarter worth about $106,000. Finally, Renaissance Technologies LLC boosted its stake in ARCA biopharma by 11.3% in the second quarter. Renaissance Technologies LLC now owns 73,099 shares of the biopharmaceutical company's stock valued at $280,000 after acquiring an additional 7,400 shares during the period. 56.44% of the stock is owned by institutional investors and hedge funds.
About ARCA biopharma
(Get Free Report)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.
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