Boston, MA 10/01/2013 (wallstreetpr) – Arca Biopharma Inc (NASDAQ:ABIO) stock zoomed up by close to 9.5% during trading yesterday. It was trading at $1.6 per share as of close of business on September 30 up from its previous day close of $1.46. The shares were unusual demand with close to 3.5 million shares getting traded yesterday. This was in stark contrast to its daily trading volume which is around 398,000. It is interesting to note that insiders own 3.8% of the stock which has 4.94 million shares outstanding. Over the past 6 months trailing period, insider transactions has gone up by a huge 50% while institutional transactions have seen a dip of 3.15% in the last three months
In spite of the huge jump the stock is down 73% from its 52 week high valuation and is up 41% from its 52 week low pricing. This bull run was a continuation of the stock appreciation over the past few weeks. It was up 13.4% in the previous week and up 23% in value over the past 90 days. ABIO has a market capitalization of $7.9 million with net losses amounting to $6.1 million over the past 12 months trailing period. It is still a development stage company and has not reported any sales till date.
ARCA is a development state biopharmaceutical company. It is engaged in developing treatments for heart ailments and various other cardiovascular diseases. The bio firm is in the midst of guiding its lead drug target Gencaro TM (bucindolol hydrochloride) in association with LabCorp. The key component of the drug is bucindolol hydrochloride. This compound has gone through extensive testing with over 4,500 patients being administered this drug as part of the trail. In addition, Gencaro has also been out through Phase III mortality trial in which close to 2,700 patients have been enrolled.
