Here is why ARCA biopharma Inc. (ABIO) stock surged on Thursday?

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ESS Stock

ARCA biopharma Inc. (ABIO) shares soared 9.92% in after-hours on Thursday, October 28, 2021, and closed the daily trading at $2.88. Even in the regular trading session, ABIO’s stock gained 0.77%. ABIO shares have fallen 32.12% over the last 12 months, and they have moved down 5.42% in the past week. Over the past three months, the stock has lost 17.09%, while over the past six months, it has declined 23.84%.

Let’s have a brief look at its recent news.


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ABIO update about ASPEN-COVID-19 Phase 2b clinical trial

On October 28, 2021, ARCA biopharma, Inc. (ABIO) provided an update on the ASPEN-COVID-19 Phase 2b clinical trial evaluating rNAPc2 as a potential treatment for patients hospitalized with severe COVID-19.

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The Data and Safety Monitoring Committee completed a pre-specified interim analysis and recommended completing the clinical trial with no modifications to the trial design. The Company now expecting completion of a target enrollment of 160 patients by year-end 2021 and reporting of topline data in the first quarter of 2022.

ABIO enrolled the first international patient in ASPEN-COVID-19

On September 16, 2021, ARCA biopharma, Inc. (ABIO) announced that the first international patient has been enrolled in ASPEN-COVID-19. The patient was enrolled in Brazil. ARCA also plans to enrol patients from Argentina and is currently enrolling patients at multiple sites in the United States.

ABIO recent financial results

On August 04, 2021, ARCA biopharma, Inc. (ABIO) reported second-quarter 2021 financial results which ended on June 30, 2021.

Q2 2021 financial highlights

  • Research and development expenses were $3.6 million for Q2 2021, compared to $0.4 million for Q2 2020.
  • General and administrative expenses were $1.3 million for the quarter ended June 30, 2021, compared to $0.9 million for Q2 2020.
  • ABIO suffered a net loss of $4.8 million, or $0.34 per basic and diluted share in Q2 2021, compared to $1.3 million, or $0.73 per basic and diluted share for the second quarter of 2020.
  • The company ended the quarter with cash and cash equivalents of $63.2 million compared to $49.1 million as of December 31, 2020.

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Conclusion

The recent update about ASPEN-COVID-19 Phase 2b clinical trials was the reason behind its gains on Thursday and we expect it to finish the weekly trading by continuing its positivity on Friday as well.

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