ArQule, Inc. (NASDAQ:ARQL)’s share price shot up 8.6% during trading on Thursday . The company traded as high as $4.63 and last traded at $4.41. 1,481,352 shares were traded during trading, an increase of 17% from the average session volume of 1,268,793 shares. The stock had previously closed at $4.06.
A number of brokerages recently commented on ARQL. Zacks Investment Research upgraded ArQule from a “hold” rating to a “buy” rating and set a $7.75 target price for the company in a report on Monday, July 9th. BidaskClub upgraded ArQule from a “hold” rating to a “buy” rating in a report on Thursday, August 16th. B. Riley set a $7.00 target price on ArQule and gave the company a “buy” rating in a report on Wednesday, August 8th. Finally, ValuEngine upgraded ArQule from a “buy” rating to a “strong-buy” rating in a report on Tuesday, June 26th. Two analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. The stock presently has an average rating of “Buy” and a consensus target price of $6.65.
The company has a quick ratio of 5.99, a current ratio of 5.99 and a debt-to-equity ratio of 0.54. The company has a market cap of $615.90 million, a PE ratio of -11.33 and a beta of 1.15.
Several institutional investors and hedge funds have recently made changes to their positions in ARQL. BlackRock Inc. boosted its stake in shares of ArQule by 156.6% in the 2nd quarter. BlackRock Inc. now owns 5,389,833 shares of the biotechnology company’s stock valued at $29,806,000 after buying an additional 3,289,226 shares during the period. Millennium Management LLC boosted its stake in shares of ArQule by 141.8% in the 2nd quarter. Millennium Management LLC now owns 4,175,644 shares of the biotechnology company’s stock valued at $23,091,000 after buying an additional 2,448,660 shares during the period. Menora Mivtachim Holdings LTD. purchased a new position in shares of ArQule in the 2nd quarter valued at about $11,943,000. Northern Trust Corp boosted its stake in shares of ArQule by 538.3% in the 2nd quarter. Northern Trust Corp now owns 951,591 shares of the biotechnology company’s stock valued at $5,262,000 after buying an additional 802,504 shares during the period. Finally, Handelsbanken Fonder AB purchased a new position in shares of ArQule in the 2nd quarter valued at about $3,871,000. Institutional investors and hedge funds own 65.09% of the company’s stock.
ArQule Company Profile (NASDAQ:ARQL)
ArQule, Inc, a biopharmaceutical company, researches and develops therapeutics for the treatment of cancer and rare diseases in the United States. It offers Derazantinib (ARQ 087), a multi-kinase inhibitor of the fibroblast growth factor receptor (FGFR) family that is in a registration trial in intrahepatic cholangiocarcinoma with FGFR2 fusions.
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