ArQule (ARQL) Shares Up 8.6%

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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.

ArQule (NASDAQ:ARQL) last announced its quarterly earnings data on Wednesday, August 1st. The biotechnology company reported $0.05 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.03 by $0.02. The company had revenue of $13.71 million during the quarter, compared to analysts’ expectations of $7.70 million. During the same quarter in the previous year, the business posted ($0.12) EPS. Analysts expect that ArQule, Inc. will post -0.12 earnings per share for the current year.

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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