ArQule (NASDAQ:ARQL) Shares Gap Down to $8.86

ArQule, Inc. (NASDAQ:ARQL)’s share price gapped down before the market opened on Thursday . The stock had previously closed at $8.30, but opened at $8.86. ArQule shares last traded at $9.17, with a volume of 93,475 shares traded.

A number of brokerages have issued reports on ARQL. Leerink Swann set a $12.00 target price on ArQule and gave the stock a “buy” rating in a report on Saturday, June 15th. Oppenheimer set a $13.00 target price on ArQule and gave the stock a “buy” rating in a report on Thursday, July 11th. B. Riley upped their target price on ArQule from $6.75 to $11.00 and gave the stock a “buy” rating in a report on Wednesday, May 29th. Royal Bank of Canada upped their target price on ArQule to $12.00 and gave the stock an “outperform” rating in a report on Wednesday, June 19th. Finally, Roth Capital upped their target price on ArQule from $10.00 to $13.00 and gave the stock a “buy” rating in a report on Friday, June 14th. Two research analysts have rated the stock with a hold rating, five have given a buy rating and one has assigned a strong buy rating to the company’s stock. ArQule presently has an average rating of “Buy” and a consensus price target of $12.17.

The company has a market capitalization of $1.01 billion, a P/E ratio of -57.81 and a beta of 2.22. The company’s 50 day moving average price is $10.56. The company has a current ratio of 6.45, a quick ratio of 6.45 and a debt-to-equity ratio of 0.17.

ArQule (NASDAQ:ARQL) last issued its quarterly earnings results on Wednesday, August 7th. The biotechnology company reported ($0.08) earnings per share for the quarter, beating the consensus estimate of ($0.09) by $0.01. The company had revenue of $0.28 million during the quarter, compared to analysts’ expectations of $1.43 million. ArQule had a negative return on equity of 42.19% and a negative net margin of 349.34%. During the same quarter in the prior year, the firm posted $0.05 earnings per share. As a group, analysts expect that ArQule, Inc. will post -0.37 earnings per share for the current year.

In related news, Director Ran Nussbaum purchased 307,692 shares of the firm’s stock in a transaction dated Thursday, June 27th. The stock was bought at an average price of $9.75 per share, with a total value of $2,999,997.00. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 13.80% of the company’s stock.

Several hedge funds have recently modified their holdings of the company. BlackRock Inc. increased its holdings in ArQule by 26.6% in the 4th quarter. BlackRock Inc. now owns 8,618,012 shares of the biotechnology company’s stock worth $23,872,000 after purchasing an additional 1,808,657 shares in the last quarter. Bank of New York Mellon Corp increased its holdings in ArQule by 25.6% in the 4th quarter. Bank of New York Mellon Corp now owns 398,005 shares of the biotechnology company’s stock worth $1,102,000 after purchasing an additional 81,244 shares in the last quarter. Dimensional Fund Advisors LP acquired a new position in ArQule in the 4th quarter worth about $32,000. Geode Capital Management LLC increased its stake in shares of ArQule by 1.3% in the fourth quarter. Geode Capital Management LLC now owns 1,187,121 shares of the biotechnology company’s stock valued at $3,288,000 after buying an additional 15,739 shares during the period. Finally, Principal Financial Group Inc. increased its stake in shares of ArQule by 93.8% in the fourth quarter. Principal Financial Group Inc. now owns 30,706 shares of the biotechnology company’s stock valued at $85,000 after buying an additional 14,862 shares during the period. 72.05% of the stock is owned by institutional investors.

About ArQule (NASDAQ:ARQL)

ArQule, Inc, a biopharmaceutical company, researches and develops therapeutics for the treatment of cancer and rare diseases in the United States. The company's pipeline includes ARQ 531, an orally bioavailable, potent and reversible dual inhibitor of wild type and C481S-mutant Bruton's tyrosine kinase that is in Phase I trial for patients with B-cell malignancies refractory to other therapeutic options; and miransertib (ARQ 092), a potent and selective inhibitor of the protein kinase B (AKT), a serine/threonine kinase, which is in Phase Ib in combination with the hormonal therapy and anastrozole in patients with advanced endometrial cancer.

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