ArQule (NASDAQ:ARQL) had its price objective raised by Needham & Company LLC from $6.00 to $7.00 in a report published on Monday. They currently have a buy rating on the biotechnology company’s stock.
ARQL has been the subject of several other reports. Zacks Investment Research upgraded ArQule from a hold rating to a buy rating and set a $3.25 price target for the company in a report on Friday, April 6th. BidaskClub downgraded ArQule from a strong-buy rating to a buy rating in a research note on Saturday, April 7th. Roth Capital initiated coverage on ArQule in a research note on Thursday, February 22nd. They issued a buy rating and a $5.00 price objective on the stock. ValuEngine downgraded ArQule from a strong-buy rating to a buy rating in a research note on Friday, June 1st. Finally, Oppenheimer initiated coverage on ArQule in a research note on Tuesday, June 12th. They issued an outperform rating and a $7.00 price objective on the stock. One investment analyst has rated the stock with a hold rating, six have assigned a buy rating and one has given a strong buy rating to the stock. The company has an average rating of Buy and a consensus target price of $5.35.
Shares of ArQule opened at $5.00 on Monday, MarketBeat reports. The company has a current ratio of 5.42, a quick ratio of 5.42 and a debt-to-equity ratio of 1.50. ArQule has a 52-week low of $0.94 and a 52-week high of $6.07.
In other ArQule news, insider Value Fund L. P. Biotechnology sold 2,301,581 shares of ArQule stock in a transaction that occurred on Wednesday, April 4th. The stock was sold at an average price of $2.90, for a total value of $6,674,584.90. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CEO Paolo Pucci purchased 15,000 shares of the company’s stock in a transaction on Friday, May 18th. The stock was acquired at an average cost of $3.39 per share, for a total transaction of $50,850.00. Following the completion of the transaction, the chief executive officer now owns 420,494 shares in the company, valued at $1,425,474.66. The disclosure for this purchase can be found here. Over the last three months, insiders purchased 57,257 shares of company stock worth $171,425 and sold 5,567,893 shares worth $18,768,436. 7.90% of the stock is currently owned by company insiders.
A number of hedge funds and other institutional investors have recently modified their holdings of the business. Millennium Management LLC increased its position in ArQule by 1,631.7% in the 1st quarter. Millennium Management LLC now owns 1,726,984 shares of the biotechnology company’s stock worth $4,974,000 after buying an additional 1,627,259 shares during the period. Jane Street Group LLC bought a new position in ArQule in the 1st quarter worth approximately $100,000. Element Capital Management LLC bought a new position in ArQule in the 1st quarter worth approximately $225,000. Arnhold LLC bought a new position in ArQule in the 1st quarter worth approximately $432,000. Finally, Tibra Equities Europe Ltd bought a new position in ArQule in the 1st quarter worth approximately $530,000. 65.48% of the stock is currently owned by institutional investors.
ArQule Company Profile
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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