ArQule, Inc. Forecasted to Earn FY2023 Earnings of $1.22 Per Share (NASDAQ:ARQL)

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ArQule, Inc. (NASDAQ:ARQL) – Research analysts at Oppenheimer issued their FY2023 earnings per share estimates for shares of ArQule in a report released on Wednesday, July 10th. Oppenheimer analyst H. Singh anticipates that the biotechnology company will post earnings per share of $1.22 for the year. Oppenheimer currently has a “Buy” rating and a $13.00 target price on the stock.

ArQule (NASDAQ:ARQL) last issued its earnings results on Wednesday, May 1st. The biotechnology company reported ($0.09) earnings per share for the quarter, missing the consensus estimate of ($0.08) by ($0.01). The company had revenue of $1.35 million for the quarter, compared to analysts’ expectations of $1.70 million. ArQule had a negative net margin of 83.15% and a negative return on equity of 28.90%.

Several other equities research analysts have also recently weighed in on the company. Roth Capital set a $12.00 target price on Callon Petroleum and gave the company a “buy” rating in a report on Friday, June 14th. Zacks Investment Research upgraded GCP Applied Technologies from a “sell” rating to a “hold” rating in a report on Friday, May 31st. Royal Bank of Canada dropped their target price on from GBX 845 ($11.04) to GBX 800 ($10.45) and set an “outperform” rating for the company in a report on Wednesday, June 19th. BidaskClub upgraded Zai Lab from a “buy” rating to a “strong-buy” rating in a report on Friday, June 28th. Finally, B. Riley reiterated a “buy” rating on shares of IMV in a report on Wednesday, May 29th. 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 an average target price of $11.13.

Shares of ARQL stock opened at $11.05 on Friday. The stock has a market cap of $1.21 billion, a PE ratio of -69.06 and a beta of 2.27. ArQule has a 1-year low of $2.23 and a 1-year high of $12.22. The firm’s 50-day moving average is $9.02. The company has a debt-to-equity ratio of 0.17, a current ratio of 6.45 and a quick ratio of 6.45.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Rhumbline Advisers grew its stake in shares of ArQule by 59.6% in the 4th quarter. Rhumbline Advisers now owns 139,348 shares of the biotechnology company’s stock worth $386,000 after purchasing an additional 52,064 shares during the last quarter. SG Americas Securities LLC acquired a new position in shares of ArQule in the 4th quarter worth approximately $28,000. California Public Employees Retirement System grew its stake in shares of ArQule by 89.4% in the 4th quarter. California Public Employees Retirement System now owns 393,051 shares of the biotechnology company’s stock worth $1,089,000 after purchasing an additional 185,551 shares during the last quarter. New York State Common Retirement Fund grew its stake in shares of ArQule by 38.1% in the 4th quarter. New York State Common Retirement Fund now owns 106,300 shares of the biotechnology company’s stock worth $294,000 after purchasing an additional 29,300 shares during the last quarter. Finally, BlackRock Inc. grew its stake in shares of 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 during the last quarter. Institutional investors and hedge funds own 72.03% of the company’s stock.

In other ArQule news, Director Ran Nussbaum acquired 307,692 shares of the company’s stock in a transaction on Thursday, June 27th. The stock was acquired at an average price of $9.75 per share, for a total transaction of $2,999,997.00. The acquisition was disclosed in a document filed with the SEC, which is accessible through the SEC website. Company insiders own 13.80% of the company’s stock.

ArQule Company Profile

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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Earnings History and Estimates for ArQule (NASDAQ:ARQL)

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