Shares of ArQule, Inc. (NASDAQ:ARQL) were up 11.5% during mid-day trading on Tuesday . The company traded as high as $8.51 and last traded at $8.46, approximately 2,950,700 shares were traded during mid-day trading. An increase of 38% from the average daily volume of 2,132,635 shares. The stock had previously closed at $7.59.
A number of equities analysts recently issued reports on ARQL shares. BidaskClub upgraded ArQule from a “hold” rating to a “buy” rating in a research note on Saturday, October 19th. Royal Bank of Canada set a $12.00 target price on ArQule and gave the stock a “buy” rating in a research note on Wednesday, October 9th. ValuEngine upgraded ArQule from a “hold” rating to a “buy” rating in a research note on Friday, November 1st. Cantor Fitzgerald started coverage on ArQule in a research note on Thursday, October 17th. They issued an “overweight” rating and a $16.00 target price for the company. Finally, HC Wainwright started coverage on ArQule in a research note on Monday, September 16th. They issued a “buy” rating and a $13.00 target price for the company. One investment analyst has rated the stock with a hold rating and ten have assigned a buy rating to the company. The company currently has an average rating of “Buy” and a consensus target price of $13.11.
The company has a market cap of $951.38 million, a PE ratio of -52.88 and a beta of 2.31. The company has a debt-to-equity ratio of 0.08, a quick ratio of 8.27 and a current ratio of 8.27. The stock has a 50 day moving average of $8.68 and a 200-day moving average of $8.73.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Victory Capital Management Inc. purchased a new position in shares of ArQule during the 2nd quarter valued at about $26,000. Lindbrook Capital LLC raised its stake in shares of ArQule by 50.0% during the 2nd quarter. Lindbrook Capital LLC now owns 3,000 shares of the biotechnology company’s stock valued at $33,000 after buying an additional 1,000 shares during the last quarter. Tower Research Capital LLC TRC purchased a new position in shares of ArQule during the 3rd quarter valued at about $50,000. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in shares of ArQule by 272.8% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 7,124 shares of the biotechnology company’s stock valued at $78,000 after buying an additional 5,213 shares during the last quarter. Finally, Bank of Montreal Can raised its stake in shares of ArQule by 53,511.8% during the 2nd quarter. Bank of Montreal Can now owns 9,114 shares of the biotechnology company’s stock valued at $100,000 after buying an additional 9,097 shares during the last quarter. Institutional investors and hedge funds own 72.96% of the company’s stock.
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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