Oppenheimer set a $13.00 price objective on ArQule (NASDAQ:ARQL) in a research note issued to investors on Thursday, Stock Target Advisor reports. The firm currently has a buy rating on the biotechnology company’s stock. Oppenheimer also issued estimates for ArQule’s FY2023 earnings at $1.22 EPS.
Several other equities research analysts also recently commented on ARQL. BidaskClub upgraded shares of Zai Lab from a buy rating to a strong-buy rating in a research report on Friday, June 28th. Roth Capital set a $12.00 target price on shares of Callon Petroleum and gave the stock a buy rating in a research report on Friday, June 14th. B. Riley reiterated a buy rating on shares of IMV in a research report on Wednesday, May 29th. Royal Bank of Canada cut their target price on shares of from GBX 845 ($11.04) to GBX 800 ($10.45) and set an outperform rating on the stock in a research report on Wednesday, June 19th. Finally, Leerink Swann set a $27.00 price target on shares of Kura Oncology and gave the stock a buy rating in a research report on Saturday, June 15th. One investment analyst has rated the stock with a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the stock. The company has an average rating of Buy and an average price target of $11.13.
NASDAQ:ARQL opened at $11.05 on Thursday. The stock’s 50 day simple moving average is $9.02. The company has a debt-to-equity ratio of 0.17, a quick ratio of 6.45 and a current ratio of 6.45. ArQule has a one year low of $2.23 and a one year high of $12.22.
In other news, Director Ran Nussbaum purchased 307,692 shares of the company’s stock in a transaction dated Thursday, June 27th. The shares were purchased at an average price of $9.75 per share, for a total transaction of $2,999,997.00. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. 13.80% of the stock is currently owned by insiders.
Several hedge funds and other institutional investors have recently modified their holdings of the company. Rhumbline Advisers lifted its stake in ArQule by 59.6% in the 4th quarter. Rhumbline Advisers now owns 139,348 shares of the biotechnology company’s stock valued at $386,000 after buying an additional 52,064 shares in the last quarter. SG Americas Securities LLC purchased a new stake in ArQule in the 4th quarter valued at approximately $28,000. California Public Employees Retirement System lifted its stake in ArQule by 89.4% in the 4th quarter. California Public Employees Retirement System now owns 393,051 shares of the biotechnology company’s stock valued at $1,089,000 after buying an additional 185,551 shares in the last quarter. New York State Common Retirement Fund lifted its stake in 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 valued at $294,000 after buying an additional 29,300 shares in the last quarter. Finally, BlackRock Inc. lifted its stake in ArQule by 26.6% in the 4th quarter. BlackRock Inc. now owns 8,618,012 shares of the biotechnology company’s stock valued at $23,872,000 after buying an additional 1,808,657 shares in the last quarter. Hedge funds and other institutional investors own 72.03% of the company’s stock.
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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