ArQule (ARQL) Upgraded to “Buy” at Needham & Company LLC
ArQule (NASDAQ:ARQL) was upgraded by research analysts at Needham & Company LLC from a “hold” rating to a “buy” rating in a research note issued to investors on Thursday, Marketbeat reports.
A number of other research analysts have also recently issued reports on ARQL. Zacks Investment Research raised ArQule from a “hold” rating to a “buy” rating and set a $1.25 price objective on the stock in a research note on Thursday, September 28th. ValuEngine raised ArQule from a “strong sell” rating to a “sell” rating in a research note on Friday, November 17th.
Shares of ArQule (NASDAQ:ARQL) traded up $0.01 during trading hours on Thursday, hitting $1.50. The stock had a trading volume of 369,883 shares, compared to its average volume of 253,544. ArQule has a 52-week low of $0.92 and a 52-week high of $1.68. The company has a current ratio of 3.45, a quick ratio of 3.45 and a debt-to-equity ratio of 2.33.
Several institutional investors have recently bought and sold shares of the company. Point72 Asset Management L.P. purchased a new stake in shares of ArQule during the third quarter worth about $2,220,000. First Eagle Investment Management LLC boosted its holdings in shares of ArQule by 5.0% during the third quarter. First Eagle Investment Management LLC now owns 12,438,996 shares of the biotechnology company’s stock worth $13,807,000 after purchasing an additional 591,421 shares during the period. Curbstone Financial Management Corp boosted its holdings in shares of ArQule by 100.0% during the third quarter. Curbstone Financial Management Corp now owns 104,572 shares of the biotechnology company’s stock worth $116,000 after purchasing an additional 52,286 shares during the period. Finally, Northern Trust Corp boosted its holdings in shares of ArQule by 0.9% during the second quarter. Northern Trust Corp now owns 154,513 shares of the biotechnology company’s stock worth $192,000 after purchasing an additional 1,385 shares during the period. Institutional investors own 52.12% of the company’s stock.
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ArQule, Inc is a biopharmaceutical company. The Company is engaged in the research and development of therapeutics to treat cancers and rare diseases. These drugs focuses on the biological pathways implicated in a range of cancers and certain non-oncology indications. Its clinical-stage pipeline consists of over four drug candidates, all of which are in targeted patient populations.
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