Point72 Asset Management L.P. Acquires Shares of 2,000,000 ArQule, Inc. (ARQL)
Point72 Asset Management L.P. acquired a new stake in shares of ArQule, Inc. (NASDAQ:ARQL) in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 2,000,000 shares of the biotechnology company’s stock, valued at approximately $2,220,000. Point72 Asset Management L.P. owned approximately 2.30% of ArQule as of its most recent SEC filing.
Several other institutional investors have also recently modified their holdings of ARQL. Northern Trust Corp grew its position 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 valued at $192,000 after purchasing an additional 1,385 shares in the last quarter. Curbstone Financial Management Corp grew its position in ArQule by 100.0% in the third quarter. Curbstone Financial Management Corp now owns 104,572 shares of the biotechnology company’s stock worth $116,000 after acquiring an additional 52,286 shares in the last quarter. Finally, First Eagle Investment Management LLC grew its position in ArQule by 5.0% in 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 acquiring an additional 591,421 shares in the last quarter. Hedge funds and other institutional investors own 52.12% of the company’s stock.
Several research analysts recently commented on ARQL shares. Zacks Investment Research lowered ArQule from a “buy” rating to a “hold” rating in a research report on Wednesday, September 27th. ValuEngine upgraded ArQule from a “strong sell” rating to a “sell” rating in a research report on Friday, November 17th. Finally, Needham & Company LLC upgraded ArQule from a “hold” rating to a “buy” rating in a research report on Thursday, December 14th.
ArQule (NASDAQ:ARQL) last released its quarterly earnings results on Thursday, November 9th. The biotechnology company reported ($0.09) EPS for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.11) by $0.02. During the same period in the previous year, the business posted ($0.08) earnings per share. equities analysts predict that ArQule, Inc. will post -0.39 EPS for the current fiscal year.
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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