In a report released today, Hartaj Singh from Oppenheimer maintained a Buy rating on Arqule (NASDAQ: ARQL), with a price target of $7. The company’s shares closed yesterday at $4.70.
Singh said:
“We are attending the Genetics (ASHG) meeting in San Diego, where ArQule (ARQL) presented three posters on AKT inhibitor miransertib (ARQ 092) in rare overgrowth diseases. The posters included long-term follow up data for eight patients in the company-sponsored open label Phase 1/2 study (n=12), and two case studies from the ongoing compassionate single patient use program. While these data were incremental, the potential for miransertib in this indication is solidifying and beginning to comprise real value potential for ARQL in addition to its AKT/BTK oncology programs, we believe. We look forward to further color on the 3Q18 earnings call on 10/31 and FDA feedback on a pivotal trial design in 1H19.”
According to TipRanks.com, Singh is a 4-star analyst with an average return of 9.5% and a 48.1% success rate. Singh covers the Healthcare sector, focusing on stocks such as Strongbridge Biopharma Plc, Syndax Pharmaceuticals Inc, and Catabasis Pharmaceuticals.
Arqule has an analyst consensus of Strong Buy, with a price target consensus of $6.92.
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Based on Arqule’s latest earnings release for the quarter ending June 30, the company reported a quarterly net profit of $5.16 million. In comparison, last year the company had a GAAP net loss of $6.67 million.
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ArQule, Inc. is a clinical-stage biopharmaceutical company, which engages in the research and development of targeted therapeutics to treat cancers and rare diseases. The company discovers, develops and commercializes novel small molecule drugs in areas of unmet need that will dramatically extend and improve the lives of its patients.
