After Roth Capital and Needham gave Arqule (NASDAQ: ARQL) a Buy rating last month, the company received another Buy, this time from Oppenheimer. Analyst Hartaj Singh maintained a Buy rating on Arqule yesterday and set a price target of $8. The company’s shares closed yesterday at $5.44.
Singh said:
“ArQule (ARQL) reported 4Q18 results and provided a corporate update on its pipeline progress. Notably, a partial response (88% reduction in tumor volume) was observed in a C481s mutation CLL patient treated at 65mg daily (qD) dose (cohort 7). In addition, visibility from the FDA on miransertib’s registration path in orphan diseases was shared, which suggests potential to treat a broader patient set within an already existing study. A meaningful clinical update potentially at EHA (June 13-16) could create the next step for inflection. We stay bullish and raise our PT from $7 to $8.”
According to TipRanks.com, Singh is a 3-star analyst with an average return of 1.4% and a 43.1% success rate. Singh covers the Healthcare sector, focusing on stocks such as Strongbridge Biopharma Plc, Catabasis Pharmaceuticals, and Actinium Pharmaceuticals.
Arqule has an analyst consensus of Strong Buy, with a price target consensus of $7.67, a 41.0% upside from current levels. In a report released yesterday, Roth Capital also maintained a Buy rating on the stock with a $8 price target.
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Based on Arqule’s latest earnings release for the quarter ending September 30, the company reported a quarterly GAAP net loss of $5.62 million. In comparison, last year the company had a GAAP net loss of $7.76 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.
