After Roth Capital and Needham gave Arqule (NASDAQ: ARQL) a Buy rating last month, the company received another Buy, this time from B.Riley FBR. Analyst George Zavoico maintained a Buy rating on Arqule today and set a price target of $6.75. The company’s shares opened today at $5.25.
Zavoico wrote:
“On 3/7, ArQule (ARQL) provided an update on the clinical development of its oncology and rare disease product pipeline and reported 4Q18 and FY18 financial results. Notably, a compelling early sign of efficacy was seen in the first patient with chronic lymphoblastic leukemia (CLL); and a C481S mutation treated in Cohort 7 with ARQ 531, a reversible dual inhibitor of wild- type, and C481S-mutant Bruton’s tyrosine kinase (BTK). In an important step forward, the FDA agreed to a clinical development path for miransertib, a first-generation AKT inhibitor, for certain ultra-rare and rare diseases, enabling initiation of a registrational trial later this year. The dose- escalation portion of a Phase I trial of ARQ 751, a second-generation AKT inhibitor in solid tumors with PIK3CA, AKT, or PTEN mutations, was completed, enabling initiation of a Phase I/IIb trial.”
According to TipRanks.com, Zavoico ‘s ranking currently consits of no stars on a 0-5 ranking scale, with an average return of -8.1% and a 37.4% success rate. Zavoico covers the Healthcare sector, focusing on stocks such as Iovance Biotherapeutics Inc, Cellular Biomedicine Group, and Miragen Therapeutics Inc.
Currently, the analyst consensus on Arqule is a Strong Buy with an average price target of $7.44, implying a 41.7% 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 December 31, the company reported a quarterly GAAP net loss of $8.49 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.
