After B.Riley FBR and Oppenheimer gave Arqule (NASDAQ: ARQL) a Buy rating last month, the company received another Buy, this time from Roth Capital. Analyst Jotin Marango maintained a Buy rating on Arqule today and set a price target of $7. The company’s shares closed yesterday at $3.87.
Marango commented:
“We believe that the ArQule of 4Q is a more valuable company than the ArQule of 3Q (which, in turn, was more valuable than the and we remain high-conviction buyers both in light of the recent pullback in share price and in anticipation of the data update at ASH in December. Status update on the BTK inhibitor ARQ531. At EHA’18, ArQule showed positive safety and tumor reduction data in three cohorts from its 15mg QD). Subsequently, the company put in place two protocol amendments which, in our view, increase the potential depth of the eventual dataset: (1) intra-patient dose-escalation (could provide evidence of dose- dependent clinical benefit); (2) reduction of washout period to 5X the half-life of the last administered drug (could soften the prognostics of the advanced patients being recruited).”
According to TipRanks.com, Marango is ranked 0 out of 5 stars with an average return of -7.1% and a 28.1% success rate. Marango covers the Healthcare sector, focusing on stocks such as KalVista Pharmaceuticals Inc, Stemline Therapeutics Inc, and Cyclacel Pharmaceuticals.
Currently, the analyst consensus on Arqule is a Strong Buy with an average price target of $6.92, a 78.8% upside from current levels. In a report issued on October 19, Oppenheimer also assigned a Buy rating to the stock with a $7 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 $6.67 million.
Based on the recent corporate insider activity of 13 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of ARQL in relation to earlier this year.
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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.
