Oppenheimer analyst Hartaj Singh maintained a Buy rating on Arqule (ARQL) today and set a price target of $7. The company’s shares closed yesterday at $3.47.
Singh wrote:
“ArQule (ARQL) has presented multiple abstracts at various conferences over the past few weeks, most notably with ARQ 092 at ASHG in mid-October and more recently with next-generation AKT inhibitor ARQ 751 at the 30th EORTC/AACR/NCI Symposium held in Dublin, Ireland in mid-November. Additionally, ARQL will present an updated cut of its ASH 2018 abstract for ARQ 531 on December 2 (6-8 PM PT). As we have noted earlier in our (covered names) ASH Preview in late October, the ARQL ASH presentation will add to a comprehensive and impressive presentation from EHA 2018 earlier this year. We highlight ARQL as a company executing on multiple fronts, with an exciting 2019 ahead (initiation on 06/11/18 at $5.33 here). We stay bullish.”
According to TipRanks.com, Singh is a 3-star analyst with an average return of 2.0% and a 42.5% success rate. Singh covers the Healthcare sector, focusing on stocks such as SELLAS Life Sciences Group Inc, Strongbridge Biopharma Plc, and Syndax Pharmaceuticals Inc.
Arqule has an analyst consensus of Strong Buy, with a price target consensus of $6.92.
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The company has a one-year high of $7.21 and a one-year low of $1.27. Currently, Arqule has an average volume of 1.13M.
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.
