In a report released yesterday, 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 $3.87.
Singh said:
“ArQule (ARQL) reported 3Q18 earnings on 10/31. The update focused on the three current key initiatives: (1) ARQ 531 in hematological malignancies, (2) miransertib in Proteus/PROS, and (3) AKT inhibitors (miransertib/ARQ 751) in oncology. While investors are largely focused on the upcoming ASH update for ARQ 531, ARQL is also making significant headway with miransertib in overgrowth rare diseases and miransertib/ARQ 751 in oncology. We update our model to account for higher anticipated OPEX as programs accelerate, and remain bullish.”
According to TipRanks.com, Singh is a 3-star analyst with an average return of 3.3% and a 38.6% 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, implying a 78.8% upside from current levels. In a report issued on October 19, Roth Capital also maintained a Buy rating on the stock with a $7 price target.
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The company has a one-year high of $7.21 and a one-year low of $0.98. Currently, Arqule has an average volume of 1.26M.
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.
