ArQule, Inc. (ARQL) Sees Strong Trading Volume After Earnings Beat
Shares of ArQule, Inc. (NASDAQ:ARQL) saw strong trading volume on Thursday after the company announced better than expected quarterly earnings. 2,544,627 shares changed hands during trading, an increase of 806% from the previous session’s volume of 280,941 shares.The stock last traded at $1.19 and had previously closed at $1.19.
The biotechnology company reported ($0.09) earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of ($0.11) by $0.02. During the same quarter in the previous year, the company posted ($0.08) EPS.
A number of equities research analysts recently issued reports on the stock. Zacks Investment Research raised shares of ArQule from a “hold” rating to a “buy” rating and set a $1.00 price target on the stock in a research note on Wednesday, August 23rd. ValuEngine downgraded shares of ArQule from a “sell” rating to a “strong sell” rating in a research note on Friday, September 1st.
A number of institutional investors have recently added to or reduced their stakes in the stock. First Eagle Investment Management LLC raised its stake in shares of ArQule by 8.6% in the second quarter. First Eagle Investment Management LLC now owns 11,847,575 shares of the biotechnology company’s stock valued at $14,691,000 after acquiring an additional 934,842 shares during the period. Curbstone Financial Management Corp raised its stake in shares of ArQule by 100.0% in the third quarter. Curbstone Financial Management Corp now owns 104,572 shares of the biotechnology company’s stock valued at $116,000 after acquiring an additional 52,286 shares during the period. Finally, Northern Trust Corp raised its stake in shares of ArQule by 0.9% in the second quarter. Northern Trust Corp now owns 154,513 shares of the biotechnology company’s stock valued at $192,000 after acquiring an additional 1,385 shares during the period. 61.00% of the stock is currently owned by institutional investors.
The company has a debt-to-equity ratio of 1.43, a quick ratio of 4.33 and a current ratio of 4.33.
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ArQule Company Profile
ArQule, Inc is a biopharmaceutical company. The Company is engaged in the research and development of therapeutics to treat cancers and rare diseases. These drugs focuses on the biological pathways implicated in a range of cancers and certain non-oncology indications. Its clinical-stage pipeline consists of over four drug candidates, all of which are in targeted patient populations.
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