ArQule, Inc. (NASDAQ:ARQL) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued on Thursday. The firm currently has a $1.00 price target on the biotechnology company’s stock.

According to Zacks, “ArQule, Inc. is a biotechnology company engaged in the research and development of next-generation, small-molecule cancer therapeutics. The Company’s targeted, broad-spectrum products and research programs are focused on key biological processes that are central to cancer. ArQule’s lead clinical-stage products have been generated from two scientific platforms: Cancer Survival Protein modulation and Activated Checkpoint Therapy. The Cancer Survival Protein modulation platform has generated a clinical-stage product that mediates its effects by inhibiting the activity of a molecule known as c-Met, which plays multiple roles in cancer cell growth, survival, invasion, angiogenesis and metastasis. The ACT platform is designed to kill cancer cells selectively while sparing normal cells through direct activation of DNA damage response/checkpoint pathways. The Company’s lead ACT program, based on the E2F-1 pathway, is partnered with Roche. “

Shares of ArQule (NASDAQ ARQL) remained flat at $1.00 during mid-day trading on Thursday. 184,168 shares of the company’s stock were exchanged. ArQule has a 1-year low of $0.92 and a 1-year high of $1.82. The stock’s 50-day moving average price is $1.21 and its 200-day moving average price is $1.19. The company’s market capitalization is $71.15 million.

ArQule (NASDAQ:ARQL) last released its quarterly earnings results on Friday, August 4th. The biotechnology company reported ($0.10) earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.11) by $0.01. ArQule had a negative return on equity of 135.68% and a negative net margin of 482.44%. During the same period in the previous year, the business earned ($0.07) earnings per share. On average, analysts anticipate that ArQule will post ($0.43) earnings per share for the current year.

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A hedge fund recently raised its stake in ArQule stock. First Eagle Investment Management LLC increased its position in ArQule, Inc. (NASDAQ:ARQL) by 8.6% during the second quarter, according to its most recent disclosure with the SEC. The firm owned 11,847,575 shares of the biotechnology company’s stock after buying an additional 934,842 shares during the period. First Eagle Investment Management LLC owned about 16.65% of ArQule worth $14,691,000 as of its most recent SEC filing. Hedge funds and other institutional investors own 60.41% of the company’s stock.

About ArQule

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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