State Board of Administration of Florida Retirement System Purchases Shares of 30,560 ArQule, Inc. (ARQL)
State Board of Administration of Florida Retirement System purchased a new stake in shares of ArQule, Inc. (NASDAQ:ARQL) during the second quarter, Holdings Channel reports. The firm purchased 30,560 shares of the biotechnology company’s stock, valued at approximately $169,000.
Other hedge funds have also recently added to or reduced their stakes in the company. CAPROCK Group Inc. acquired a new stake in shares of ArQule during the second quarter valued at approximately $109,000. Jane Street Group LLC acquired a new stake in shares of ArQule during the first quarter valued at approximately $100,000. Algert Global LLC acquired a new stake in shares of ArQule during the second quarter valued at approximately $349,000. Connor Clark & Lunn Investment Management Ltd. acquired a new position in ArQule in the 2nd quarter valued at approximately $365,000. Finally, Element Capital Management LLC acquired a new position in ArQule in the 1st quarter valued at approximately $225,000. Institutional investors and hedge funds own 65.10% of the company’s stock.
ArQule stock opened at $6.05 on Friday. The company has a market capitalization of $695.34 million, a price-to-earnings ratio of -15.77 and a beta of 1.03. The company has a current ratio of 5.99, a quick ratio of 5.99 and a debt-to-equity ratio of 0.54. ArQule, Inc. has a twelve month low of $0.97 and a twelve month high of $7.21.
Several research firms have weighed in on ARQL. ValuEngine upgraded shares of ArQule from a “buy” rating to a “strong-buy” rating in a research note on Tuesday, June 26th. BidaskClub upgraded shares of ArQule from a “hold” rating to a “buy” rating in a research note on Saturday, May 19th. Zacks Investment Research lowered shares of ArQule from a “hold” rating to a “sell” rating in a research note on Tuesday, June 19th. B. Riley upped their price objective on shares of ArQule from $4.00 to $7.50 and gave the company a “buy” rating in a research note on Friday, June 29th. Finally, Oppenheimer began coverage on shares of ArQule in a research note on Tuesday, June 12th. They issued an “outperform” rating and a $7.00 price objective on the stock. One research analyst has rated the stock with a hold rating and seven have issued a buy rating to the company. ArQule presently has an average rating of “Buy” and a consensus price target of $6.65.
ArQule, Inc, a biopharmaceutical company, researches and develops therapeutics for the treatment of cancer and rare diseases in the United States. It offers Derazantinib (ARQ 087), a multi-kinase inhibitor of the fibroblast growth factor receptor (FGFR) family that is in a registration trial in intrahepatic cholangiocarcinoma with FGFR2 fusions.
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