NJ State Employees Deferred Compensation Plan Sells 5,000 Shares of ArQule, Inc. (NASDAQ:ARQL)

NJ State Employees Deferred Compensation Plan decreased its holdings in ArQule, Inc. (NASDAQ:ARQL) by 11.1% in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 40,000 shares of the biotechnology company’s stock after selling 5,000 shares during the period. NJ State Employees Deferred Compensation Plan’s holdings in ArQule were worth $440,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in ARQL. BlackRock Inc. boosted its stake in shares of ArQule by 26.6% in the fourth quarter. BlackRock Inc. now owns 8,618,012 shares of the biotechnology company’s stock worth $23,872,000 after acquiring an additional 1,808,657 shares during the period. Marshall Wace LLP purchased a new stake in shares of ArQule in the first quarter worth about $1,567,000. Candriam Luxembourg S.C.A. lifted its position in shares of ArQule by 20.4% in the first quarter. Candriam Luxembourg S.C.A. now owns 1,402,181 shares of the biotechnology company’s stock worth $6,717,000 after buying an additional 237,453 shares in the last quarter. Bailard Inc. lifted its position in shares of ArQule by 81.9% in the first quarter. Bailard Inc. now owns 359,000 shares of the biotechnology company’s stock worth $1,720,000 after buying an additional 161,600 shares in the last quarter. Finally, Fosun International Ltd purchased a new stake in shares of ArQule in the first quarter worth about $642,000. 72.05% of the stock is owned by hedge funds and other institutional investors.

NASDAQ ARQL traded down $0.26 during midday trading on Monday, hitting $9.68. 83,979 shares of the company traded hands, compared to its average volume of 1,632,651. The company has a current ratio of 6.45, a quick ratio of 6.45 and a debt-to-equity ratio of 0.17. The stock has a market capitalization of $1.09 billion, a P/E ratio of -60.13 and a beta of 2.22. The firm has a 50-day simple moving average of $10.52. ArQule, Inc. has a 52 week low of $2.23 and a 52 week high of $12.22.

A number of equities research analysts recently commented on the company. Roth Capital boosted their target price on ArQule from $10.00 to $13.00 and gave the stock a “buy” rating in a research report on Friday, June 14th. BidaskClub upgraded ArQule from a “hold” rating to a “buy” rating in a research report on Friday, June 28th. Oppenheimer set a $13.00 price target on ArQule and gave the stock a “buy” rating in a report on Thursday, July 11th. Royal Bank of Canada increased their price target on ArQule to $12.00 and gave the stock an “outperform” rating in a report on Wednesday, June 19th. Finally, B. Riley increased their price target on ArQule from $6.75 to $11.00 and gave the stock a “buy” rating in a report on Wednesday, May 29th. One analyst has rated the stock with a hold rating, six have given a buy rating and one has assigned a strong buy rating to the stock. ArQule presently has an average rating of “Buy” and an average price target of $12.17.

In related news, Director Ran Nussbaum bought 307,692 shares of the company’s stock in a transaction on Thursday, June 27th. The shares were acquired at an average price of $9.75 per share, with a total value of $2,999,997.00. The transaction was disclosed in a document filed with the SEC, which is available at this link. 13.80% of the stock is currently owned by company insiders.

ArQule Profile

ArQule, Inc, a biopharmaceutical company, researches and develops therapeutics for the treatment of cancer and rare diseases in the United States. The company's pipeline includes ARQ 531, an orally bioavailable, potent and reversible dual inhibitor of wild type and C481S-mutant Bruton's tyrosine kinase that is in Phase I trial for patients with B-cell malignancies refractory to other therapeutic options; and miransertib (ARQ 092), a potent and selective inhibitor of the protein kinase B (AKT), a serine/threonine kinase, which is in Phase Ib in combination with the hormonal therapy and anastrozole in patients with advanced endometrial cancer.

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Institutional Ownership by Quarter for ArQule (NASDAQ:ARQL)

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