ArQule, Inc. (NASDAQ: ARQL) is having a great start to the trading session this morning, and for good reason. The company announced preliminary results from an ongoing Phase 1 study.
Of course, the results were positive, exciting investors and sending the stock for the top. Today, we’ll talk about:
- The clinical data;
- what we’re seeing from ARQL stock as a result; and
- what we’ll be watching for ahead.
ARQL Runs For The Top On Clinical Data
As mentioned above, ArQule is having a great start to the trading session in the pre-market hours this morning after releasing positive clinical results. The results came via press release early this morning.
In the release, ARQL provided preliminary results from its Phase 1 dose escalation study for ARQ 531. The treatment is being assessed as a potential option for patients with relapsed or refractory hematologic malignancies.
Ultimately, the data to date is proving to be overwhelmingly strong. Not only does the data suggest great potential efficacy, it also suggests that the drug is safe and well tolerated. In a statement, Dr. Brian Schwartz, Chief Medical Officer at ARQL, had the following to offer:
The profile of ARQ 531 continues to strengthen, and we are delighted to be able to demonstrate such compelling clinical activity at a well-tolerated dose in patients who have already exhausted available therapies. We are now focused on finalizing the recommended phase 2 dose and planning for the expansion of our clinical efforts with ARQ 531 into later stage trials across multiple indications as a single agent and as a combination therapy.
What We’re Seeing From The Stock
One of the first lessons that we learn when we start to work in the market is that the news leads to moves. When it comes to ArQule, the news proved to be incredibly positive.
After all, the strong clinical data means that the company’s work with regard to ARQ 531 is moving the asset in the right direction. While we are still early on, this positive data brings the company one step closer to potential approval.
So, it’s not surprising to see that excited investors are pushing the stock for the top. As is just about always the case, our partners at Trade Ideas were the first to alert us to the gains. Currently (9:19), ARQL is trading at $9.10 per share after a gain of $2.81 per share or 44.67% thus far today.
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What We’ll Be Watching For Ahead
Moving forward, the CNA Finance team will continue to keep a close eye on ARQL. In particular, we’re interested in following the company’s continued work to bring ARQ 531 to market. Nonetheless, we’ll keep an eye on the news and bring it to you as it breaks!
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