There are really only two reliable catalysts for biotech stocks - reporting clinical data and announcing equity offerings - and the latter one is seldom a positive for the stock. With ArQule (ARQL) looking to increase its sharecount by more than 11% (including the shoe), Tuesday's 12% decline on another red day in the market doesn't seem so out of line. Even with the pullback though, it's not blatantly clear to me that this is a must-own biotech.
Queuing Up For Tivantinib Data
Far and away the most valuable asset for ArQule is its Phase III drug tivantinib - a c-Met receptor tyrosine kinase inhibitor. C-Met is a popular target these days, with companies including Roche (RHHBY.PK), AVEO (AVEO), Amgen (AMGN), Bristol-Myers (BMY), and Exelixis (EXEL) all developing drugs with this target in mind.
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ArQule Dips, But Not Necessarily A Bargain
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