ARQL - Here's Why ArQule Fell as Much as 28.3% Today
Shares of ArQule (NASDAQ: ARQL) fell over 28% today after the company released an abstract to be presented at an upcoming scientific conference. The abstract includes interim results from an ongoing phase 1 clinical trial for its lead drug candidate, ARQ 531, in patients with cancers affecting white blood cells. It appears that investors are disappointed with the number of partial responses to the experimental treatment.
A total of 10 patients achieved partial responses as of the abstract submission cutoff date of July 19. There were 40 evaluable patients, which suggests a relatively low response rate of just 25%. That's not quite the right takeaway from the abstract, however, as the design of the phase 1 trial must be taken into account.
As of 11:43 a.m. EST, the small-cap stock had settled to a 14.4% loss.