Shares of clinical-stage biotechnology company ArQule Inc. shot up 63.43% on Wednesday after the company announced positive result for its drug candidate ARQ-197 in treating lung cancer.
ARQL stock price closed the regular NASDAQ session at $5.72 a share, up $2.22, a gain of over 63%.
ArQule reported that a mid-stage clinical trial of ARQ-197 showed that lung cancer patients taking ARQ-197 with Tarceva lived longer without disease progression than those taking Tarceva alone.
ARQL shares hit an intraday and 52 week high of $7.49 during the session. ARQL traded 47,199,763 shares on Wednesday. ARQL's average daily stock volume is 169,013.
