Should the results from phase 3 HCC be positive, i am pretty sure there will be a buyout. They have a great platform discovery for molecules which alone is worth 100M$+ not to mention their great cash position. ArQule is not dependable only on ARQ 197... there is 621, 087 092 and more on the way.
No doubt the arq 197 had a big impact but the truth of the matter is that i believe they got hit far worse than they should have.
I am hoping for positive announcements in the upcoming future and that would drive back higher where it belongs.