Arcutis Biotherapeutics (NASDAQ:ARQT) Stock Price Down 9.4% – Here’s What Happened

Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT) shares fell 9.4% on Wednesday . The company traded as low as $13.37 and last traded at $13.46. 1,050,207 shares were traded during mid-day trading, a decline of 66% from the average session volume of 3,124,868 shares. The stock had previously closed at $14.86.

Analyst Ratings Changes

ARQT has been the subject of several recent research reports. Needham & Company LLC reissued a “buy” rating and issued a $18.00 price target on shares of Arcutis Biotherapeutics in a research report on Thursday, November 7th. Jefferies Financial Group began coverage on Arcutis Biotherapeutics in a report on Wednesday, August 28th. They set a “buy” rating and a $15.00 price target on the stock.

Arcutis Biotherapeutics Trading Up 6.2 %

The company has a quick ratio of 2.38, a current ratio of 2.46 and a debt-to-equity ratio of 0.67. The firm has a market capitalization of $1.75 billion, a price-to-earnings ratio of -8.37 and a beta of 1.32. The firm’s 50 day moving average is $10.63 and its 200 day moving average is $9.93.

Arcutis Biotherapeutics (NASDAQ:ARQT) last announced its quarterly earnings data on Wednesday, November 6th. The company reported ($0.33) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.42) by $0.09. Arcutis Biotherapeutics had a negative return on equity of 119.11% and a negative net margin of 140.97%. The firm had revenue of $44.76 million during the quarter, compared to the consensus estimate of $38.05 million. Equities analysts forecast that Arcutis Biotherapeutics, Inc. will post -1.34 earnings per share for the current year.

Insider Activity at Arcutis Biotherapeutics

In other news, Director Howard G. Welgus sold 10,000 shares of the business’s stock in a transaction on Monday, December 2nd. The shares were sold at an average price of $12.51, for a total value of $125,100.00. Following the sale, the director now owns 161,944 shares in the company, valued at approximately $2,025,919.44. The trade was a 5.82 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Masaru Matsuda sold 5,015 shares of Arcutis Biotherapeutics stock in a transaction dated Monday, November 4th. The shares were sold at an average price of $8.68, for a total transaction of $43,530.20. Following the transaction, the insider now directly owns 178,273 shares of the company’s stock, valued at $1,547,409.64. This represents a 2.74 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 76,951 shares of company stock worth $770,144 in the last ninety days. 9.50% of the stock is currently owned by insiders.

Institutional Trading of Arcutis Biotherapeutics

Several institutional investors and hedge funds have recently added to or reduced their stakes in ARQT. Point72 DIFC Ltd bought a new position in Arcutis Biotherapeutics during the 3rd quarter worth approximately $25,000. CWM LLC increased its holdings in shares of Arcutis Biotherapeutics by 6,740.0% in the second quarter. CWM LLC now owns 4,104 shares of the company’s stock worth $38,000 after acquiring an additional 4,044 shares in the last quarter. Algert Global LLC acquired a new stake in shares of Arcutis Biotherapeutics during the second quarter worth about $97,000. Erste Asset Management GmbH acquired a new stake in shares of Arcutis Biotherapeutics during the third quarter worth about $104,000. Finally, Victory Capital Management Inc. lifted its holdings in shares of Arcutis Biotherapeutics by 9.9% during the 3rd quarter. Victory Capital Management Inc. now owns 12,843 shares of the company’s stock valued at $119,000 after purchasing an additional 1,155 shares in the last quarter.

Arcutis Biotherapeutics Company Profile

Arcutis Biotherapeutics, Inc, a biopharmaceutical company, focuses on developing and commercializing treatments for dermatological diseases. Its lead product candidate is ARQ-151, a topical roflumilast cream that has completed Phase III clinical trials for the treatment of plaque psoriasis and atopic dermatitis.