Arcutis Biotherapeutics (NASDAQ:ARQT) Stock Price Up 6.8% – What’s Next?

Shares of Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT) shot up 6.8% on Monday . The company traded as high as $15.05 and last traded at $14.79. 489,991 shares changed hands during mid-day trading, a decline of 73% from the average session volume of 1,831,413 shares. The stock had previously closed at $13.85.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on ARQT. Mizuho raised their target price on shares of Arcutis Biotherapeutics from $19.00 to $20.00 and gave the company an “outperform” rating in a report on Tuesday, January 7th. Needham & Company LLC reaffirmed a “buy” rating and set a $18.00 price objective on shares of Arcutis Biotherapeutics in a research note on Thursday, November 7th. Finally, HC Wainwright reaffirmed a “buy” rating and set a $19.00 price objective on shares of Arcutis Biotherapeutics in a research note on Monday, January 13th. One equities research analyst has rated the stock with a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $16.60.

Arcutis Biotherapeutics Stock Performance

The firm has a market capitalization of $1.73 billion, a P/E ratio of -8.25 and a beta of 1.30. The firm has a 50-day moving average price of $13.19 and a two-hundred day moving average price of $10.94. The company has a debt-to-equity ratio of 0.67, a current ratio of 2.46 and a quick ratio of 2.38.

Arcutis Biotherapeutics (NASDAQ:ARQT) last released its earnings results on Wednesday, November 6th. The company reported ($0.33) earnings per share for the quarter, topping the consensus estimate of ($0.42) by $0.09. The business had revenue of $44.76 million during the quarter, compared to the consensus estimate of $38.05 million. Arcutis Biotherapeutics had a negative return on equity of 119.11% and a negative net margin of 140.97%. On average, analysts forecast that Arcutis Biotherapeutics, Inc. will post -1.35 EPS for the current fiscal year.

Insider Activity at Arcutis Biotherapeutics

In other Arcutis Biotherapeutics news, insider Patrick Burnett sold 16,023 shares of the business’s stock in a transaction dated Friday, November 22nd. The shares were sold at an average price of $10.14, for a total value of $162,473.22. Following the completion of the transaction, the insider now directly owns 128,669 shares in the company, valued at approximately $1,304,703.66. The trade was a 11.07 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Masaru Matsuda sold 5,015 shares of the business’s stock in a transaction dated Monday, November 4th. The stock was sold at an average price of $8.68, for a total transaction of $43,530.20. Following the completion of the transaction, the insider now 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 78,291 shares of company stock worth $927,966 over the last three months. 9.50% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Arcutis Biotherapeutics

Large investors have recently added to or reduced their stakes in the company. AQR Capital Management LLC grew its stake in shares of Arcutis Biotherapeutics by 727.5% during the second quarter. AQR Capital Management LLC now owns 257,357 shares of the company’s stock worth $2,393,000 after acquiring an additional 226,258 shares during the last quarter. Dark Forest Capital Management LP boosted its position in Arcutis Biotherapeutics by 29.9% in the second quarter. Dark Forest Capital Management LP now owns 27,612 shares of the company’s stock valued at $257,000 after buying an additional 6,362 shares during the last quarter. Millennium Management LLC boosted its position in Arcutis Biotherapeutics by 35.3% in the second quarter. Millennium Management LLC now owns 512,696 shares of the company’s stock valued at $4,768,000 after buying an additional 133,645 shares during the last quarter. The Manufacturers Life Insurance Company boosted its position in Arcutis Biotherapeutics by 31.0% in the second quarter. The Manufacturers Life Insurance Company now owns 40,323 shares of the company’s stock valued at $375,000 after buying an additional 9,537 shares during the last quarter. Finally, Algert Global LLC purchased a new stake in Arcutis Biotherapeutics in the second quarter valued at approximately $97,000.

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.