Arcutis Biotherapeutics (NASDAQ:ARQT) Shares Up 5.8%

Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT)’s stock price rose 5.8% during trading on Tuesday . The stock traded as high as $10.80 and last traded at $10.75. Approximately 976,785 shares traded hands during mid-day trading, a decline of 72% from the average daily volume of 3,507,957 shares. The stock had previously closed at $10.16.

Analysts Set New Price Targets

Several research analysts have weighed in on ARQT shares. Needham & Company LLC reissued a “buy” rating and issued a $18.00 price objective on shares of Arcutis Biotherapeutics in a research report on Thursday, August 15th. Jefferies Financial Group assumed coverage on Arcutis Biotherapeutics in a research report on Wednesday, August 28th. They issued a “buy” rating and a $15.00 price target for the company. Two equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $13.33.

Arcutis Biotherapeutics Price Performance

The firm has a market capitalization of $1.20 billion, a PE ratio of -3.67 and a beta of 1.18. The company has a debt-to-equity ratio of 1.09, a current ratio of 8.46 and a quick ratio of 8.19. The business’s 50 day moving average is $9.92 and its two-hundred day moving average is $9.57.

Arcutis Biotherapeutics (NASDAQ:ARQT) last posted its quarterly earnings data on Wednesday, August 14th. The company reported ($0.42) earnings per share for the quarter, beating the consensus estimate of ($0.48) by $0.06. Arcutis Biotherapeutics had a negative net margin of 150.51% and a negative return on equity of 145.41%. The firm had revenue of $30.86 million for the quarter, compared to analysts’ expectations of $31.00 million. During the same quarter last year, the company posted ($1.16) EPS. As a group, research analysts anticipate that Arcutis Biotherapeutics, Inc. will post -1.56 EPS for the current year.

Insiders Place Their Bets

In other news, Director Howard G. Welgus sold 10,000 shares of the stock in a transaction dated Monday, July 1st. The stock was sold at an average price of $9.31, for a total transaction of $93,100.00. Following the transaction, the director now directly owns 180,339 shares in the company, valued at approximately $1,678,956.09. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, insider Masaru Matsuda sold 5,220 shares of the business’s stock in a transaction that occurred on Friday, August 2nd. The shares were sold at an average price of $9.02, for a total value of $47,084.40. Following the completion of the sale, the insider now directly owns 183,288 shares in the company, valued at approximately $1,653,257.76. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Howard G. Welgus sold 10,000 shares of the company’s stock in a transaction on Monday, July 1st. The shares were sold at an average price of $9.31, for a total transaction of $93,100.00. Following the completion of the sale, the director now directly owns 180,339 shares of the company’s stock, valued at approximately $1,678,956.09. The disclosure for this sale can be found here. Insiders sold a total of 36,948 shares of company stock valued at $360,910 over the last 90 days. Insiders own 9.50% of the company’s stock.

Institutional Trading of Arcutis Biotherapeutics

Hedge funds have recently added to or reduced their stakes in the business. Cape Investment Advisory Inc. purchased a new position in shares of Arcutis Biotherapeutics in the fourth quarter worth about $26,000. Cantor Fitzgerald L. P. purchased a new position in Arcutis Biotherapeutics in the 4th quarter worth approximately $33,000. Victory Capital Management Inc. bought a new stake in Arcutis Biotherapeutics in the fourth quarter valued at approximately $34,000. Amalgamated Bank boosted its stake in shares of Arcutis Biotherapeutics by 48.9% during the fourth quarter. Amalgamated Bank now owns 11,078 shares of the company’s stock valued at $36,000 after purchasing an additional 3,639 shares during the period. Finally, CWM LLC grew 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 purchasing an additional 4,044 shares during 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.