Arcutis Biotherapeutics (NASDAQ:ARQT) Stock Price Up 9.3%

Shares of Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT) were up 9.3% during mid-day trading on Thursday . The company traded as high as $10.82 and last traded at $10.72. Approximately 1,266,004 shares were traded during mid-day trading, a decline of 68% from the average daily volume of 4,005,585 shares. The stock had previously closed at $9.81.

Analysts Set New Price Targets

A number of research firms have recently commented on ARQT. Mizuho raised their target price on Arcutis Biotherapeutics from $17.00 to $18.00 and gave the company a “buy” rating in a research note on Wednesday, May 15th. Needham & Company LLC reaffirmed a “buy” rating and issued a $18.00 price objective on shares of Arcutis Biotherapeutics in a research note on Wednesday. Two equities research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to data from MarketBeat, Arcutis Biotherapeutics presently has a consensus rating of “Moderate Buy” and an average price target of $25.38.

Arcutis Biotherapeutics Price Performance

The business has a fifty day moving average of $8.74 and a 200-day moving average of $8.13. The company has a debt-to-equity ratio of 0.90, a quick ratio of 9.61 and a current ratio of 9.89. The firm has a market capitalization of $1.24 billion, a P/E ratio of -3.61 and a beta of 1.18.

Arcutis Biotherapeutics (NASDAQ:ARQT) last announced its quarterly earnings results on Tuesday, May 14th. The company reported ($0.32) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.60) by $0.28. The company had revenue of $49.57 million during the quarter. Arcutis Biotherapeutics had a negative return on equity of 197.28% and a negative net margin of 204.35%. During the same period in the prior year, the firm earned ($1.31) EPS. On average, sell-side analysts forecast that Arcutis Biotherapeutics, Inc. will post -1.6 EPS for the current fiscal year.

Insider Activity at Arcutis Biotherapeutics

In other Arcutis Biotherapeutics news, Director Howard G. Welgus sold 10,000 shares of the business’s stock in a transaction dated Monday, July 1st. The stock was sold at an average price of $9.31, for a total value of $93,100.00. Following the completion of the transaction, the director now directly owns 180,339 shares of the company’s stock, valued at $1,678,956.09. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In other Arcutis Biotherapeutics news, insider Patrick Burnett sold 23,000 shares of the firm’s stock in a transaction on Thursday, May 30th. The stock was sold at an average price of $8.75, for a total transaction of $201,250.00. Following the transaction, the insider now directly owns 209,793 shares in the company, valued at approximately $1,835,688.75. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Howard G. Welgus sold 10,000 shares of the firm’s stock in a transaction that occurred on Monday, July 1st. The stock was sold at an average price of $9.31, for a total transaction of $93,100.00. Following the sale, the director now 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 42,415 shares of company stock valued at $378,950 over the last quarter. Corporate insiders own 9.50% of the company’s stock.

Hedge Funds Weigh In On Arcutis Biotherapeutics

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Jennison Associates LLC lifted its stake in shares of Arcutis Biotherapeutics by 104.6% in the 4th quarter. Jennison Associates LLC now owns 9,066,082 shares of the company’s stock valued at $29,283,000 after purchasing an additional 4,633,907 shares during the period. Franklin Resources Inc. raised its stake in Arcutis Biotherapeutics by 260.2% during the fourth quarter. Franklin Resources Inc. now owns 4,655,544 shares of the company’s stock valued at $15,037,000 after purchasing an additional 3,363,191 shares in the last quarter. Vestal Point Capital LP bought a new position in shares of Arcutis Biotherapeutics in the 4th quarter valued at about $8,721,000. Opaleye Management Inc. bought a new stake in shares of Arcutis Biotherapeutics in the 4th quarter worth about $6,331,000. Finally, Farallon Capital Management LLC bought a new position in shares of Arcutis Biotherapeutics in the first quarter worth about $17,640,000.

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.