Arcutis Biotherapeutics (NASDAQ:ARQT) Trading 3.7% Higher – Here’s Why

Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT) traded up 3.7% during trading on Tuesday . The stock traded as high as $11.50 and last traded at $11.17. 299,935 shares changed hands during mid-day trading, a decline of 91% from the average session volume of 3,188,408 shares. The stock had previously closed at $10.77.

Analyst Ratings Changes

Several research firms have recently weighed in on ARQT. Jefferies Financial Group started coverage on Arcutis Biotherapeutics in a research report on Wednesday, August 28th. They issued a “buy” rating and a $15.00 price objective for the company. Needham & Company LLC reissued a “buy” rating and issued a $18.00 price target on shares of Arcutis Biotherapeutics in a report on Thursday, November 7th.

Arcutis Biotherapeutics Price Performance

The company has a fifty day moving average price of $9.60 and a two-hundred day moving average price of $9.49. The company has a current ratio of 2.46, a quick ratio of 2.38 and a debt-to-equity ratio of 0.67. The company has a market cap of $1.37 billion, a price-to-earnings ratio of -6.43 and a beta of 1.18.

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

Insider Activity at Arcutis Biotherapeutics

In related news, insider Patrick Burnett sold 16,023 shares of the business’s stock in a transaction on Friday, November 22nd. The stock was sold at an average price of $10.14, for a total value of $162,473.22. Following the sale, the insider now owns 128,669 shares of the company’s stock, valued at $1,304,703.66. The trade was a 11.07 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, SVP Larry Todd Edwards sold 3,725 shares of the company’s stock in a transaction on Wednesday, October 2nd. The shares were sold at an average price of $10.01, for a total value of $37,287.25. Following the completion of the sale, the senior vice president now owns 136,635 shares in the company, valued at $1,367,716.35. This trade represents a 2.65 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 76,951 shares of company stock valued at $752,744 over the last quarter. 9.50% of the stock is owned by company insiders.

Hedge Funds Weigh In On Arcutis Biotherapeutics

Several institutional investors have recently added to or reduced their stakes in the company. SG Americas Securities LLC increased its holdings in shares of Arcutis Biotherapeutics by 531.2% during the second quarter. SG Americas Securities LLC now owns 99,161 shares of the company’s stock worth $922,000 after buying an additional 83,452 shares in the last quarter. Vanguard Group Inc. grew its position in Arcutis Biotherapeutics by 5.5% during the 1st quarter. Vanguard Group Inc. now owns 5,166,417 shares of the company’s stock worth $51,199,000 after acquiring an additional 269,904 shares during the last quarter. GSA Capital Partners LLP increased its holdings in Arcutis Biotherapeutics by 730.0% during the 3rd quarter. GSA Capital Partners LLP now owns 237,174 shares of the company’s stock valued at $2,206,000 after purchasing an additional 208,599 shares in the last quarter. Wesbanco Bank Inc. acquired a new stake in Arcutis Biotherapeutics during the 3rd quarter valued at $955,000. Finally, AMI Asset Management Corp raised its position in Arcutis Biotherapeutics by 36.2% in the 3rd quarter. AMI Asset Management Corp now owns 223,681 shares of the company’s stock valued at $2,080,000 after purchasing an additional 59,487 shares during the last quarter.

About Arcutis Biotherapeutics

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.