Arcutis Biotherapeutics (NASDAQ:ARQT) Posts Quarterly Earnings Results, Beats Estimates By $998.98 EPS

Arcutis Biotherapeutics (NASDAQ:ARQT) released its quarterly earnings results on Wednesday. The company reported $999.00 earnings per share for the quarter, beating analysts’ consensus estimates of $0.02 by $998.98, reports. Arcutis Biotherapeutics had a negative net margin of 13.94% and a negative return on equity of 29.69%.

Arcutis Biotherapeutics Price Performance

NASDAQ ARQT traded up $0.03 during trading on Wednesday, hitting $27.01. 1,366,105 shares of the company’s stock were exchanged, compared to its average volume of 1,384,914. The company has a market cap of $3.31 billion, a PE ratio of -75.03 and a beta of 1.70. The company has a current ratio of 3.50, a quick ratio of 3.28 and a debt-to-equity ratio of 0.68. Arcutis Biotherapeutics has a fifty-two week low of $11.86 and a fifty-two week high of $31.77. The stock’s 50 day moving average price is $27.27 and its two-hundred day moving average price is $23.65.

Wall Street Analyst Weigh In

A number of research firms have commented on ARQT. HC Wainwright restated a “buy” rating and set a $30.00 price objective on shares of Arcutis Biotherapeutics in a research note on Wednesday, October 29th. Needham & Company LLC raised their price target on Arcutis Biotherapeutics from $30.00 to $31.00 and gave the stock a “buy” rating in a research report on Monday, January 26th. Zacks Research downgraded Arcutis Biotherapeutics from a “strong-buy” rating to a “hold” rating in a research note on Monday, December 29th. The Goldman Sachs Group upped their price objective on shares of Arcutis Biotherapeutics from $19.00 to $29.00 and gave the stock a “neutral” rating in a research report on Thursday, October 30th. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Arcutis Biotherapeutics in a report on Monday, December 29th. Six equities research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $29.20.

Insider Activity at Arcutis Biotherapeutics

In related news, insider Todd Watanabe sold 19,833 shares of the company’s stock in a transaction that occurred on Monday, February 2nd. The shares were sold at an average price of $25.50, for a total transaction of $505,741.50. Following the completion of the transaction, the insider directly owned 721,306 shares in the company, valued at $18,393,303. This represents a 2.68% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Howard G. Welgus sold 10,000 shares of the business’s stock in a transaction on Monday, February 2nd. The stock was sold at an average price of $25.05, for a total transaction of $250,500.00. Following the sale, the director directly owned 59,744 shares in the company, valued at approximately $1,496,587.20. The trade was a 14.34% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 124,656 shares of company stock worth $3,312,365 in the last ninety days. Insiders own 9.40% of the company’s stock.

Hedge Funds Weigh In On Arcutis Biotherapeutics

A number of institutional investors and hedge funds have recently bought and sold shares of ARQT. Global Retirement Partners LLC acquired a new stake in shares of Arcutis Biotherapeutics during the fourth quarter valued at about $35,000. NewEdge Advisors LLC raised its holdings in Arcutis Biotherapeutics by 209.0% in the 4th quarter. NewEdge Advisors LLC now owns 1,545 shares of the company’s stock valued at $45,000 after buying an additional 1,045 shares during the last quarter. Truvestments Capital LLC boosted its position in Arcutis Biotherapeutics by 114.2% during the 4th quarter. Truvestments Capital LLC now owns 3,012 shares of the company’s stock worth $87,000 after buying an additional 1,606 shares during the period. Quantbot Technologies LP acquired a new stake in Arcutis Biotherapeutics during the 2nd quarter worth approximately $145,000. Finally, Russell Investments Group Ltd. grew its holdings in Arcutis Biotherapeutics by 4,562.5% during the 2nd quarter. Russell Investments Group Ltd. now owns 11,190 shares of the company’s stock worth $157,000 after acquiring an additional 10,950 shares during the last quarter.

About Arcutis Biotherapeutics

Arcutis Biotherapeutics is a clinical-stage biopharmaceutical company focused on developing and commercializing innovative therapies for immuno-inflammatory skin diseases. The company’s research and development efforts center on targeted treatments that address the underlying biology of conditions such as plaque psoriasis, atopic dermatitis, seborrheic dermatitis and vitiligo. Arcutis employs a precision-medicine approach to deliver topical therapies designed to improve efficacy and tolerability compared with existing treatment options.

In August 2022, Arcutis received U.S.