Arcutis Biotherapeutics (NASDAQ:ARQT) Shares Gap Down to $9.25

Shares of Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT) gapped down before the market opened on Monday . The stock had previously closed at $9.25, but opened at $7.96. Arcutis Biotherapeutics shares last traded at $9.00, with a volume of 114,759 shares changing hands.

Wall Street Analyst Weigh In

ARQT has been the topic of a number of recent research reports. Mizuho upped their target price on shares of Arcutis Biotherapeutics from $17.00 to $18.00 and gave the stock a “buy” rating in a research note on Wednesday, May 15th. Needham & Company LLC restated a “buy” rating and issued a $18.00 price objective on shares of Arcutis Biotherapeutics in a research note on Tuesday, July 30th. Two investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $23.57.

Arcutis Biotherapeutics Price Performance

The company has a debt-to-equity ratio of 0.90, a current ratio of 9.89 and a quick ratio of 9.61. The company has a market cap of $1.05 billion, a PE ratio of -3.16 and a beta of 1.18. The company has a 50-day moving average price of $9.22 and a two-hundred day moving average price of $8.94.

Arcutis Biotherapeutics (NASDAQ:ARQT) last posted its quarterly earnings data on Tuesday, May 14th. The company reported ($0.32) EPS for the quarter, topping analysts’ consensus estimates of ($0.60) by $0.28. The company had revenue of $49.57 million for 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 posted ($1.31) EPS. Sell-side analysts expect that Arcutis Biotherapeutics, Inc. will post -1.6 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Arcutis Biotherapeutics news, SVP Larry Todd Edwards sold 7,640 shares of the stock in a transaction that occurred on Friday, May 17th. The shares were sold at an average price of $8.98, for a total value of $68,607.20. Following the completion of the sale, the senior vice president now owns 140,360 shares in the company, valued at approximately $1,260,432.80. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. In other Arcutis Biotherapeutics news, insider Patrick Burnett sold 23,000 shares of the business’s stock in a transaction dated Thursday, May 30th. The stock was sold at an average price of $8.75, for a total value of $201,250.00. Following the completion of the sale, the insider now owns 209,793 shares of the company’s stock, valued at $1,835,688.75. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, SVP Larry Todd Edwards sold 7,640 shares of the firm’s stock in a transaction that occurred on Friday, May 17th. The shares were sold at an average price of $8.98, for a total value of $68,607.20. Following the completion of the transaction, the senior vice president now directly owns 140,360 shares in the company, valued at $1,260,432.80. The disclosure for this sale can be found here. In the last ninety days, insiders sold 42,415 shares of company stock valued at $378,950. Corporate insiders own 9.50% of the company’s stock.

Hedge Funds Weigh In On Arcutis Biotherapeutics

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. DekaBank Deutsche Girozentrale bought a new stake in shares of Arcutis Biotherapeutics during the 4th quarter worth $462,000. Pennant Investors LP acquired a new position in Arcutis Biotherapeutics during the 4th quarter worth $552,000. AMI Asset Management Corp bought a new stake in Arcutis Biotherapeutics during the first quarter valued at about $3,421,000. ADAR1 Capital Management LLC acquired a new stake in shares of Arcutis Biotherapeutics in the fourth quarter valued at about $888,000. Finally, Los Angeles Capital Management LLC bought a new position in shares of Arcutis Biotherapeutics in the fourth quarter worth about $628,000.

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.