Arcutis Biotherapeutics (NASDAQ:ARQT) Posts Quarterly Earnings Results

Arcutis Biotherapeutics (NASDAQ:ARQT) released its quarterly earnings results on Wednesday. The company reported ($0.42) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.48) by $0.06, Zacks reports. Arcutis Biotherapeutics had a negative return on equity of 197.28% and a negative net margin of 204.35%. The company had revenue of $30.86 million for the quarter, compared to analysts’ expectations of $31.00 million. During the same quarter in the previous year, the company posted ($1.16) earnings per share.

Arcutis Biotherapeutics Stock Down 11.3 %

Shares of NASDAQ:ARQT traded down $1.08 during midday trading on Thursday, hitting $8.50. 6,848,602 shares of the stock were exchanged, compared to its average volume of 3,738,651. The company has a market capitalization of $983.99 million, a PE ratio of -2.90 and a beta of 1.18. Arcutis Biotherapeutics has a 52-week low of $1.76 and a 52-week high of $13.17. 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 business’s fifty day simple moving average is $9.35 and its two-hundred day simple moving average is $9.20.

Insider Buying and Selling at Arcutis Biotherapeutics

In related news, insider Patrick Burnett sold 23,000 shares of the business’s stock in a transaction that occurred on 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 approximately $1,835,688.75. The sale was disclosed in a document filed with the SEC, which is available at this link. In related news, insider Patrick Burnett sold 23,000 shares of the company’s stock in a transaction on Thursday, May 30th. The shares were 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 directly owns 209,793 shares in the company, valued at $1,835,688.75. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Howard G. Welgus sold 10,000 shares of the business’s stock in a transaction dated Thursday, August 1st. The stock was sold at an average price of $9.87, for a total value of $98,700.00. Following the completion of the sale, the director now directly owns 176,953 shares of the company’s stock, valued at approximately $1,746,526.11. The disclosure for this sale can be found here. Insiders have sold 57,635 shares of company stock worth $524,734 over the last 90 days. 9.50% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

Several research firms have recently weighed in on ARQT. Needham & Company LLC restated a “buy” rating and set a $18.00 price objective on shares of Arcutis Biotherapeutics in a research report on Thursday. Mizuho upped their price target on Arcutis Biotherapeutics from $17.00 to $18.00 and gave the company a “buy” rating in a report on Wednesday, May 15th. Two investment analysts have rated the stock with a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat, Arcutis Biotherapeutics has a consensus rating of “Moderate Buy” and a consensus price target of $19.17.

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.