Arcutis Biotherapeutics (NASDAQ:ARQT) Stock Price Down 3.3%

Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT)’s stock price traded down 3.3% during trading on Wednesday . The company traded as low as $9.90 and last traded at $10.03. 435,462 shares were traded during trading, a decline of 88% from the average session volume of 3,496,253 shares. The stock had previously closed at $10.37.

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on ARQT shares. Jefferies Financial Group initiated coverage on Arcutis Biotherapeutics in a report on Wednesday, August 28th. They issued a “buy” rating and a $15.00 price target for the company. Needham & Company LLC reaffirmed a “buy” rating and set a $18.00 target price on shares of Arcutis Biotherapeutics in a research note on Thursday, August 15th. Two investment analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat, Arcutis Biotherapeutics has an average rating of “Moderate Buy” and a consensus target price of $13.33.

Arcutis Biotherapeutics Price Performance

The stock has a 50 day moving average price of $9.92 and a 200-day moving average price of $9.56. The company has a debt-to-equity ratio of 1.09, a current ratio of 8.46 and a quick ratio of 8.19. The stock has a market capitalization of $1.18 billion, a price-to-earnings ratio of -3.49 and a beta of 1.18.

Arcutis Biotherapeutics (NASDAQ:ARQT) last released its earnings results on Wednesday, August 14th. The company reported ($0.42) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.48) by $0.06. The business had revenue of $30.86 million during the quarter, compared to analyst estimates of $31.00 million. Arcutis Biotherapeutics had a negative net margin of 150.51% and a negative return on equity of 145.41%. During the same quarter in the prior year, the firm earned ($1.16) earnings per share. On average, analysts forecast that Arcutis Biotherapeutics, Inc. will post -1.56 earnings per share for the current year.

Insider Buying and Selling at Arcutis Biotherapeutics

In related news, Director Howard G. Welgus sold 10,000 shares of the firm’s stock in a transaction dated Monday, July 1st. The stock was sold at an average price of $9.31, for a total transaction of $93,100.00. Following the completion of the transaction, the director now directly owns 180,339 shares in the company, valued at approximately $1,678,956.09. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, Director Howard G. Welgus sold 10,000 shares of the stock in a transaction on Monday, July 1st. The stock was sold at an average price of $9.31, for a total value of $93,100.00. Following the sale, the director now directly owns 180,339 shares in the company, valued at $1,678,956.09. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Masaru Matsuda sold 5,220 shares of Arcutis Biotherapeutics stock in a transaction that occurred on Friday, August 2nd. The stock was sold at an average price of $9.02, for a total transaction of $47,084.40. Following the completion of the transaction, the insider now owns 183,288 shares of the company’s stock, valued at approximately $1,653,257.76. The disclosure for this sale can be found here. Insiders have sold a total of 36,948 shares of company stock valued at $360,910 over the last quarter. 9.50% of the stock is owned by company insiders.

Hedge Funds Weigh In On Arcutis Biotherapeutics

Several large investors have recently bought and sold shares of ARQT. Victory Capital Management Inc. purchased a new position in Arcutis Biotherapeutics during the 4th quarter worth approximately $34,000. Amalgamated Bank increased its stake in Arcutis Biotherapeutics by 48.9% in the fourth quarter. Amalgamated Bank now owns 11,078 shares of the company’s stock valued at $36,000 after purchasing an additional 3,639 shares during the period. Franklin Resources Inc. raised its holdings in shares of Arcutis Biotherapeutics by 260.2% in the fourth quarter. Franklin Resources Inc. now owns 4,655,544 shares of the company’s stock valued at $15,037,000 after buying an additional 3,363,191 shares during the last quarter. Cape Investment Advisory Inc. acquired a new stake in shares of Arcutis Biotherapeutics during the fourth quarter worth about $26,000. Finally, Vestal Point Capital LP purchased a new position in shares of Arcutis Biotherapeutics during the fourth quarter worth about $8,721,000.

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.