Arcutis Biotherapeutics Target of Unusually Large Options Trading (NASDAQ:ARQT)

Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT) saw some unusual options trading on Tuesday. Traders purchased 21,719 call options on the company. This represents an increase of approximately 1,193% compared to the typical volume of 1,680 call options.

Arcutis Biotherapeutics Stock Performance

Shares of Arcutis Biotherapeutics stock opened at $14.86 on Wednesday. The business’s 50 day moving average price is $10.37 and its 200 day moving average price is $9.83. The company has a market cap of $1.74 billion, a price-to-earnings ratio of -8.30 and a beta of 1.32. The company has a debt-to-equity ratio of 0.67, a quick ratio of 2.38 and a current ratio of 2.46. Arcutis Biotherapeutics has a one year low of $2.28 and a one year high of $15.02.

Arcutis Biotherapeutics (NASDAQ:ARQT) last announced its quarterly earnings results on Wednesday, November 6th. The company reported ($0.33) earnings per share for the quarter, beating the consensus estimate 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 analysts’ expectations of $38.05 million. On average, research analysts predict that Arcutis Biotherapeutics will post -1.34 EPS for the current year.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on ARQT. Jefferies Financial Group started coverage on Arcutis Biotherapeutics in a research note on Wednesday, August 28th. They issued a “buy” rating and a $15.00 price target on the stock. 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, November 7th.

Insider Activity at Arcutis Biotherapeutics

In other news, SVP Larry Todd Edwards sold 3,725 shares of the firm’s stock in a transaction dated Wednesday, October 2nd. The shares were sold at an average price of $10.01, for a total value of $37,287.25. Following the sale, the senior vice president now directly owns 136,635 shares in the company, valued at approximately $1,367,716.35. This trade represents a 2.65 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Howard G. Welgus sold 10,000 shares of the company’s stock in a transaction dated Monday, December 2nd. The shares were sold at an average price of $12.51, for a total value of $125,100.00. Following the transaction, the director now directly owns 161,944 shares in the company, valued at $2,025,919.44. This represents a 5.82 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 76,951 shares of company stock worth $770,144 in the last quarter. 9.50% of the stock is owned by company insiders.

Institutional Trading of Arcutis Biotherapeutics

Several institutional investors have recently made changes to their positions in ARQT. Suvretta Capital Management LLC boosted its stake in Arcutis Biotherapeutics by 7.2% during the third quarter. Suvretta Capital Management LLC now owns 10,721,511 shares of the company’s stock worth $99,710,000 after buying an additional 717,019 shares during the period. GSA Capital Partners LLP lifted its holdings in shares of Arcutis Biotherapeutics by 730.0% in the 3rd quarter. GSA Capital Partners LLP now owns 237,174 shares of the company’s stock worth $2,206,000 after acquiring an additional 208,599 shares during the last quarter. Wesbanco Bank Inc. purchased a new position in shares of Arcutis Biotherapeutics during the 3rd quarter worth approximately $955,000. Rubric Capital Management LP increased its holdings in Arcutis Biotherapeutics by 11.7% in the 3rd quarter. Rubric Capital Management LP now owns 10,966,672 shares of the company’s stock valued at $101,990,000 after purchasing an additional 1,150,000 shares during the last quarter. Finally, AMI Asset Management Corp raised its position in Arcutis Biotherapeutics by 36.2% in the third 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 period.

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.