Arcutis Biotherapeutics (NASDAQ:ARQT) Shares Gap Up on Better-Than-Expected Earnings

Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT)’s stock price gapped up before the market opened on Wednesday following a better than expected earnings announcement. The stock had previously closed at $12.20, but opened at $13.85. Arcutis Biotherapeutics shares last traded at $13.07, with a volume of 941,841 shares.

The company reported ($0.09) earnings per share for the quarter, topping the consensus estimate of ($0.28) by $0.19. Arcutis Biotherapeutics had a negative return on equity of 119.11% and a negative net margin of 140.97%. The firm had revenue of $71.36 million for the quarter, compared to analyst estimates of $60.52 million.

Analysts Set New Price Targets

ARQT has been the subject of several analyst reports. Needham & Company LLC reaffirmed a “buy” rating and set a $20.00 target price on shares of Arcutis Biotherapeutics in a report on Wednesday. HC Wainwright reiterated a “buy” rating and issued a $19.00 price target on shares of Arcutis Biotherapeutics in a research report on Wednesday. Guggenheim reissued a “buy” rating on shares of Arcutis Biotherapeutics in a research note on Monday. The Goldman Sachs Group upped their price target on Arcutis Biotherapeutics from $13.00 to $15.00 and gave the company a “neutral” rating in a research report on Thursday. Finally, Mizuho increased their target price on shares of Arcutis Biotherapeutics from $20.00 to $21.00 and gave the stock an “outperform” rating in a research report on Wednesday. One equities research analyst has rated the stock with a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $18.00.

Insider Buying and Selling

In other news, insider Todd Franklin Watanabe sold 15,000 shares of the business’s stock in a transaction dated Friday, December 20th. The shares were sold at an average price of $15.17, for a total transaction of $227,550.00. Following the transaction, the insider now owns 823,430 shares in the company, valued at approximately $12,491,433.10. The trade was a 1.79 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Howard G. Welgus sold 10,000 shares of the business’s stock in a transaction on Thursday, January 2nd. The shares were sold at an average price of $14.67, for a total transaction of $146,700.00. Following the completion of the sale, the director now directly owns 151,944 shares in the company, valued at $2,229,018.48. This trade represents a 6.17 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 55,029 shares of company stock valued at $756,017. Company insiders own 9.50% of the company’s stock.

Institutional Investors Weigh In On Arcutis Biotherapeutics

Institutional investors and hedge funds have recently bought and sold shares of the business. Summit Investment Advisors Inc. lifted its stake in Arcutis Biotherapeutics by 8.0% during the fourth quarter. Summit Investment Advisors Inc. now owns 11,245 shares of the company’s stock worth $157,000 after purchasing an additional 837 shares during the period. Victory Capital Management Inc. grew its position in Arcutis Biotherapeutics by 9.9% in the third quarter. Victory Capital Management Inc. now owns 12,843 shares of the company’s stock valued at $119,000 after acquiring an additional 1,155 shares during the period. China Universal Asset Management Co. Ltd. grew its position in Arcutis Biotherapeutics by 10.4% in the fourth quarter. China Universal Asset Management Co. Ltd. now owns 24,818 shares of the company’s stock valued at $346,000 after acquiring an additional 2,336 shares during the period. GF Fund Management CO. LTD. bought a new stake in Arcutis Biotherapeutics in the fourth quarter valued at $34,000. Finally, Point72 DIFC Ltd bought a new stake in Arcutis Biotherapeutics in the third quarter valued at $25,000.

Arcutis Biotherapeutics Stock Down 3.2 %

The business has a 50-day simple moving average of $13.56 and a two-hundred day simple moving average of $11.43. The stock has a market capitalization of $1.50 billion, a P/E ratio of -7.15 and a beta of 1.29. The company has a quick ratio of 2.38, a current ratio of 2.46 and a debt-to-equity ratio of 0.67.

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.