Arcutis Biotherapeutics (NASDAQ:ARQT) Stock Price Up 4.2% – What’s Next?

Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT)’s stock price rose 4.2% during mid-day trading on Friday . The stock traded as high as $14.77 and last traded at $14.70. Approximately 293,106 shares changed hands during trading, a decline of 91% from the average daily volume of 3,115,787 shares. The stock had previously closed at $14.11.

Analysts Set New Price Targets

ARQT has been the topic of several recent research reports. Needham & Company LLC reiterated a “buy” rating and issued a $18.00 price objective on shares of Arcutis Biotherapeutics in a research report on Thursday, November 7th. Jefferies Financial Group initiated coverage on shares of Arcutis Biotherapeutics in a research report on Wednesday, August 28th. They issued a “buy” rating and a $15.00 price target on the stock.

Arcutis Biotherapeutics Trading Up 6.2 %

The stock has a market cap of $1.75 billion, a PE ratio of -8.37 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. The business has a 50-day moving average of $10.74 and a 200 day moving average of $10.00.

Arcutis Biotherapeutics (NASDAQ:ARQT) last posted its quarterly earnings data on Wednesday, November 6th. The company reported ($0.33) earnings per share for the quarter, beating analysts’ consensus estimates 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 business had revenue of $44.76 million during the quarter, compared to analyst estimates of $38.05 million. Equities research analysts predict that Arcutis Biotherapeutics, Inc. will post -1.34 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, CFO David Joseph Topper sold 11,626 shares of the company’s stock in a transaction dated Tuesday, September 24th. The shares were sold at an average price of $9.48, for a total transaction of $110,214.48. Following the completion of the transaction, the chief financial officer now owns 158,374 shares of the company’s stock, valued at $1,501,385.52. This represents a 6.84 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Patrick Burnett sold 16,023 shares of the firm’s stock in a transaction that occurred on Friday, November 22nd. The stock was sold at an average price of $10.14, for a total transaction of $162,473.22. Following the completion of the sale, the insider now directly owns 128,669 shares in the company, valued at $1,304,703.66. This represents a 11.07 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 76,951 shares of company stock valued at $770,144 in the last quarter. 9.50% of the stock is currently owned by company insiders.

Institutional Trading of Arcutis Biotherapeutics

Several institutional investors have recently made changes to their positions in ARQT. Jennison Associates LLC boosted its holdings in Arcutis Biotherapeutics by 0.8% in the third quarter. Jennison Associates LLC now owns 11,663,497 shares of the company’s stock valued at $108,471,000 after acquiring an additional 91,803 shares during the last quarter. Rubric Capital Management LP lifted its stake in shares of 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 in the last quarter. Suvretta Capital Management LLC grew its holdings in shares of Arcutis Biotherapeutics by 7.2% during the 3rd quarter. Suvretta Capital Management LLC now owns 10,721,511 shares of the company’s stock worth $99,710,000 after purchasing an additional 717,019 shares during the period. State Street Corp increased its position in Arcutis Biotherapeutics by 9.9% during the 3rd quarter. State Street Corp now owns 5,641,631 shares of the company’s stock worth $52,467,000 after purchasing an additional 506,788 shares in the last quarter. Finally, Geode Capital Management LLC lifted its position in Arcutis Biotherapeutics by 2.0% during the third quarter. Geode Capital Management LLC now owns 2,470,138 shares of the company’s stock valued at $22,977,000 after buying an additional 48,868 shares in the last quarter.

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.