Arcutis Biotherapeutics (NASDAQ:ARQT) Shares Down 3.3%

Shares of Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT) traded down 3.3% during mid-day trading on Wednesday . The company traded as low as $9.90 and last traded at $10.03. 435,462 shares changed hands 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

ARQT has been the subject of several research analyst 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, August 15th. Jefferies Financial Group began coverage on Arcutis Biotherapeutics in a research note on Wednesday, August 28th. They issued a “buy” rating and a $15.00 price objective for the company. Two research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $13.33.

Arcutis Biotherapeutics Trading Down 1.4 %

The firm has a market cap of $1.18 billion, a price-to-earnings ratio of -3.49 and a beta of 1.18. The business’s 50-day moving average price is $9.92 and its two-hundred day moving average price is $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.

Arcutis Biotherapeutics (NASDAQ:ARQT) last announced its quarterly earnings results on Wednesday, August 14th. The company reported ($0.42) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.48) by $0.06. Arcutis Biotherapeutics had a negative net margin of 150.51% and a negative return on equity of 145.41%. The firm had revenue of $30.86 million for the quarter, compared to analysts’ expectations of $31.00 million. During the same period in the previous year, the company posted ($1.16) earnings per share. Equities analysts expect that Arcutis Biotherapeutics, Inc. will post -1.56 earnings per share for the current year.

Insider Activity at Arcutis Biotherapeutics

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

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Cape Investment Advisory Inc. bought a new stake in Arcutis Biotherapeutics in the 4th quarter valued at about $26,000. Cantor Fitzgerald L. P. bought a new stake in shares of Arcutis Biotherapeutics during the fourth quarter valued at about $33,000. Victory Capital Management Inc. acquired a new stake in Arcutis Biotherapeutics in the fourth quarter worth about $34,000. Amalgamated Bank increased its stake in Arcutis Biotherapeutics by 48.9% during the 4th quarter. Amalgamated Bank now owns 11,078 shares of the company’s stock valued at $36,000 after buying an additional 3,639 shares during the period. Finally, CWM LLC raised its position in shares of Arcutis Biotherapeutics by 6,740.0% during the 2nd quarter. CWM LLC now owns 4,104 shares of the company’s stock worth $38,000 after buying an additional 4,044 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.