Arcutis Biotherapeutics (NASDAQ:ARQT) Trading 5.8% Higher

Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT) traded up 5.8% during trading on Tuesday . The company traded as high as $10.80 and last traded at $10.75. 976,785 shares changed hands during mid-day trading, a decline of 72% from the average session volume of 3,507,957 shares. The stock had previously closed at $10.16.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on the stock. Needham & Company LLC reaffirmed a “buy” rating and issued a $18.00 target price on shares of Arcutis Biotherapeutics in a research report on Thursday, August 15th. Jefferies Financial Group assumed coverage on shares of Arcutis Biotherapeutics in a research report on Wednesday, August 28th. They issued a “buy” rating and a $15.00 target price on the stock. Two equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $13.33.

Arcutis Biotherapeutics Stock Performance

The stock has a market cap of $1.17 billion, a price-to-earnings ratio of -3.81 and a beta of 1.18. The stock’s 50 day moving average is $9.93 and its two-hundred day moving average is $9.57. The company has a current ratio of 8.46, a quick ratio of 8.19 and a debt-to-equity ratio of 1.09.

Arcutis Biotherapeutics (NASDAQ:ARQT) last issued its quarterly earnings results on Wednesday, August 14th. The company reported ($0.42) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.48) by $0.06. The firm had revenue of $30.86 million during the quarter, compared to analysts’ expectations 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 business earned ($1.16) EPS. Analysts anticipate that Arcutis Biotherapeutics, Inc. will post -1.56 earnings per share for the current fiscal year.

Insider Transactions at Arcutis Biotherapeutics

In other news, Director Howard G. Welgus sold 10,000 shares of the firm’s stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $10.77, for a total value of $107,700.00. Following the completion of the sale, the director now owns 191,944 shares in the company, valued at approximately $2,067,236.88. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, insider Masaru Matsuda sold 5,220 shares of the stock in a transaction dated Friday, August 2nd. The shares were sold at an average price of $9.02, for a total value of $47,084.40. Following the completion of the transaction, the insider now owns 183,288 shares in the company, valued at approximately $1,653,257.76. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Howard G. Welgus sold 10,000 shares of the stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $10.77, for a total transaction of $107,700.00. Following the completion of the transaction, the director now owns 191,944 shares of the company’s stock, valued at approximately $2,067,236.88. The disclosure for this sale can be found here. In the last quarter, insiders sold 36,948 shares of company stock worth $360,910. Company insiders own 9.50% of the company’s stock.

Hedge Funds Weigh In On Arcutis Biotherapeutics

Large investors have recently made changes to their positions in the stock. Pennant Investors LP purchased a new position in shares of Arcutis Biotherapeutics in the 4th quarter valued at about $552,000. SG Americas Securities LLC increased its holdings in Arcutis Biotherapeutics by 531.2% during the 2nd quarter. SG Americas Securities LLC now owns 99,161 shares of the company’s stock valued at $922,000 after acquiring an additional 83,452 shares in the last quarter. AMI Asset Management Corp purchased a new position in Arcutis Biotherapeutics during the 1st quarter valued at about $3,421,000. ADAR1 Capital Management LLC purchased a new position in Arcutis Biotherapeutics during the 4th quarter valued at about $888,000. Finally, Vanguard Group Inc. increased its holdings in Arcutis Biotherapeutics by 5.5% during the 1st quarter. Vanguard Group Inc. now owns 5,166,417 shares of the company’s stock valued at $51,199,000 after acquiring an additional 269,904 shares in the last quarter.

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.