Arcutis Biotherapeutics (NASDAQ:ARQT) Shares Down 6.1%

Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT)’s share price traded down 6.1% on Wednesday . The company traded as low as $9.05 and last traded at $9.09. 853,279 shares traded hands during trading, a decline of 75% from the average session volume of 3,480,290 shares. The stock had previously closed at $9.68.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on ARQT. Needham & Company LLC reiterated a “buy” rating and issued a $18.00 price objective on shares of Arcutis Biotherapeutics in a report on Thursday, August 15th. Jefferies Financial Group assumed coverage on Arcutis Biotherapeutics in a research note on Wednesday, August 28th. They set a “buy” rating and a $15.00 price target for the company. Two equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $13.33.

Arcutis Biotherapeutics Trading Down 6.0 %

The company has a debt-to-equity ratio of 1.09, a current ratio of 8.46 and a quick ratio of 8.19. The company has a market capitalization of $1.06 billion, a price-to-earnings ratio of -3.29 and a beta of 1.18. The business has a fifty day moving average price of $9.87 and a 200 day moving average price of $9.53.

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, 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 during the quarter, compared to the consensus estimate of $31.00 million. During the same period in the prior year, the firm earned ($1.16) EPS. On average, equities analysts expect that Arcutis Biotherapeutics, Inc. will post -1.56 EPS for the current fiscal year.

Insider Transactions at Arcutis Biotherapeutics

In other Arcutis Biotherapeutics news, insider Masaru Matsuda sold 5,220 shares of the business’s stock in a transaction 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 of the company’s stock, valued at approximately $1,653,257.76. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In other Arcutis Biotherapeutics news, insider Masaru Matsuda sold 5,220 shares of Arcutis Biotherapeutics stock in a transaction on Friday, August 2nd. The stock was 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 filing with the SEC, which is available at the SEC website. Also, Director Howard G. Welgus sold 10,000 shares of the business’s stock in a transaction on Thursday, August 1st. The stock was sold at an average price of $9.87, for a total value of $98,700.00. Following the completion of the transaction, the director now directly owns 176,953 shares in the company, valued at approximately $1,746,526.11. The disclosure for this sale can be found here. In the last quarter, insiders have sold 36,948 shares of company stock valued at $360,910. 9.50% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Arcutis Biotherapeutics

A number of institutional investors have recently modified their holdings of the stock. Cape Investment Advisory Inc. acquired a new position in Arcutis Biotherapeutics during the 4th quarter worth $26,000. Cantor Fitzgerald L. P. bought a new stake in Arcutis Biotherapeutics during the 4th quarter worth about $33,000. Victory Capital Management Inc. acquired a new position in Arcutis Biotherapeutics during the 4th quarter valued at about $34,000. CWM LLC boosted its stake in shares of Arcutis Biotherapeutics by 6,740.0% in the 2nd quarter. CWM LLC now owns 4,104 shares of the company’s stock valued at $38,000 after purchasing an additional 4,044 shares during the last quarter. Finally, Ameritas Investment Partners Inc. grew its position in shares of Arcutis Biotherapeutics by 55.2% during the 1st quarter. Ameritas Investment Partners Inc. now owns 7,871 shares of the company’s stock worth $78,000 after buying an additional 2,800 shares during the period.

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.