Arcutis Biotherapeutics (NASDAQ:ARQT) Trading Up 8.7%

Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT) shot up 8.7% during mid-day trading on Thursday . The company traded as high as $10.68 and last traded at $10.62. 640,090 shares traded hands during trading, a decline of 83% from the average session volume of 3,862,482 shares. The stock had previously closed at $9.77.

Analyst Ratings Changes

A number of research firms recently weighed in on ARQT. Mizuho raised their price objective on Arcutis Biotherapeutics from $17.00 to $18.00 and gave the company a “buy” rating in a research report on Wednesday, May 15th. Needham & Company LLC reaffirmed a “buy” rating and issued a $18.00 target price on shares of Arcutis Biotherapeutics in a research report on Wednesday, July 10th. Two equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat, Arcutis Biotherapeutics currently has an average rating of “Moderate Buy” and a consensus price target of $23.57.

Arcutis Biotherapeutics Stock Down 0.3 %

The firm has a market capitalization of $1.17 billion, a P/E ratio of -3.44 and a beta of 1.18. The company has a current ratio of 9.89, a quick ratio of 9.61 and a debt-to-equity ratio of 0.90. The company has a 50 day simple moving average of $9.20 and a two-hundred day simple moving average of $8.66.

Arcutis Biotherapeutics (NASDAQ:ARQT) last posted its earnings results on Tuesday, May 14th. The company reported ($0.32) earnings per share for the quarter, beating the consensus estimate of ($0.60) by $0.28. The company had revenue of $49.57 million during the quarter. Arcutis Biotherapeutics had a negative net margin of 204.35% and a negative return on equity of 197.28%. During the same period in the previous year, the business posted ($1.31) earnings per share. On average, equities analysts predict that Arcutis Biotherapeutics, Inc. will post -1.6 EPS for the current fiscal year.

Insider Buying and Selling at Arcutis Biotherapeutics

In related news, SVP Larry Todd Edwards sold 7,640 shares of the stock in a transaction on Friday, May 17th. The stock was sold at an average price of $8.98, for a total transaction of $68,607.20. Following the sale, the senior vice president now owns 140,360 shares in the company, valued at approximately $1,260,432.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In related news, Director Howard G. Welgus sold 10,000 shares of the stock in a transaction that occurred on Monday, July 1st. The stock was sold at an average price of $9.31, for a total value of $93,100.00. Following the transaction, the director now owns 180,339 shares of the company’s stock, valued at $1,678,956.09. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, SVP Larry Todd Edwards sold 7,640 shares of the firm’s stock in a transaction on Friday, May 17th. The stock was sold at an average price of $8.98, for a total value of $68,607.20. Following the transaction, the senior vice president now owns 140,360 shares in the company, valued at $1,260,432.80. The disclosure for this sale can be found here. Insiders have sold a total of 42,415 shares of company stock worth $378,950 over the last ninety days. Company insiders own 9.50% of the company’s stock.

Hedge Funds Weigh In On Arcutis Biotherapeutics

Hedge funds and other institutional investors have recently made changes to their positions in the company. Jennison Associates LLC grew its position in shares of Arcutis Biotherapeutics by 34.3% in the 1st quarter. Jennison Associates LLC now owns 12,176,315 shares of the company’s stock worth $120,667,000 after buying an additional 3,110,233 shares during the last quarter. Frazier Life Sciences Management L.P. grew its stake in Arcutis Biotherapeutics by 0.9% during the 4th quarter. Frazier Life Sciences Management L.P. now owns 8,764,232 shares of the company’s stock worth $28,308,000 after buying an additional 80,000 shares during the last quarter. Rubric Capital Management LP grew its stake in Arcutis Biotherapeutics by 32.0% during the 4th quarter. Rubric Capital Management LP now owns 6,644,530 shares of the company’s stock worth $21,462,000 after buying an additional 1,610,000 shares during the last quarter. Vanguard Group Inc. increased its position 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 buying an additional 269,904 shares in the last quarter. Finally, Franklin Resources Inc. raised its stake in Arcutis Biotherapeutics by 260.2% in the fourth quarter. Franklin Resources Inc. now owns 4,655,544 shares of the company’s stock valued at $15,037,000 after buying an additional 3,363,191 shares during 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.