Arcutis Biotherapeutics (NASDAQ:ARQT) Sets New 12-Month High Following Analyst Upgrade

Shares of Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT) reached a new 52-week high during mid-day trading on Tuesday after Mizuho raised their price target on the stock from $19.00 to $20.00. Mizuho currently has an outperform rating on the stock. Arcutis Biotherapeutics traded as high as $16.15 and last traded at $16.05, with a volume of 503141 shares. The stock had previously closed at $14.71.

ARQT has been the subject of a number of other reports. Needham & Company LLC restated a “buy” rating and issued a $18.00 price target on shares of Arcutis Biotherapeutics in a research note on Thursday, November 7th. HC Wainwright assumed coverage on Arcutis Biotherapeutics in a report on Monday, December 30th. They issued a “buy” rating and a $19.00 price objective for the company. One research analyst has rated the stock with a hold rating and four have given a buy rating to the company. Based on data from MarketBeat.com, Arcutis Biotherapeutics has a consensus rating of “Moderate Buy” and a consensus target price of $16.60.

Insiders Place Their Bets

In related news, insider Masaru Matsuda sold 5,015 shares of the company’s stock in a transaction dated Monday, November 4th. The shares were sold at an average price of $8.68, for a total value of $43,530.20. Following the transaction, the insider now owns 178,273 shares in the company, valued at approximately $1,547,409.64. This represents a 2.74 % decrease in their position. The sale was disclosed in a 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 Friday, November 1st. The shares were sold at an average price of $8.65, for a total transaction of $86,500.00. Following the completion of the transaction, the director now directly owns 171,944 shares in the company, valued at approximately $1,487,315.60. This represents a 5.50 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 78,291 shares of company stock valued at $927,966 over the last 90 days. 9.50% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Arcutis Biotherapeutics

Several institutional investors and hedge funds have recently made changes to their positions in ARQT. Victory Capital Management Inc. boosted its stake in Arcutis Biotherapeutics by 9.9% in the 3rd quarter. Victory Capital Management Inc. now owns 12,843 shares of the company’s stock valued at $119,000 after purchasing an additional 1,155 shares during the period. Point72 DIFC Ltd acquired a new stake in shares of Arcutis Biotherapeutics during the third quarter worth $25,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its position in shares of Arcutis Biotherapeutics by 1.1% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 276,691 shares of the company’s stock valued at $2,573,000 after acquiring an additional 2,912 shares during the period. Dark Forest Capital Management LP grew its stake in shares of Arcutis Biotherapeutics by 29.9% in the second quarter. Dark Forest Capital Management LP now owns 27,612 shares of the company’s stock valued at $257,000 after acquiring an additional 6,362 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. increased its position in Arcutis Biotherapeutics by 1.0% during the third quarter. Charles Schwab Investment Management Inc. now owns 859,846 shares of the company’s stock worth $7,997,000 after acquiring an additional 8,522 shares during the period.

Arcutis Biotherapeutics Stock Down 3.1 %

The company has a current ratio of 2.46, a quick ratio of 2.38 and a debt-to-equity ratio of 0.67. The firm has a market cap of $1.79 billion, a price-to-earnings ratio of -8.53 and a beta of 1.30. The firm’s 50 day simple moving average is $12.13 and its two-hundred day simple moving average is $10.56.

Arcutis Biotherapeutics (NASDAQ:ARQT) last released its quarterly earnings results 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 company had revenue of $44.76 million during the quarter, compared to the consensus estimate of $38.05 million. On average, equities analysts forecast that Arcutis Biotherapeutics, Inc. will post -1.34 EPS for the current year.

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.