Arcutis Biotherapeutics (NASDAQ:ARQT) Shares Down 8.5% – Should You Sell?

Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT)’s stock price was down 8.5% during trading on Friday . The stock traded as low as $13.82 and last traded at $13.97. Approximately 518,434 shares changed hands during mid-day trading, a decline of 71% from the average daily volume of 1,764,984 shares. The stock had previously closed at $15.27.

Analyst Ratings Changes

A number of research analysts recently commented on ARQT shares. Needham & Company LLC reiterated a “buy” rating and issued a $18.00 price target on shares of Arcutis Biotherapeutics in a research note on Thursday, November 7th. Mizuho upped their target price on Arcutis Biotherapeutics from $19.00 to $20.00 and gave the company an “outperform” rating in a research report on Tuesday. Finally, HC Wainwright began coverage on Arcutis Biotherapeutics in a research report on Monday, December 30th. They issued a “buy” rating and a $19.00 price target on the stock. One investment 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, the company has an average rating of “Moderate Buy” and a consensus price target of $16.60.

Arcutis Biotherapeutics Stock Down 8.6 %

The firm has a 50 day simple moving average of $12.40 and a two-hundred day simple moving average of $10.63. The company has a quick ratio of 2.38, a current ratio of 2.46 and a debt-to-equity ratio of 0.67. The stock has a market capitalization of $1.63 billion, a P/E ratio of -7.80 and a beta of 1.30.

Arcutis Biotherapeutics (NASDAQ:ARQT) last released its quarterly earnings data on Wednesday, November 6th. The company reported ($0.33) earnings per share for the quarter, beating the consensus estimate of ($0.42) by $0.09. The business had revenue of $44.76 million for the quarter, compared to analyst estimates of $38.05 million. Arcutis Biotherapeutics had a negative return on equity of 119.11% and a negative net margin of 140.97%. On average, equities research analysts expect that Arcutis Biotherapeutics, Inc. will post -1.34 earnings per share for the current year.

Insider Activity at Arcutis Biotherapeutics

In other Arcutis Biotherapeutics news, Director Howard G. Welgus sold 10,000 shares of the firm’s stock in a transaction that occurred on Friday, November 1st. The shares were sold at an average price of $8.65, for a total value of $86,500.00. Following the sale, the director now owns 171,944 shares in the company, valued at $1,487,315.60. This trade represents a 5.50 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, insider Masaru Matsuda sold 5,015 shares of the company’s stock in a transaction on Monday, November 4th. The stock was sold at an average price of $8.68, for a total transaction of $43,530.20. Following the transaction, the insider now owns 178,273 shares of the company’s stock, valued at $1,547,409.64. This trade represents a 2.74 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 78,291 shares of company stock valued at $927,966. 9.50% of the stock is owned by insiders.

Hedge Funds Weigh In On Arcutis Biotherapeutics

Several large investors have recently bought and sold shares of ARQT. Rubric Capital Management LP increased its stake in shares of Arcutis Biotherapeutics by 30.7% in the second quarter. Rubric Capital Management LP now owns 9,816,672 shares of the company’s stock valued at $91,295,000 after buying an additional 2,306,672 shares during the period. Perceptive Advisors LLC grew its holdings in Arcutis Biotherapeutics by 107.8% during the 2nd quarter. Perceptive Advisors LLC now owns 1,558,500 shares of the company’s stock worth $14,494,000 after acquiring an additional 808,500 shares during the last quarter. Suvretta Capital Management LLC grew its holdings in Arcutis Biotherapeutics by 7.2% during the 3rd quarter. Suvretta Capital Management LLC now owns 10,721,511 shares of the company’s stock worth $99,710,000 after acquiring an additional 717,019 shares during the last quarter. State Street Corp increased its position in Arcutis Biotherapeutics by 9.9% in the 3rd quarter. State Street Corp now owns 5,641,631 shares of the company’s stock valued at $52,467,000 after acquiring an additional 506,788 shares during the period. Finally, abrdn plc lifted its holdings in shares of Arcutis Biotherapeutics by 223.8% during the third quarter. abrdn plc now owns 482,074 shares of the company’s stock worth $4,483,000 after purchasing an additional 333,200 shares during the period.

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.