Arcutis Biotherapeutics (NASDAQ:ARQT) Trading Up 20% – Here’s Why

Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT) rose 20% during trading on Wednesday . The company traded as high as $12.08 and last traded at $13.68. Approximately 1,261,677 shares changed hands during mid-day trading, a decline of 33% from the average daily volume of 1,880,146 shares. The stock had previously closed at $11.40.

Wall Street Analyst Weigh In

ARQT has been the subject of a number of research analyst reports. Guggenheim reissued a “buy” rating on shares of Arcutis Biotherapeutics in a research note on Monday. Mizuho boosted their price target on Arcutis Biotherapeutics from $19.00 to $20.00 and gave the company an “outperform” rating in a research note on Tuesday, January 7th. 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. Finally, HC Wainwright reaffirmed a “buy” rating and issued a $19.00 price objective on shares of Arcutis Biotherapeutics in a research note on Monday, January 13th. One equities research analyst has rated the stock with a hold rating and five have given a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $16.60.

Arcutis Biotherapeutics Stock Up 16.2 %

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 stock’s 50-day moving average price is $13.62 and its 200-day moving average price is $11.17. The company has a market cap of $1.55 billion, a P/E ratio of -7.40 and a beta of 1.29.

Insiders Place Their Bets

In other news, insider Patrick Burnett sold 16,023 shares of the business’s stock in a transaction dated Friday, November 22nd. The stock was sold at an average price of $10.14, for a total value of $162,473.22. Following the completion of the sale, the insider now owns 128,669 shares of the company’s stock, valued at approximately $1,304,703.66. The trade was a 11.07 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Todd Franklin Watanabe sold 15,000 shares of the stock in a transaction dated Friday, December 20th. The stock was sold at an average price of $15.17, for a total transaction of $227,550.00. Following the sale, the insider now owns 823,430 shares of the company’s stock, valued at approximately $12,491,433.10. This represents a 1.79 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 72,927 shares of company stock valued at $936,675 in the last 90 days. 9.50% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Arcutis Biotherapeutics

Institutional investors have recently bought and sold shares of the stock. Jennison Associates LLC raised its position in shares of Arcutis Biotherapeutics by 5.8% in the 4th quarter. Jennison Associates LLC now owns 12,339,792 shares of the company’s stock worth $171,893,000 after acquiring an additional 676,295 shares in the last quarter. Rubric Capital Management LP lifted its position in Arcutis Biotherapeutics by 11.7% during the third quarter. Rubric Capital Management LP now owns 10,966,672 shares of the company’s stock valued at $101,990,000 after buying an additional 1,150,000 shares during the period. Suvretta Capital Management LLC grew its position in shares of Arcutis Biotherapeutics by 7.2% in the 3rd quarter. Suvretta Capital Management LLC now owns 10,721,511 shares of the company’s stock worth $99,710,000 after buying an additional 717,019 shares during the period. State Street Corp increased its stake in shares of Arcutis Biotherapeutics by 9.9% in the 3rd quarter. State Street Corp now owns 5,641,631 shares of the company’s stock worth $52,467,000 after acquiring an additional 506,788 shares in the last quarter. Finally, Geode Capital Management LLC boosted its stake in Arcutis Biotherapeutics by 2.0% during the third quarter. Geode Capital Management LLC now owns 2,470,138 shares of the company’s stock worth $22,977,000 after acquiring an additional 48,868 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.