Arcutis Biotherapeutics (NASDAQ:ARQT) Stock Price Up 9.4% – Here’s What Happened

Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT)’s share price rose 9.4% during mid-day trading on Wednesday . The company traded as high as $14.49 and last traded at $14.66. Approximately 888,037 shares were traded during trading, a decline of 60% from the average daily volume of 2,202,758 shares. The stock had previously closed at $13.40.

Analyst Ratings Changes

Several brokerages have commented on ARQT. Mizuho increased their price target on Arcutis Biotherapeutics from $20.00 to $21.00 and gave the company an “outperform” rating in a report on Wednesday, February 26th. The Goldman Sachs Group raised their target price on shares of Arcutis Biotherapeutics from $13.00 to $15.00 and gave the company a “neutral” rating in a research note on Thursday, February 27th. HC Wainwright reissued a “buy” rating and set a $19.00 target price on shares of Arcutis Biotherapeutics in a research report on Wednesday, February 26th. Needham & Company LLC reaffirmed a “buy” rating and issued a $20.00 price target on shares of Arcutis Biotherapeutics in a research report on Wednesday, February 26th. Finally, Guggenheim reissued a “buy” rating on shares of Arcutis Biotherapeutics in a research report on Monday, February 24th. One analyst has rated the stock with a hold rating and five have given a buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $18.00.

Arcutis Biotherapeutics Stock Performance

The firm’s fifty day moving average price is $13.46 and its 200-day moving average price is $11.55. The company has a market cap of $1.75 billion, a P/E ratio of -8.23 and a beta of 1.29. The company has a current ratio of 2.46, a quick ratio of 2.38 and a debt-to-equity ratio of 0.67.

Arcutis Biotherapeutics (NASDAQ:ARQT) last issued its quarterly earnings results on Tuesday, February 25th. The company reported ($0.09) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.28) by $0.19. Arcutis Biotherapeutics had a negative return on equity of 119.11% and a negative net margin of 140.97%. The firm had revenue of $71.36 million for the quarter, compared to analyst estimates of $60.52 million. As a group, research analysts forecast that Arcutis Biotherapeutics, Inc. will post -1.33 EPS for the current fiscal year.

Insider Activity

In other Arcutis Biotherapeutics news, insider Todd Franklin Watanabe sold 15,000 shares of the stock in a transaction on Friday, December 20th. The stock was sold at an average price of $15.17, for a total transaction of $227,550.00. Following the completion of the transaction, the insider now directly owns 823,430 shares in the company, valued at $12,491,433.10. This represents a 1.79 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Howard G. Welgus sold 10,000 shares of the business’s stock in a transaction on Thursday, January 2nd. The shares were sold at an average price of $14.67, for a total transaction of $146,700.00. Following the completion of the sale, the director now owns 151,944 shares in the company, valued at $2,229,018.48. This represents a 6.17 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 57,848 shares of company stock worth $797,648. 9.50% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Arcutis Biotherapeutics

Several institutional investors have recently added to or reduced their stakes in the company. Point72 DIFC Ltd acquired a new stake in shares of Arcutis Biotherapeutics in the third quarter valued at $25,000. GF Fund Management CO. LTD. bought a new position in Arcutis Biotherapeutics in the fourth quarter valued at about $34,000. Venturi Wealth Management LLC acquired a new stake in Arcutis Biotherapeutics in the fourth quarter worth about $46,000. Erste Asset Management GmbH bought a new stake in Arcutis Biotherapeutics during the 3rd quarter worth about $104,000. Finally, Victory Capital Management Inc. raised its holdings in Arcutis Biotherapeutics by 9.9% during the 3rd quarter. Victory Capital Management Inc. now owns 12,843 shares of the company’s stock worth $119,000 after purchasing an additional 1,155 shares during the last quarter.

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.