Arcutis Biotherapeutics (NASDAQ:ARQT) Hits New 1-Year High – Here’s Why

Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT)’s share price hit a new 52-week high on Tuesday . The company traded as high as $17.75 and last traded at $17.42, with a volume of 568999 shares trading hands. The stock had previously closed at $17.29.

Analysts Set New Price Targets

A number of equities analysts have commented on ARQT shares. HC Wainwright reissued a “buy” rating and set a $19.00 target price on shares of Arcutis Biotherapeutics in a report on Wednesday, February 26th. Jefferies Financial Group raised their target price on shares of Arcutis Biotherapeutics from $16.00 to $19.00 and gave the stock a “buy” rating in a research note on Tuesday, March 11th. Needham & Company LLC restated a “buy” rating and issued a $20.00 price target on shares of Arcutis Biotherapeutics in a research report on Wednesday, February 26th. Guggenheim reiterated a “buy” rating on shares of Arcutis Biotherapeutics in a research report on Monday, February 24th. Finally, The Goldman Sachs Group boosted their price objective on Arcutis Biotherapeutics from $13.00 to $15.00 and gave the stock a “neutral” rating in a research note on Thursday, February 27th. One equities research analyst has rated the stock with a hold rating and five have given a buy rating to the company. According to MarketBeat, Arcutis Biotherapeutics currently has a consensus rating of “Moderate Buy” and an average target price of $18.80.

Arcutis Biotherapeutics Trading Down 0.6 %

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 capitalization of $2.04 billion, a PE ratio of -9.59 and a beta of 1.48. The business has a fifty day moving average price of $13.75 and a two-hundred day moving average price of $12.10.

Arcutis Biotherapeutics (NASDAQ:ARQT) last released its quarterly earnings results on Tuesday, February 25th. The company reported ($0.09) EPS for the quarter, topping the consensus estimate of ($0.28) by $0.19. The business had revenue of $71.36 million during the quarter, compared to analyst estimates of $60.52 million. Arcutis Biotherapeutics had a negative return on equity of 119.11% and a negative net margin of 140.97%. Analysts expect that Arcutis Biotherapeutics, Inc. will post -1.33 EPS for the current fiscal year.

Insider Buying and Selling

In other news, insider Patrick Burnett sold 12,242 shares of Arcutis Biotherapeutics stock in a transaction dated Friday, March 14th. The stock was sold at an average price of $15.04, for a total value of $184,119.68. Following the completion of the transaction, the insider now owns 121,936 shares in the company, valued at approximately $1,833,917.44. This trade represents a 9.12 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Masaru Matsuda sold 8,338 shares of the company’s stock in a transaction that occurred on Monday, February 3rd. The stock was sold at an average price of $12.70, for a total transaction of $105,892.60. Following the sale, the insider now owns 178,692 shares in the company, valued at $2,269,388.40. The trade was a 4.46 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 56,290 shares of company stock valued at $775,350 in the last three months. 9.50% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Arcutis Biotherapeutics

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Wealth Enhancement Advisory Services LLC acquired a new stake in Arcutis Biotherapeutics during the fourth quarter worth approximately $291,000. GF Fund Management CO. LTD. acquired a new position in Arcutis Biotherapeutics in the fourth quarter valued at $34,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its holdings in shares of Arcutis Biotherapeutics by 1.2% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 280,100 shares of the company’s stock worth $3,902,000 after purchasing an additional 3,409 shares during the last quarter. Voloridge Investment Management LLC increased its position in shares of Arcutis Biotherapeutics by 126.5% during the fourth quarter. Voloridge Investment Management LLC now owns 290,938 shares of the company’s stock worth $4,053,000 after purchasing an additional 162,495 shares in the last quarter. Finally, Squarepoint Ops LLC lifted its holdings in shares of Arcutis Biotherapeutics by 67.2% in the 4th quarter. Squarepoint Ops LLC now owns 121,392 shares of the company’s stock valued at $1,691,000 after purchasing an additional 48,769 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.