Arcutis Biotherapeutics (NASDAQ:ARQT) Stock Price Up 4.7% – Here’s What Happened

Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT) rose 4.7% on Tuesday . The stock traded as high as $13.38 and last traded at $13.54. Approximately 264,459 shares traded hands during mid-day trading, a decline of 89% from the average daily volume of 2,399,584 shares. The stock had previously closed at $12.94.

Analysts Set New Price Targets

Several brokerages recently issued reports on ARQT. Mizuho boosted their price target on Arcutis Biotherapeutics from $20.00 to $21.00 and gave the company an “outperform” rating in a research note on Wednesday, February 26th. Jefferies Financial Group boosted their price objective on Arcutis Biotherapeutics from $16.00 to $19.00 and gave the company a “buy” rating in a research report on Tuesday, March 11th. Guggenheim reaffirmed a “buy” rating on shares of Arcutis Biotherapeutics in a research report on Thursday, April 3rd. Needham & Company LLC reissued a “buy” rating and issued a $20.00 price target on shares of Arcutis Biotherapeutics in a report on Wednesday, April 9th. Finally, The Goldman Sachs Group increased their price objective 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. One analyst has rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $18.80.

Arcutis Biotherapeutics Price Performance

The company’s 50 day moving average price is $14.27 and its 200 day moving average price is $12.65. The company has a debt-to-equity ratio of 0.67, a quick ratio of 2.38 and a current ratio of 2.46. The company has a market cap of $1.54 billion, a price-to-earnings ratio of -7.24 and a beta of 1.67.

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

Insider Activity at Arcutis Biotherapeutics

In other news, insider Masaru Matsuda sold 8,338 shares of the company’s stock in a transaction that occurred on Monday, February 3rd. The shares were sold at an average price of $12.70, for a total transaction of $105,892.60. Following the transaction, the insider now directly owns 178,692 shares in the company, valued at approximately $2,269,388.40. This represents a 4.46 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Todd Franklin Watanabe sold 1,500 shares of the firm’s stock in a transaction that occurred on Monday, March 24th. The shares were sold at an average price of $17.52, for a total transaction of $26,280.00. Following the completion of the sale, the insider now directly owns 927,414 shares of the company’s stock, valued at approximately $16,248,293.28. This represents a 0.16 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 46,099 shares of company stock valued at $631,256 in the last three months. Corporate insiders own 9.50% of the company’s stock.

Institutional Investors Weigh In On Arcutis Biotherapeutics

Several hedge funds and other institutional investors have recently made changes to their positions in the company. State Street Corp increased its position in Arcutis Biotherapeutics by 9.9% in the third quarter. State Street Corp now owns 5,641,631 shares of the company’s stock worth $52,467,000 after purchasing an additional 506,788 shares during the period. Barclays PLC raised its stake in shares of Arcutis Biotherapeutics by 45.8% during the third quarter. Barclays PLC now owns 253,392 shares of the company’s stock worth $2,356,000 after buying an additional 79,579 shares during the last quarter. Geode Capital Management LLC lifted its holdings in Arcutis Biotherapeutics by 2.0% in the third quarter. Geode Capital Management LLC now owns 2,470,138 shares of the company’s stock valued at $22,977,000 after buying an additional 48,868 shares during the period. JPMorgan Chase & Co. boosted its stake in Arcutis Biotherapeutics by 0.9% in the third quarter. JPMorgan Chase & Co. now owns 1,296,911 shares of the company’s stock valued at $12,061,000 after acquiring an additional 11,833 shares during the last quarter. Finally, LVW Advisors LLC bought a new position in Arcutis Biotherapeutics in the fourth quarter valued at approximately $166,000.

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.