Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT) Shares Bought by MYDA Advisors LLC

MYDA Advisors LLC lifted its stake in shares of Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT) by 17.6% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 200,000 shares of the company’s stock after purchasing an additional 30,000 shares during the period. MYDA Advisors LLC’s holdings in Arcutis Biotherapeutics were worth $2,786,000 at the end of the most recent quarter.

Several other hedge funds have also modified their holdings of ARQT. Venturi Wealth Management LLC acquired a new stake in Arcutis Biotherapeutics during the 4th quarter valued at $46,000. Cibc World Markets Corp acquired a new stake in Arcutis Biotherapeutics during the 4th quarter worth about $140,000. Summit Investment Advisors Inc. grew its stake in Arcutis Biotherapeutics by 8.0% during the 4th quarter. Summit Investment Advisors Inc. now owns 11,245 shares of the company’s stock valued at $157,000 after acquiring an additional 837 shares in the last quarter. LVW Advisors LLC acquired a new position in shares of Arcutis Biotherapeutics in the 4th quarter valued at about $166,000. Finally, Aigen Investment Management LP purchased a new stake in shares of Arcutis Biotherapeutics in the fourth quarter worth approximately $191,000.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on ARQT. Guggenheim reaffirmed a “buy” rating on shares of Arcutis Biotherapeutics in a research report on Thursday, April 3rd. HC Wainwright reaffirmed a “buy” rating and issued a $19.00 price target on shares of Arcutis Biotherapeutics in a research note on Thursday, April 3rd. Jefferies Financial Group lifted 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. Mizuho upped their target price on Arcutis Biotherapeutics from $20.00 to $21.00 and gave the stock an “outperform” rating in a research report on Wednesday, February 26th. Finally, The Goldman Sachs Group raised their price target 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 analyst has rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $18.80.

Arcutis Biotherapeutics Price Performance

Shares of NASDAQ:ARQT opened at $13.01 on Friday. The company has a debt-to-equity ratio of 0.67, a current ratio of 2.46 and a quick ratio of 2.38. The stock has a market capitalization of $1.54 billion, a P/E ratio of -7.27 and a beta of 1.67. The business has a 50-day moving average of $14.33 and a two-hundred day moving average of $12.72. Arcutis Biotherapeutics, Inc. has a fifty-two week low of $6.99 and a fifty-two week high of $17.75.

Arcutis Biotherapeutics (NASDAQ:ARQT) last announced its earnings results on Tuesday, February 25th. The company reported ($0.09) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 during the quarter, compared to analysts’ expectations of $60.52 million. On average, equities research analysts predict that Arcutis Biotherapeutics, Inc. will post -1.33 EPS for the current fiscal year.

Insider Activity at Arcutis Biotherapeutics

In other Arcutis Biotherapeutics news, insider Todd Franklin Watanabe sold 1,500 shares of Arcutis Biotherapeutics stock in a transaction that occurred on Monday, March 24th. The stock was sold at an average price of $17.52, for a total value of $26,280.00. Following the transaction, the insider now directly owns 927,414 shares of the company’s stock, valued at $16,248,293.28. The trade was a 0.16 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Patrick Burnett sold 12,242 shares of the stock in a transaction that occurred on Friday, March 14th. The shares were sold at an average price of $15.04, for a total value of $184,119.68. Following the completion of the sale, the insider now directly owns 121,936 shares of the company’s stock, valued at $1,833,917.44. This represents a 9.12 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 46,099 shares of company stock worth $631,256. 9.50% of the stock is owned by insiders.

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.