Arcutis Biotherapeutics (NASDAQ:ARQT) Trading 9.4% Higher – What’s Next?

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

Analyst Upgrades and Downgrades

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

Arcutis Biotherapeutics Trading Up 1.5 %

The firm has a market cap of $1.75 billion, a price-to-earnings ratio of -8.22 and a beta of 1.48. The company’s 50-day moving average price is $13.44 and its 200-day moving average price is $11.59. The company has a quick ratio of 2.38, a current ratio of 2.46 and a debt-to-equity ratio of 0.67.

Arcutis Biotherapeutics (NASDAQ:ARQT) last issued 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 business had revenue of $71.36 million during the quarter, compared to the consensus estimate of $60.52 million. Equities analysts expect that Arcutis Biotherapeutics, Inc. will post -1.33 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, insider Patrick Burnett sold 2,819 shares of Arcutis Biotherapeutics stock in a transaction on Monday, March 3rd. The shares were sold at an average price of $13.03, for a total value of $36,731.57. Following the transaction, the insider now directly owns 167,043 shares in the company, valued at $2,176,570.29. This trade represents a 1.66 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Howard G. Welgus sold 10,000 shares of Arcutis Biotherapeutics stock in a transaction that occurred on Monday, March 3rd. The shares were sold at an average price of $13.00, for a total value of $130,000.00. Following the completion of the sale, the director now owns 131,944 shares in the company, valued at approximately $1,715,272. This trade represents a 7.05 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 57,848 shares of company stock worth $797,648 in the last ninety days. 9.50% of the stock is owned by corporate insiders.

Institutional Trading of Arcutis Biotherapeutics

Large investors have recently modified their holdings of the business. Creative Planning acquired a new position in Arcutis Biotherapeutics during the third quarter worth approximately $127,000. GSA Capital Partners LLP boosted its stake in Arcutis Biotherapeutics by 730.0% during the 3rd quarter. GSA Capital Partners LLP now owns 237,174 shares of the company’s stock valued at $2,206,000 after acquiring an additional 208,599 shares during the last quarter. Victory Capital Management Inc. grew its stake in Arcutis Biotherapeutics by 9.9% in the third 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 in the last quarter. Quest Partners LLC bought a new position in Arcutis Biotherapeutics during the third quarter worth $398,000. Finally, Jennison Associates LLC lifted its holdings in shares of Arcutis Biotherapeutics by 0.8% in the 3rd quarter. Jennison Associates LLC now owns 11,663,497 shares of the company’s stock worth $108,471,000 after purchasing an additional 91,803 shares during 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.