Arcutis Biotherapeutics (NASDAQ:ARQT) Shares Down 4.2%

Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT)’s share price fell 4.2% during mid-day trading on Thursday . The stock traded as low as $9.81 and last traded at $9.82. 134,132 shares traded hands during trading, a decline of 97% from the average session volume of 4,744,550 shares. The stock had previously closed at $10.25.

Wall Street Analysts Forecast Growth

Several research firms have recently issued reports on ARQT. Needham & Company LLC reiterated a “buy” rating and set a $16.00 price objective on shares of Arcutis Biotherapeutics in a research report on Friday, April 12th. The Goldman Sachs Group boosted their price target on shares of Arcutis Biotherapeutics from $6.00 to $11.00 and gave the stock a “neutral” rating in a research report on Wednesday, February 28th. Finally, Mizuho restated a “buy” rating and issued a $16.00 price target (up previously from $8.00) on shares of Arcutis Biotherapeutics in a research report on Friday, February 23rd. Two research analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $26.56.

Arcutis Biotherapeutics Price Performance

The company has a debt-to-equity ratio of 2.28, a current ratio of 7.08 and a quick ratio of 6.80. The firm has a market cap of $880.97 million, a P/E ratio of -2.32 and a beta of 1.14. The stock’s 50-day simple moving average is $10.06 and its two-hundred day simple moving average is $5.64.

Arcutis Biotherapeutics (NASDAQ:ARQT) last posted its quarterly earnings data on Tuesday, February 27th. The company reported ($0.72) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.64) by ($0.08). Arcutis Biotherapeutics had a negative net margin of 439.79% and a negative return on equity of 294.85%. The firm had revenue of $13.53 million for the quarter, compared to the consensus estimate of $11.78 million. During the same quarter last year, the firm earned ($1.18) EPS. Equities research analysts forecast that Arcutis Biotherapeutics, Inc. will post -2.49 earnings per share for the current fiscal year.

Insider Activity

In other news, insider Masaru Matsuda sold 3,760 shares of the business’s stock in a transaction on Monday, March 4th. The shares were sold at an average price of $11.12, for a total transaction of $41,811.20. Following the completion of the sale, the insider now directly owns 190,424 shares of the company’s stock, valued at $2,117,514.88. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 20.70% of the company’s stock.

Institutional Trading of Arcutis Biotherapeutics

A number of hedge funds have recently added to or reduced their stakes in the business. Credit Suisse AG lifted its stake in Arcutis Biotherapeutics by 2.9% in the second quarter. Credit Suisse AG now owns 17,741 shares of the company’s stock worth $378,000 after acquiring an additional 502 shares during the period. Point72 Hong Kong Ltd lifted its stake in Arcutis Biotherapeutics by 102.9% in the second quarter. Point72 Hong Kong Ltd now owns 1,197 shares of the company’s stock worth $26,000 after acquiring an additional 607 shares during the period. Legal & General Group Plc lifted its stake in Arcutis Biotherapeutics by 4.8% in the fourth quarter. Legal & General Group Plc now owns 15,936 shares of the company’s stock worth $236,000 after acquiring an additional 723 shares during the period. JPMorgan Chase & Co. lifted its stake in Arcutis Biotherapeutics by 2.4% in the fourth quarter. JPMorgan Chase & Co. now owns 44,608 shares of the company’s stock worth $660,000 after acquiring an additional 1,062 shares during the period. Finally, Dimensional Fund Advisors LP lifted its stake in Arcutis Biotherapeutics by 0.4% in the third quarter. Dimensional Fund Advisors LP now owns 313,943 shares of the company’s stock worth $5,999,000 after acquiring an additional 1,335 shares during the period.

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.