Arcutis Biotherapeutics (NASDAQ:ARQT) Stock Price Down 9.5% – Here’s What Happened

Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT) shares were down 9.5% on Thursday . The company traded as low as $11.68 and last traded at $11.96. Approximately 959,743 shares changed hands during trading, a decline of 54% from the average daily volume of 2,072,166 shares. The stock had previously closed at $13.21.

Analysts Set New Price Targets

A number of research firms recently weighed in on ARQT. Needham & Company LLC reaffirmed a “buy” rating and set a $18.00 price objective on shares of Arcutis Biotherapeutics in a research report on Thursday, November 7th. Mizuho raised their price target on Arcutis Biotherapeutics from $19.00 to $20.00 and gave the stock an “outperform” rating in a research report on Tuesday, January 7th. HC Wainwright reaffirmed a “buy” rating and issued a $19.00 price objective on shares of Arcutis Biotherapeutics in a research note on Monday, January 13th. Finally, Guggenheim reissued a “buy” rating on shares of Arcutis Biotherapeutics in a research note on Monday. One investment analyst has rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $16.60.

Arcutis Biotherapeutics Stock Down 9.8 %

The firm has a market cap of $1.39 billion, a PE ratio of -6.67 and a beta of 1.29. The company has a quick ratio of 2.38, a current ratio of 2.46 and a debt-to-equity ratio of 0.67. The business has a 50-day moving average price of $13.63 and a two-hundred day moving average price of $11.18.

Insiders Place Their Bets

In other Arcutis Biotherapeutics news, Director Howard G. Welgus sold 10,000 shares of the business’s stock in a transaction that occurred on Monday, December 2nd. The shares were sold at an average price of $12.51, for a total transaction of $125,100.00. Following the completion of the transaction, the director now owns 161,944 shares in the company, valued at $2,025,919.44. The trade was a 5.82 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Todd Franklin Watanabe sold 15,000 shares of the firm’s stock in a transaction on Friday, December 20th. The shares were sold at an average price of $15.17, for a total transaction of $227,550.00. Following the completion of the sale, the insider now owns 823,430 shares in the company, valued at $12,491,433.10. The trade was a 1.79 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 72,927 shares of company stock worth $936,675 in the last quarter. 9.50% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in ARQT. Point72 DIFC Ltd acquired a new stake in shares of Arcutis Biotherapeutics during the 3rd quarter worth about $25,000. Venturi Wealth Management LLC acquired a new stake in Arcutis Biotherapeutics during the fourth quarter worth approximately $46,000. Erste Asset Management GmbH purchased a new stake in shares of Arcutis Biotherapeutics during the 3rd quarter worth approximately $104,000. Victory Capital Management Inc. boosted its holdings in shares of Arcutis Biotherapeutics by 9.9% in the 3rd quarter. Victory Capital Management Inc. now owns 12,843 shares of the company’s stock valued at $119,000 after buying an additional 1,155 shares in the last quarter. Finally, Creative Planning purchased a new stake in Arcutis Biotherapeutics in the third quarter valued at $127,000.

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.