Arcutis Biotherapeutics (NASDAQ:ARQT) Stock Price Up 7.1% – What’s Next?

Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT) shares traded up 7.1% during trading on Wednesday . The stock traded as high as $25.00 and last traded at $25.1870. 476,791 shares changed hands during mid-day trading, a decline of 70% from the average daily volume of 1,601,054 shares. The stock had previously closed at $23.51.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on the stock. Guggenheim upped their price objective on shares of Arcutis Biotherapeutics from $35.00 to $38.00 and gave the company a “buy” rating in a research note on Thursday, August 6th. Morgan Stanley boosted their target price on shares of Arcutis Biotherapeutics from $34.00 to $38.00 and gave the company an “overweight” rating in a report on Thursday, August 6th. Needham & Company LLC upped their price target on shares of Arcutis Biotherapeutics from $36.00 to $40.00 and gave the stock a “buy” rating in a research report on Thursday, August 6th. Weiss Ratings lowered shares of Arcutis Biotherapeutics from a “hold (c)” rating to a “hold (c-)” rating in a research report on Tuesday, September 8th. Finally, Wall Street Zen raised shares of Arcutis Biotherapeutics from a “buy” rating to a “strong-buy” rating in a research note on Saturday, August 8th. Six research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat, Arcutis Biotherapeutics currently has a consensus rating of “Moderate Buy” and a consensus price target of $35.57.

Arcutis Biotherapeutics Price Performance

The company’s fifty day moving average is $25.91 and its 200 day moving average is $24.37. The company has a quick ratio of 2.67, a current ratio of 2.92 and a debt-to-equity ratio of 0.46. The stock has a market cap of $3.33 billion, a PE ratio of 126.01 and a beta of 1.50.

Arcutis Biotherapeutics (NASDAQ:ARQT) last released its quarterly earnings data on Wednesday, August 5th. The company reported $0.11 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.06 by $0.05. Arcutis Biotherapeutics had a net margin of 6.15% and a return on equity of 15.05%. The company had revenue of $129.86 million during the quarter, compared to the consensus estimate of $118.85 million. As a group, sell-side analysts anticipate that Arcutis Biotherapeutics, Inc. will post 0.4 earnings per share for the current fiscal year.

Insider Activity

In related news, insider Todd Watanabe sold 4,375 shares of the stock in a transaction on Monday, August 3rd. The stock was sold at an average price of $26.12, for a total value of $114,275.00. Following the completion of the sale, the insider directly owned 717,203 shares in the company, valued at approximately $18,733,342.36. This represents a 0.61% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Patrick Burnett sold 6,700 shares of the firm’s stock in a transaction dated Wednesday, August 12th. The shares were sold at an average price of $26.08, for a total value of $174,736.00. Following the completion of the transaction, the insider directly owned 119,289 shares in the company, valued at $3,111,057.12. This trade represents a 5.32% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 75,551 shares of company stock worth $1,924,116 in the last quarter. Insiders own 9.40% of the company’s stock.

Institutional Investors Weigh In On Arcutis Biotherapeutics

Several hedge funds have recently modified their holdings of the stock. Montanova Capital LLC boosted its holdings in Arcutis Biotherapeutics by 0.9% in the 2nd quarter. Montanova Capital LLC now owns 12,437,000 shares of the company’s stock worth $326,098,000 after acquiring an additional 110,000 shares during the period. BlackRock Inc. purchased a new stake in shares of Arcutis Biotherapeutics during the second quarter valued at approximately $276,502,000. Polar Capital Holdings Plc lifted its position in shares of Arcutis Biotherapeutics by 4.9% during the fourth quarter. Polar Capital Holdings Plc now owns 5,556,169 shares of the company’s stock worth $161,351,000 after purchasing an additional 257,415 shares in the last quarter. Geode Capital Management LLC lifted its position in shares of Arcutis Biotherapeutics by 5.6% during the fourth quarter. Geode Capital Management LLC now owns 2,753,307 shares of the company’s stock worth $79,967,000 after purchasing an additional 146,842 shares in the last quarter. Finally, Bank of America Corp DE purchased a new position in shares of Arcutis Biotherapeutics in the second quarter valued at $78,330,000.

About Arcutis Biotherapeutics

Arcutis Biotherapeutics, Inc is a biopharmaceutical company focused on developing and commercializing treatments for immune-mediated dermatological conditions. The company’s research and development activities are centered on therapies intended to address significant unmet needs in inflammatory skin diseases.

Arcutis’s primary commercial product is ZORYVE (roflumilast), a topical, nonsteroidal phosphodiesterase-4 inhibitor. The product is available in multiple formulations and strengths for certain patients with plaque psoriasis, seborrheic dermatitis and atopic dermatitis.