Arcutis Biotherapeutics (NASDAQ:ARQT) Trading Down 4% – Here’s Why

Shares of Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT) traded down 4% during trading on Friday . The company traded as low as $13.43 and last traded at $13.20. 242,003 shares were traded during mid-day trading, a decline of 86% from the average session volume of 1,787,045 shares. The stock had previously closed at $13.75.

Analysts Set New Price Targets

A number of analysts have recently weighed in on ARQT shares. Mizuho increased 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 reiterated a “buy” rating and issued a $19.00 target price on shares of Arcutis Biotherapeutics in a research note on Monday. Finally, Needham & Company LLC reaffirmed a “buy” rating and issued a $18.00 price objective on shares of Arcutis Biotherapeutics in a report on Thursday, November 7th. One investment analyst has rated the stock with a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $16.60.

Arcutis Biotherapeutics Stock Performance

The stock has a market cap of $1.50 billion, a price-to-earnings ratio of -7.15 and a beta of 1.30. The company’s 50 day simple moving average is $12.83 and its 200 day simple moving average is $10.78. The company has a debt-to-equity ratio of 0.67, a quick ratio of 2.38 and a current ratio of 2.46.

Arcutis Biotherapeutics (NASDAQ:ARQT) last posted its quarterly earnings data on Wednesday, November 6th. The company reported ($0.33) EPS for the quarter, beating analysts’ consensus estimates of ($0.42) by $0.09. The business had revenue of $44.76 million for the quarter, compared to analyst estimates of $38.05 million. Arcutis Biotherapeutics had a negative net margin of 140.97% and a negative return on equity of 119.11%. On average, equities research analysts anticipate that Arcutis Biotherapeutics, Inc. will post -1.36 earnings per share for the current year.

Insider Transactions at Arcutis Biotherapeutics

In other news, insider Patrick Burnett sold 16,023 shares of the firm’s stock in a transaction on Friday, November 22nd. The stock was sold at an average price of $10.14, for a total transaction of $162,473.22. Following the completion of the sale, the insider now directly owns 128,669 shares of the company’s stock, valued at $1,304,703.66. This trade represents a 11.07 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Howard G. Welgus sold 10,000 shares of the company’s stock in a transaction dated Thursday, January 2nd. The shares were sold at an average price of $14.67, for a total transaction of $146,700.00. Following the sale, the director now directly owns 151,944 shares of the company’s stock, valued at $2,229,018.48. This represents a 6.17 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 78,291 shares of company stock valued at $927,966. Corporate insiders own 9.50% of the company’s stock.

Institutional Trading of Arcutis Biotherapeutics

Several large investors have recently added to or reduced their stakes in the company. Jennison Associates LLC grew its holdings in shares of Arcutis Biotherapeutics by 0.8% during the third quarter. Jennison Associates LLC now owns 11,663,497 shares of the company’s stock valued at $108,471,000 after buying an additional 91,803 shares in the last quarter. Rubric Capital Management LP grew its stake in Arcutis Biotherapeutics by 11.7% during the 3rd quarter. Rubric Capital Management LP now owns 10,966,672 shares of the company’s stock valued at $101,990,000 after acquiring an additional 1,150,000 shares in the last quarter. Suvretta Capital Management LLC increased its holdings in shares of Arcutis Biotherapeutics by 7.2% in the 3rd quarter. Suvretta Capital Management LLC now owns 10,721,511 shares of the company’s stock valued at $99,710,000 after purchasing an additional 717,019 shares during the period. State Street Corp lifted its position in shares of Arcutis Biotherapeutics by 9.9% in the third quarter. State Street Corp now owns 5,641,631 shares of the company’s stock worth $52,467,000 after purchasing an additional 506,788 shares in the last quarter. Finally, Geode Capital Management LLC boosted its holdings in shares of Arcutis Biotherapeutics by 2.0% during the third quarter. Geode Capital Management LLC now owns 2,470,138 shares of the company’s stock worth $22,977,000 after purchasing an additional 48,868 shares during the period.

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.