Arcutis Biotherapeutics (NASDAQ:ARQT) Shares Down 6.1% – Should You Sell?

Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT) shares fell 6.1% during trading on Wednesday . The company traded as low as $12.30 and last traded at $12.35. 894,309 shares changed hands during mid-day trading, a decline of 72% from the average session volume of 3,139,227 shares. The stock had previously closed at $13.15.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on ARQT. Needham & Company LLC reissued a “buy” rating and issued a $18.00 price target on shares of Arcutis Biotherapeutics in a research report on Thursday, November 7th. Jefferies Financial Group initiated coverage on Arcutis Biotherapeutics in a report on Wednesday, August 28th. They set a “buy” rating and a $15.00 price target on the stock.

Arcutis Biotherapeutics Price Performance

The firm has a market capitalization of $1.49 billion, a PE ratio of -7.35 and a beta of 1.32. The company has a debt-to-equity ratio of 0.67, a current ratio of 2.46 and a quick ratio of 2.38. The firm has a 50-day simple moving average of $10.15 and a 200-day simple moving average of $9.72.

Arcutis Biotherapeutics (NASDAQ:ARQT) last announced its earnings results on Wednesday, November 6th. The company reported ($0.33) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.42) by $0.09. The business had revenue of $44.76 million for the quarter, compared to analysts’ expectations of $38.05 million. Arcutis Biotherapeutics had a negative return on equity of 119.11% and a negative net margin of 140.97%. As a group, equities analysts forecast that Arcutis Biotherapeutics, Inc. will post -1.34 earnings per share for the current year.

Insider Activity

In other news, SVP Larry Todd Edwards sold 3,725 shares of Arcutis Biotherapeutics stock in a transaction dated Wednesday, October 2nd. The stock was sold at an average price of $10.01, for a total transaction of $37,287.25. Following the transaction, the senior vice president now directly owns 136,635 shares of the company’s stock, valued at $1,367,716.35. The trade was a 2.65 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Patrick Burnett sold 16,023 shares of Arcutis Biotherapeutics stock in a transaction that occurred on Friday, November 22nd. The shares were sold at an average price of $10.14, for a total value of $162,473.22. Following the sale, the insider now directly owns 128,669 shares in the company, valued at $1,304,703.66. This trade represents a 11.07 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 76,951 shares of company stock valued at $770,144 in the last ninety days. Corporate insiders own 9.50% of the company’s stock.

Institutional Trading of Arcutis Biotherapeutics

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Geode Capital Management LLC increased its stake in Arcutis Biotherapeutics by 2.0% in the 3rd quarter. Geode Capital Management LLC now owns 2,470,138 shares of the company’s stock worth $22,977,000 after acquiring an additional 48,868 shares during the last quarter. Barclays PLC increased its stake in Arcutis Biotherapeutics by 45.8% in the 3rd quarter. Barclays PLC now owns 253,392 shares of the company’s stock worth $2,356,000 after acquiring an additional 79,579 shares during the last quarter. XTX Topco Ltd increased its stake in Arcutis Biotherapeutics by 30.9% in the 3rd quarter. XTX Topco Ltd now owns 47,728 shares of the company’s stock worth $444,000 after acquiring an additional 11,262 shares during the last quarter. State Street Corp increased its stake in Arcutis Biotherapeutics by 9.9% in the 3rd quarter. State Street Corp now owns 5,641,631 shares of the company’s stock worth $52,467,000 after acquiring an additional 506,788 shares during the last quarter. Finally, Point72 DIFC Ltd bought a new stake in Arcutis Biotherapeutics in the 3rd quarter worth approximately $25,000.

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.