Arcutis Biotherapeutics (NASDAQ:ARQT) Stock Price Down 9.4% – What’s Next?

Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT)’s stock price dropped 9.4% during trading on Wednesday . The company traded as low as $13.37 and last traded at $13.46. Approximately 1,050,207 shares changed hands during mid-day trading, a decline of 66% from the average daily volume of 3,124,868 shares. The stock had previously closed at $14.86.

Analyst Ratings Changes

ARQT has been the subject of a number of research reports. Jefferies Financial Group initiated coverage on shares of Arcutis Biotherapeutics in a report on Wednesday, August 28th. They issued a “buy” rating and a $15.00 price target for the company. Needham & Company LLC reiterated a “buy” rating and set a $18.00 price objective on shares of Arcutis Biotherapeutics in a report on Thursday, November 7th.

Arcutis Biotherapeutics Trading Down 9.8 %

The firm’s 50-day moving average price is $10.47 and its 200-day moving average price is $9.88. 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 company has a market cap of $1.57 billion, a P/E ratio of -7.49 and a beta of 1.32.

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

Insider Transactions at Arcutis Biotherapeutics

In related news, CFO David Joseph Topper sold 11,626 shares of the stock in a transaction on Tuesday, September 24th. The shares were sold at an average price of $9.48, for a total transaction of $110,214.48. Following the transaction, the chief financial officer now owns 158,374 shares of the company’s stock, valued at approximately $1,501,385.52. This trade represents a 6.84 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Howard G. Welgus sold 10,000 shares of the stock in a transaction 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 transaction, the director now directly owns 161,944 shares in the company, valued at approximately $2,025,919.44. This represents a 5.82 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 76,951 shares of company stock valued at $770,144 in the last quarter. Insiders own 9.50% of the company’s stock.

Institutional Investors Weigh In On Arcutis Biotherapeutics

Institutional investors have recently added to or reduced their stakes in the company. Point72 DIFC Ltd purchased a new stake in shares of Arcutis Biotherapeutics in the 3rd quarter worth about $25,000. CWM LLC increased its stake in Arcutis Biotherapeutics by 6,740.0% during the 2nd quarter. CWM LLC now owns 4,104 shares of the company’s stock valued at $38,000 after purchasing an additional 4,044 shares in the last quarter. Algert Global LLC bought a new stake in Arcutis Biotherapeutics during the 2nd quarter valued at about $97,000. Erste Asset Management GmbH bought a new stake in Arcutis Biotherapeutics during the 3rd quarter valued at about $104,000. Finally, Victory Capital Management Inc. increased its stake in Arcutis Biotherapeutics by 9.9% during the 3rd quarter. Victory Capital Management Inc. now owns 12,843 shares of the company’s stock valued at $119,000 after purchasing an additional 1,155 shares in the last quarter.

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.