Arcutis Biotherapeutics (NASDAQ:ARQT) Stock Price Up 7% – Here’s What Happened

Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT)’s share price rose 7% during trading on Thursday . The company traded as high as $14.95 and last traded at $14.91. Approximately 322,067 shares were traded during mid-day trading, a decline of 90% from the average daily volume of 3,100,606 shares. The stock had previously closed at $13.93.

Wall Street Analyst Weigh In

Several analysts have issued reports on the company. Needham & Company LLC reissued a “buy” rating and set a $18.00 price target on shares of Arcutis Biotherapeutics in a report on Thursday, November 7th. HC Wainwright started coverage on shares of Arcutis Biotherapeutics in a report on Monday. They issued a “buy” rating and a $19.00 target price for the company. One equities research analyst has rated the stock with a hold rating and four have issued a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $16.20.

Arcutis Biotherapeutics Stock Up 8.4 %

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 stock has a market capitalization of $1.77 billion, a P/E ratio of -8.44 and a beta of 1.32. The company has a fifty day moving average price of $11.62 and a 200-day moving average price of $10.36.

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

Insider Activity

In other news, Director Howard G. Welgus sold 10,000 shares of Arcutis Biotherapeutics stock in a transaction on Friday, November 1st. The stock was sold at an average price of $8.65, for a total transaction of $86,500.00. Following the completion of the sale, the director now directly owns 171,944 shares in the company, valued at approximately $1,487,315.60. This trade represents a 5.50 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Patrick Burnett sold 16,023 shares of Arcutis Biotherapeutics stock in a transaction dated Friday, November 22nd. The shares were sold at an average price of $10.14, for a total transaction of $162,473.22. Following the sale, the insider now owns 128,669 shares of the company’s stock, valued at $1,304,703.66. The trade was a 11.07 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 68,291 shares of company stock valued at $781,266 in the last ninety days. Insiders own 9.50% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of ARQT. Point72 DIFC Ltd purchased a new stake in shares of Arcutis Biotherapeutics in the 3rd quarter worth $25,000. Algert Global LLC purchased a new stake in Arcutis Biotherapeutics in the second quarter worth about $97,000. Erste Asset Management GmbH purchased a new position in Arcutis Biotherapeutics during the 3rd quarter valued at about $104,000. Victory Capital Management Inc. raised 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 purchasing an additional 1,155 shares in the last quarter. Finally, Creative Planning purchased a new stake in shares of Arcutis Biotherapeutics in the 3rd quarter worth approximately $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.