Arcutis Biotherapeutics (NASDAQ:ARQT) Shares Down 3.3%

Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT) shares traded down 3.3% during mid-day trading on Wednesday . The company traded as low as $9.90 and last traded at $10.03. 435,462 shares traded hands during trading, a decline of 88% from the average session volume of 3,496,253 shares. The stock had previously closed at $10.37.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on the stock. Jefferies Financial Group assumed coverage on shares of Arcutis Biotherapeutics in a research report on Wednesday, August 28th. They set a “buy” rating and a $15.00 target price for the company. Needham & Company LLC restated a “buy” rating and set a $18.00 target price on shares of Arcutis Biotherapeutics in a research report on Thursday, August 15th. Two equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $13.33.

Arcutis Biotherapeutics Trading Down 2.5 %

The business’s fifty day moving average is $9.92 and its 200-day moving average is $9.57. The stock has a market capitalization of $1.17 billion, a PE ratio of -3.46 and a beta of 1.18. The company has a quick ratio of 8.19, a current ratio of 8.46 and a debt-to-equity ratio of 1.09.

Arcutis Biotherapeutics (NASDAQ:ARQT) last released its earnings results on Wednesday, August 14th. The company reported ($0.42) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.48) by $0.06. Arcutis Biotherapeutics had a negative net margin of 150.51% and a negative return on equity of 145.41%. The firm had revenue of $30.86 million during the quarter, compared to the consensus estimate of $31.00 million. During the same period in the previous year, the firm earned ($1.16) earnings per share. As a group, analysts anticipate that Arcutis Biotherapeutics, Inc. will post -1.56 EPS for the current fiscal year.

Insider Activity at Arcutis Biotherapeutics

In related news, insider Masaru Matsuda sold 5,220 shares of the company’s stock in a transaction on Friday, August 2nd. The shares were sold at an average price of $9.02, for a total value of $47,084.40. Following the sale, the insider now directly owns 183,288 shares of the company’s stock, valued at $1,653,257.76. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, Director Howard G. Welgus sold 10,000 shares of the company’s stock in a transaction dated Monday, July 1st. The shares were sold at an average price of $9.31, for a total transaction of $93,100.00. Following the completion of the transaction, the director now owns 180,339 shares in the company, valued at $1,678,956.09. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Masaru Matsuda sold 5,220 shares of the company’s stock in a transaction dated Friday, August 2nd. The stock was sold at an average price of $9.02, for a total transaction of $47,084.40. Following the transaction, the insider now owns 183,288 shares of the company’s stock, valued at approximately $1,653,257.76. The disclosure for this sale can be found here. Insiders have sold 36,948 shares of company stock valued at $360,910 over the last ninety days. Corporate insiders own 9.50% of the company’s stock.

Hedge Funds Weigh In On Arcutis Biotherapeutics

Institutional investors have recently modified their holdings of the company. Perceptive Advisors LLC grew its position in Arcutis Biotherapeutics by 107.8% in the 2nd quarter. Perceptive Advisors LLC now owns 1,558,500 shares of the company’s stock valued at $14,494,000 after buying an additional 808,500 shares in the last quarter. Capital Impact Advisors LLC bought a new position in shares of Arcutis Biotherapeutics during the 2nd quarter valued at about $606,000. Algert Global LLC bought a new position in shares of Arcutis Biotherapeutics during the 2nd quarter valued at about $97,000. The Manufacturers Life Insurance Company boosted its position in shares of Arcutis Biotherapeutics by 31.0% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 40,323 shares of the company’s stock valued at $375,000 after purchasing an additional 9,537 shares in the last quarter. Finally, Millennium Management LLC boosted its position in shares of Arcutis Biotherapeutics by 35.3% during the 2nd quarter. Millennium Management LLC now owns 512,696 shares of the company’s stock valued at $4,768,000 after purchasing an additional 133,645 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.