Arcutis Biotherapeutics (NASDAQ:ARQT) Stock Price Up 6.5% – Here’s Why

Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT)’s stock price rose 6.5% during trading on Wednesday . The stock traded as high as $10.17 and last traded at $10.17. Approximately 753,799 shares traded hands during mid-day trading, a decline of 78% from the average daily volume of 3,440,123 shares. The stock had previously closed at $9.55.

Wall Street Analysts Forecast Growth

ARQT has been the topic of several research analyst reports. Jefferies Financial Group initiated coverage on Arcutis Biotherapeutics in a research report on Wednesday, August 28th. They set a “buy” rating and a $15.00 price target on the stock. Needham & Company LLC reaffirmed a “buy” rating and issued 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 assigned a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $13.33.

Arcutis Biotherapeutics Stock Performance

The firm has a market capitalization of $1.16 billion, a P/E ratio of -3.46 and a beta of 1.17. The stock’s 50 day moving average is $9.81 and its two-hundred day moving average is $9.50. The company has a debt-to-equity ratio of 1.09, a current ratio of 8.46 and a quick ratio of 8.19.

Arcutis Biotherapeutics (NASDAQ:ARQT) last announced its earnings results on Wednesday, August 14th. The company reported ($0.42) EPS for the quarter, topping the consensus estimate 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 business had revenue of $30.86 million during the quarter, compared to the consensus estimate of $31.00 million. During the same quarter in the previous year, the firm posted ($1.16) EPS. As a group, equities analysts anticipate that Arcutis Biotherapeutics, Inc. will post -1.56 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Arcutis Biotherapeutics news, Director Howard G. Welgus sold 10,000 shares of the stock in a transaction on Thursday, August 1st. The stock was sold at an average price of $9.87, for a total transaction of $98,700.00. Following the completion of the transaction, the director now directly owns 176,953 shares of the company’s stock, valued at approximately $1,746,526.11. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In related news, Director Howard G. Welgus sold 10,000 shares of the business’s stock in a transaction dated Thursday, August 1st. The stock was sold at an average price of $9.87, for a total transaction of $98,700.00. Following the transaction, the director now owns 176,953 shares in the company, valued at $1,746,526.11. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Masaru Matsuda sold 5,220 shares of the firm’s stock in a transaction that occurred 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 transaction, the insider now directly owns 183,288 shares of the company’s stock, valued at approximately $1,653,257.76. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 52,299 shares of company stock worth $507,911. Corporate insiders own 9.50% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the business. Cantor Fitzgerald L. P. acquired a new stake in shares of Arcutis Biotherapeutics during the fourth quarter worth about $33,000. CWM LLC lifted its stake in Arcutis Biotherapeutics by 6,740.0% during the second quarter. CWM LLC now owns 4,104 shares of the company’s stock worth $38,000 after purchasing an additional 4,044 shares during the last quarter. Ameritas Investment Partners Inc. lifted its position in Arcutis Biotherapeutics by 55.2% in the first quarter. Ameritas Investment Partners Inc. now owns 7,871 shares of the company’s stock valued at $78,000 after acquiring an additional 2,800 shares during the last quarter. Algert Global LLC purchased a new position in shares of Arcutis Biotherapeutics during the second quarter worth approximately $97,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank acquired a new stake in Arcutis Biotherapeutics during the 2nd quarter worth approximately $174,000.

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.