Arcutis Biotherapeutics (NASDAQ:ARQT) Shares Down 3.2% – Here’s Why

Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT)’s stock price fell 3.2% on Tuesday . The company traded as low as $14.22 and last traded at $14.17. 473,837 shares changed hands during mid-day trading, a decline of 79% from the average session volume of 2,295,918 shares. The stock had previously closed at $14.64.

Analysts Set New Price Targets

A number of analysts have recently weighed in on ARQT shares. Mizuho raised their price target on shares of Arcutis Biotherapeutics from $20.00 to $21.00 and gave the stock an “outperform” rating in a research report on Wednesday, February 26th. Jefferies Financial Group lifted their target price on Arcutis Biotherapeutics from $16.00 to $19.00 and gave the stock a “buy” rating in a research report on Tuesday, March 11th. The Goldman Sachs Group raised their price objective on Arcutis Biotherapeutics from $13.00 to $15.00 and gave the stock a “neutral” rating in a research note on Thursday, February 27th. HC Wainwright restated a “buy” rating and issued a $19.00 price target on shares of Arcutis Biotherapeutics in a research report on Thursday, April 3rd. Finally, Guggenheim reiterated a “buy” rating on shares of Arcutis Biotherapeutics in a research note on Thursday, April 3rd. One analyst has rated the stock with a hold rating and five have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $18.80.

Arcutis Biotherapeutics Stock Performance

The company has a current ratio of 2.46, a quick ratio of 2.38 and a debt-to-equity ratio of 0.67. The company’s 50-day moving average is $14.68 and its two-hundred day moving average is $13.50. The stock has a market capitalization of $1.72 billion, a P/E ratio of -8.04 and a beta of 1.87.

Arcutis Biotherapeutics (NASDAQ:ARQT) last released its quarterly earnings results on Tuesday, May 6th. The company reported ($0.20) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.21) by $0.01. Arcutis Biotherapeutics had a negative return on equity of 119.11% and a negative net margin of 140.97%. The company had revenue of $65.85 million for the quarter, compared to analysts’ expectations of $64.80 million. As a group, sell-side analysts anticipate that Arcutis Biotherapeutics, Inc. will post -1.33 EPS for the current fiscal year.

Insider Activity at Arcutis Biotherapeutics

In other news, Director Howard G. Welgus sold 10,000 shares of Arcutis Biotherapeutics stock in a transaction that occurred on Monday, March 3rd. The shares were sold at an average price of $13.00, for a total value of $130,000.00. Following the transaction, the director now owns 131,944 shares of the company’s stock, valued at $1,715,272. The trade was a 7.05% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, insider Patrick Burnett sold 3,871 shares of the firm’s stock in a transaction on Thursday, May 8th. The stock was sold at an average price of $13.59, for a total value of $52,606.89. Following the sale, the insider now directly owns 115,468 shares of the company’s stock, valued at approximately $1,569,210.12. This represents a 3.24% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 36,662 shares of company stock worth $527,326 in the last 90 days. Corporate insiders own 9.40% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of ARQT. Jennison Associates LLC boosted its holdings in shares of Arcutis Biotherapeutics by 5.8% during the fourth quarter. Jennison Associates LLC now owns 12,339,792 shares of the company’s stock worth $171,893,000 after purchasing an additional 676,295 shares during the period. Suvretta Capital Management LLC boosted its position in Arcutis Biotherapeutics by 6.3% during the fourth quarter. Suvretta Capital Management LLC now owns 11,399,138 shares of the company’s stock worth $158,790,000 after purchasing an additional 677,627 shares during the period. Polar Capital Holdings Plc grew its stake in Arcutis Biotherapeutics by 7.2% in the 4th quarter. Polar Capital Holdings Plc now owns 7,377,381 shares of the company’s stock valued at $102,767,000 after buying an additional 493,009 shares during the last quarter. Vanguard Group Inc. grew its position in shares of Arcutis Biotherapeutics by 5.9% in the first quarter. Vanguard Group Inc. now owns 6,818,078 shares of the company’s stock valued at $106,635,000 after purchasing an additional 377,363 shares during the last quarter. Finally, Gilder Gagnon Howe & Co. LLC increased its position in Arcutis Biotherapeutics by 9.8% in the 4th quarter. Gilder Gagnon Howe & Co. LLC now owns 3,902,991 shares of the company’s stock worth $54,369,000 after buying an additional 349,153 shares during the period.

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.