Arcutis Biotherapeutics (NASDAQ:ARQT) Trading 9.6% Higher – Here’s What Happened

Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT) shot up 9.6% on Friday . The stock traded as high as $29.88 and last traded at $29.9610. 1,378,742 shares changed hands during trading, a decline of 36% from the average session volume of 2,159,315 shares. The stock had previously closed at $27.33.

Analysts Set New Price Targets

A number of analysts have issued reports on the company. Mizuho set a $32.00 price target on Arcutis Biotherapeutics in a research note on Wednesday, October 29th. The Goldman Sachs Group raised their target price on shares of Arcutis Biotherapeutics from $19.00 to $29.00 and gave the stock a “neutral” rating in a research report on Thursday, October 30th. Weiss Ratings restated a “sell (e+)” rating on shares of Arcutis Biotherapeutics in a report on Tuesday, October 14th. Wall Street Zen raised shares of Arcutis Biotherapeutics from a “buy” rating to a “strong-buy” rating in a research note on Saturday, November 1st. Finally, Cowen reiterated a “buy” rating on shares of Arcutis Biotherapeutics in a report on Thursday, August 7th. One analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $28.00.

Arcutis Biotherapeutics Trading Up 9.4%

The company has a debt-to-equity ratio of 0.68, a current ratio of 3.50 and a quick ratio of 3.28. The business’s 50-day simple moving average is $21.34 and its two-hundred day simple moving average is $16.99. The stock has a market capitalization of $3.66 billion, a price-to-earnings ratio of -83.09 and a beta of 1.97.

Arcutis Biotherapeutics (NASDAQ:ARQT) last issued its earnings results on Tuesday, October 28th. The company reported $0.06 EPS for the quarter, beating analysts’ consensus estimates of ($0.10) by $0.16. Arcutis Biotherapeutics had a negative net margin of 13.94% and a negative return on equity of 29.69%. The business had revenue of $99.22 million for the quarter, compared to the consensus estimate of $86.69 million. On average, research analysts anticipate that Arcutis Biotherapeutics, Inc. will post -1.33 earnings per share for the current fiscal year.

Insider Activity at Arcutis Biotherapeutics

In other Arcutis Biotherapeutics news, insider Patrick Burnett sold 17,250 shares of the company’s stock in a transaction that occurred on Thursday, November 6th. The stock was sold at an average price of $24.18, for a total value of $417,105.00. Following the completion of the transaction, the insider owned 98,325 shares in the company, valued at $2,377,498.50. This represents a 14.93% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Masaru Matsuda sold 36,130 shares of the stock in a transaction that occurred on Thursday, September 4th. The shares were sold at an average price of $16.16, for a total transaction of $583,860.80. Following the completion of the sale, the insider directly owned 161,234 shares of the company’s stock, valued at $2,605,541.44. This trade represents a 18.31% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 277,977 shares of company stock valued at $6,047,851 over the last 90 days. Corporate insiders own 9.40% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in ARQT. Johnson Investment Counsel Inc. purchased a new stake in Arcutis Biotherapeutics during the 3rd quarter worth $30,000. Nkcfo LLC bought a new stake in shares of Arcutis Biotherapeutics in the first quarter worth $109,000. Allostery Investments LP acquired a new stake in Arcutis Biotherapeutics in the first quarter valued at $117,000. PNC Financial Services Group Inc. boosted its stake in Arcutis Biotherapeutics by 10.2% during the 2nd quarter. PNC Financial Services Group Inc. now owns 8,828 shares of the company’s stock valued at $124,000 after acquiring an additional 820 shares during the last quarter. Finally, Jones Financial Companies Lllp boosted its stake in Arcutis Biotherapeutics by 1,291.1% during the 3rd quarter. Jones Financial Companies Lllp now owns 7,067 shares of the company’s stock valued at $124,000 after acquiring an additional 6,559 shares during 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.