Arcutis Biotherapeutics (NASDAQ:ARQT) Hits New 52-Week High – Here’s What Happened

Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT) reached a new 52-week high during trading on Monday . The company traded as high as $30.67 and last traded at $30.36, with a volume of 345475 shares traded. The stock had previously closed at $29.49.

Wall Street Analyst Weigh In

Several brokerages have issued reports on ARQT. Wall Street Zen upgraded Arcutis Biotherapeutics from a “buy” rating to a “strong-buy” rating in a research report on Saturday, November 1st. The Goldman Sachs Group lifted their price target on Arcutis Biotherapeutics from $19.00 to $29.00 and gave the company a “neutral” rating in a report on Thursday, October 30th. Needham & Company LLC upped their price target on shares of Arcutis Biotherapeutics from $22.00 to $30.00 and gave the stock a “buy” rating in a research report on Tuesday, October 28th. Cowen reissued a “buy” rating on shares of Arcutis Biotherapeutics in a report on Thursday, August 7th. Finally, Zacks Research raised shares of Arcutis Biotherapeutics from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, October 29th. One research 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 assigned a Sell rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $28.00.

Arcutis Biotherapeutics Trading Up 4.6%

The company has a debt-to-equity ratio of 0.68, a quick ratio of 3.28 and a current ratio of 3.50. The company has a market capitalization of $3.78 billion, a price-to-earnings ratio of -85.57 and a beta of 1.96. The business’s 50-day simple moving average is $21.59 and its 200-day simple moving average is $17.13.

Arcutis Biotherapeutics (NASDAQ:ARQT) last issued its quarterly earnings results on Tuesday, October 28th. The company reported $0.06 EPS for the quarter, topping the consensus estimate 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 company had revenue of $99.22 million during the quarter, compared to analysts’ expectations of $86.69 million. On average, research analysts expect that Arcutis Biotherapeutics, Inc. will post -1.33 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, insider Larry Todd Edwards sold 29,131 shares of the firm’s stock in a transaction on Thursday, November 6th. The stock was sold at an average price of $25.16, for a total value of $732,935.96. Following the transaction, the insider directly owned 150,193 shares in the company, valued at $3,778,855.88. This trade represents a 16.24% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Masaru Matsuda sold 36,130 shares of the company’s stock in a transaction dated Thursday, September 4th. The shares were sold at an average price of $16.16, for a total value of $583,860.80. Following the completion of the sale, the insider owned 161,234 shares of the company’s stock, valued at $2,605,541.44. This represents a 18.31% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 297,059 shares of company stock worth $6,575,447 over the last 90 days. 9.40% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Arcutis Biotherapeutics

Several hedge funds have recently bought and sold shares of the company. Jennison Associates LLC grew its holdings in shares of Arcutis Biotherapeutics by 10.3% in the 3rd quarter. Jennison Associates LLC now owns 12,254,119 shares of the company’s stock valued at $230,990,000 after buying an additional 1,144,714 shares during the period. Frazier Life Sciences Management L.P. lifted its holdings in Arcutis Biotherapeutics by 12.4% during the second quarter. Frazier Life Sciences Management L.P. now owns 9,874,511 shares of the company’s stock worth $138,441,000 after acquiring an additional 1,089,227 shares in the last quarter. Vanguard Group Inc. increased its holdings in shares of Arcutis Biotherapeutics by 1.4% in the third quarter. Vanguard Group Inc. now owns 7,146,090 shares of the company’s stock worth $134,704,000 after acquiring an additional 96,991 shares in the last quarter. Polar Capital Holdings Plc raised its position in shares of Arcutis Biotherapeutics by 5.8% during the third quarter. Polar Capital Holdings Plc now owns 5,298,754 shares of the company’s stock worth $99,882,000 after purchasing an additional 292,279 shares during the period. Finally, State Street Corp raised its position in shares of Arcutis Biotherapeutics by 1.2% during the second quarter. State Street Corp now owns 4,526,937 shares of the company’s stock worth $63,468,000 after purchasing an additional 52,734 shares during the period.

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.