Arcutis Biotherapeutics (NASDAQ:ARQT) Stock Price Down 4.7% – What’s Next?

Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT)’s stock price dropped 4.7% during mid-day trading on Tuesday . The stock traded as low as $29.33 and last traded at $29.5780. Approximately 1,173,722 shares changed hands during mid-day trading, a decline of 45% from the average daily volume of 2,152,667 shares. The stock had previously closed at $31.03.

Analyst Upgrades and Downgrades

ARQT has been the subject of a number of research analyst reports. Weiss Ratings reiterated a “sell (d-)” rating on shares of Arcutis Biotherapeutics in a report on Monday, December 1st. Needham & Company LLC raised their price objective on Arcutis Biotherapeutics from $22.00 to $30.00 and gave the company a “buy” rating in a research report on Tuesday, October 28th. Mizuho lifted their target price on Arcutis Biotherapeutics from $32.00 to $37.00 and gave the stock an “outperform” rating in a research note on Friday, November 28th. Wall Street Zen lowered Arcutis Biotherapeutics from a “strong-buy” rating to a “buy” rating in a report on Saturday. Finally, The Goldman Sachs Group increased their price target on Arcutis Biotherapeutics from $19.00 to $29.00 and gave the company a “neutral” rating in a research note on Thursday, October 30th. One analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, one has given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, Arcutis Biotherapeutics presently has a consensus rating of “Moderate Buy” and an average price target of $29.00.

Arcutis Biotherapeutics Stock Performance

The company has a market cap of $3.65 billion, a P/E ratio of -82.43 and a beta of 1.69. The stock has a 50 day moving average price of $24.50 and a two-hundred day moving average price of $18.43. The company has a quick ratio of 3.28, a current ratio of 3.50 and a debt-to-equity ratio of 0.68.

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

Insider Activity at Arcutis Biotherapeutics

In related news, insider Patrick Burnett sold 17,250 shares of the business’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 sale, the insider directly owned 98,325 shares in the company, valued at approximately $2,377,498.50. The trade was a 14.93% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Todd Watanabe sold 48,945 shares of Arcutis Biotherapeutics stock in a transaction on Monday, November 24th. The shares were sold at an average price of $30.36, for a total value of $1,485,970.20. Following the completion of the transaction, the insider directly owned 740,537 shares of the company’s stock, valued at $22,482,703.32. This represents a 6.20% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last three months, insiders sold 327,729 shares of company stock valued at $8,305,217. 9.40% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Arcutis Biotherapeutics

A number of large investors have recently bought and sold shares of the company. Jennison Associates LLC lifted its holdings in shares of Arcutis Biotherapeutics by 10.3% during the 3rd quarter. Jennison Associates LLC now owns 12,254,119 shares of the company’s stock worth $230,990,000 after acquiring an additional 1,144,714 shares during the period. Frazier Life Sciences Management L.P. raised its position 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 valued at $138,441,000 after purchasing an additional 1,089,227 shares in the last quarter. Vanguard Group Inc. lifted its stake in Arcutis Biotherapeutics by 1.4% during the third quarter. Vanguard Group Inc. now owns 7,146,090 shares of the company’s stock worth $134,704,000 after purchasing an additional 96,991 shares during the last quarter. Polar Capital Holdings Plc lifted its stake in 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 last quarter. Finally, State Street Corp boosted its holdings in shares of Arcutis Biotherapeutics by 1.2% in the 2nd quarter. State Street Corp now owns 4,526,937 shares of the company’s stock valued at $63,468,000 after purchasing an additional 52,734 shares in the last quarter.

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.