Arcutis Biotherapeutics (NASDAQ:ARQT) Stock Price Down 7.3% – Here’s What Happened

Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT)’s stock price dropped 7.3% on Monday . The company traded as low as $25.90 and last traded at $26.1520. Approximately 880,870 shares were traded during trading, a decline of 41% from the average daily volume of 1,496,458 shares. The stock had previously closed at $28.22.

Wall Street Analyst Weigh In

Several research firms have recently commented on ARQT. Zacks Research lowered Arcutis Biotherapeutics from a “strong-buy” rating to a “hold” rating in a report on Monday, December 29th. Needham & Company LLC upped their price objective on Arcutis Biotherapeutics from $22.00 to $30.00 and gave the stock a “buy” rating in a research note on Tuesday, October 28th. HC Wainwright reiterated a “buy” rating and issued a $30.00 target price on shares of Arcutis Biotherapeutics in a research note on Wednesday, October 29th. The Goldman Sachs Group upped their price target 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. Finally, Wall Street Zen upgraded shares of Arcutis Biotherapeutics from a “buy” rating to a “strong-buy” rating in a research report on Sunday, January 4th. Six research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $29.00.

Arcutis Biotherapeutics Stock Down 5.1%

The stock has a market cap of $3.28 billion, a P/E ratio of -74.39 and a beta of 1.71. The stock’s 50-day moving average is $28.27 and its 200-day moving average is $21.01. The company has a current ratio of 3.50, a quick ratio of 3.28 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 EPS for the quarter, beating analysts’ consensus estimates of ($0.10) by $0.16. The business had revenue of $99.22 million for the quarter, compared to analyst estimates of $86.69 million. Arcutis Biotherapeutics had a negative net margin of 13.94% and a negative return on equity of 29.69%. As a group, research analysts anticipate that Arcutis Biotherapeutics, Inc. will post -1.33 earnings per share for the current fiscal year.

Insider Activity

In related news, insider Larry Todd Edwards sold 29,131 shares of the business’s stock in a transaction that occurred on Thursday, November 6th. The shares were sold at an average price of $25.16, for a total value of $732,935.96. Following the sale, the insider directly owned 150,193 shares in the company, valued at $3,778,855.88. The trade was a 16.24% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Patrick Burnett sold 17,250 shares of the stock in a transaction that occurred on Thursday, November 6th. The shares were sold at an average price of $24.18, for a total transaction of $417,105.00. Following the sale, the insider directly owned 98,325 shares of the company’s stock, valued at approximately $2,377,498.50. This represents a 14.93% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 293,912 shares of company stock valued at $7,885,305 over the last quarter. Insiders own 9.40% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. Johnson Investment Counsel Inc. acquired a new position in shares of Arcutis Biotherapeutics in the 3rd quarter worth $30,000. PNC Financial Services Group Inc. raised its holdings 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 worth $124,000 after buying an additional 820 shares during the period. Jones Financial Companies Lllp lifted its stake in Arcutis Biotherapeutics by 1,291.1% during the third quarter. Jones Financial Companies Lllp now owns 7,067 shares of the company’s stock valued at $124,000 after buying an additional 6,559 shares in the last quarter. Atlas Wealth LLC acquired a new position in shares of Arcutis Biotherapeutics in the second quarter worth about $138,000. Finally, Quantbot Technologies LP acquired a new position in shares of Arcutis Biotherapeutics in the second quarter worth about $145,000.

Arcutis Biotherapeutics Company Profile

Arcutis Biotherapeutics is a clinical-stage biopharmaceutical company focused on developing and commercializing innovative therapies for immuno-inflammatory skin diseases. The company’s research and development efforts center on targeted treatments that address the underlying biology of conditions such as plaque psoriasis, atopic dermatitis, seborrheic dermatitis and vitiligo. Arcutis employs a precision-medicine approach to deliver topical therapies designed to improve efficacy and tolerability compared with existing treatment options.

In August 2022, Arcutis received U.S.