Arcutis Biotherapeutics (NASDAQ:ARQT) Announces Earnings Results, Misses Expectations By $0.12 EPS

Arcutis Biotherapeutics (NASDAQ:ARQT) released its quarterly earnings data on Wednesday. The company reported $0.06 EPS for the quarter, missing the consensus estimate of $0.18 by ($0.12), FiscalAI reports. The business had revenue of $143.92 million for the quarter, compared to the consensus estimate of $142.59 million. Arcutis Biotherapeutics had a net margin of 6.15% and a return on equity of 15.05%.

Arcutis Biotherapeutics Stock Performance

NASDAQ:ARQT traded up $2.05 during midday trading on Wednesday, hitting $34.05. The company’s stock had a trading volume of 2,567,053 shares, compared to its average volume of 1,832,930. Arcutis Biotherapeutics has a fifty-two week low of $19.30 and a fifty-two week high of $34.80. The company has a debt-to-equity ratio of 0.46, a current ratio of 2.92 and a quick ratio of 2.67. The firm has a market cap of $4.28 billion, a P/E ratio of 162.15 and a beta of 1.66. The firm’s 50 day moving average is $26.93 and its 200-day moving average is $25.33.

Insider Buying and Selling at Arcutis Biotherapeutics

In other news, Director Terrie Curran sold 38,200 shares of the company’s stock in a transaction on Thursday, August 27th. The shares were sold at an average price of $25.03, for a total value of $956,146.00. Following the sale, the director directly owned 23,526 shares of the company’s stock, valued at $588,855.78. This represents a 61.89% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Patrick Burnett sold 6,700 shares of the firm’s stock in a transaction on Wednesday, August 12th. The stock was sold at an average price of $26.08, for a total transaction of $174,736.00. Following the transaction, the insider directly owned 119,289 shares of the company’s stock, valued at approximately $3,111,057.12. This trade represents a 5.32% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 77,393 shares of company stock valued at $1,971,944 over the last quarter. Insiders own 9.40% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have issued reports on ARQT. Weiss Ratings upgraded Arcutis Biotherapeutics from a “hold (c-)” rating to a “hold (c)” rating in a research report on Thursday, October 29th. Jefferies Financial Group restated a “buy” rating and set a $39.00 price target on shares of Arcutis Biotherapeutics in a report on Thursday, October 8th. Needham & Company LLC raised their price target on Arcutis Biotherapeutics from $36.00 to $40.00 and gave the stock a “buy” rating in a research report on Thursday, August 6th. Morgan Stanley lifted their price objective on shares of Arcutis Biotherapeutics from $34.00 to $38.00 and gave the stock an “overweight” rating in a research note on Thursday, August 6th. Finally, Wall Street Zen cut shares of Arcutis Biotherapeutics from a “strong-buy” rating to a “buy” rating in a research report on Saturday, October 10th. Eight analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $39.12.

About Arcutis Biotherapeutics

Arcutis Biotherapeutics, Inc is a commercial-stage biopharmaceutical company focused on developing and delivering treatments for dermatologic conditions. The company’s portfolio is centered on therapies designed to address inflammatory skin diseases, with an emphasis on nonsteroidal topical medicines that may help patients manage chronic conditions.

Arcutis’s lead product is ZORYVE (roflumilast), a topical phosphodiesterase-4 inhibitor. ZORYVE has received U.S. Food and Drug Administration approvals for multiple dermatological uses, including plaque psoriasis, seborrheic dermatitis and atopic dermatitis, in different cream and foam formulations.