Arcutis Biotherapeutics (NASDAQ:ARQT) Shares Up 7.3% – Here’s Why

Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT) was up 7.3% on Thursday. The stock traded as high as $28.05 and last traded at $28.3340. 207,302 shares were traded during trading, a decline of 88% from the average daily volume of 1,781,984 shares. The stock had previously closed at $26.41.

Wall Street Analysts Forecast Growth

ARQT has been the subject of several recent analyst reports. Weiss Ratings cut Arcutis Biotherapeutics from a “hold (c)” rating to a “hold (c-)” rating in a research report on Wednesday. Cantor Fitzgerald began coverage on Arcutis Biotherapeutics in a report on Thursday. They set an “overweight” rating and a $48.00 price target on the stock. Wall Street Zen lowered Arcutis Biotherapeutics from a “strong-buy” rating to a “buy” rating in a research report on Saturday, October 10th. Guggenheim increased their price objective on Arcutis Biotherapeutics from $35.00 to $38.00 and gave the stock a “buy” rating in a research note on Thursday, August 6th. Finally, Morgan Stanley raised their price objective on Arcutis Biotherapeutics from $34.00 to $38.00 and gave the stock an “overweight” rating in a research report on Thursday, August 6th. Eight investment analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company’s stock. According to data from MarketBeat, Arcutis Biotherapeutics has an average rating of “Moderate Buy” and an average price target of $37.33.

Arcutis Biotherapeutics Trading Down 1.0%

The business has a 50-day moving average of $25.45 and a 200-day moving average of $24.81. The company has a quick ratio of 2.67, a current ratio of 2.92 and a debt-to-equity ratio of 0.46. The stock has a market cap of $3.62 billion, a price-to-earnings ratio of 137.24 and a beta of 1.57.

Arcutis Biotherapeutics (NASDAQ:ARQT) last issued its earnings results on Wednesday, August 5th. The company reported $0.11 earnings per share for the quarter, topping the consensus estimate of $0.06 by $0.05. The company had revenue of $129.86 million for the quarter, compared to analyst estimates of $118.85 million. Arcutis Biotherapeutics had a return on equity of 15.05% and a net margin of 6.15%. As a group, research analysts forecast that Arcutis Biotherapeutics, Inc. will post 0.43 earnings per share for the current year.

Insider Buying and Selling at Arcutis Biotherapeutics

In other news, insider Patrick Burnett sold 8,300 shares of the firm’s stock in a transaction on Tuesday, August 11th. The shares were sold at an average price of $26.52, for a total transaction of $220,116.00. Following the transaction, the insider owned 119,289 shares in the company, valued at approximately $3,163,544.28. This trade represents a 6.51% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Todd Watanabe sold 4,375 shares of Arcutis Biotherapeutics stock in a transaction on Monday, August 3rd. The shares were sold at an average price of $26.12, for a total transaction of $114,275.00. Following the completion of the sale, the insider directly owned 717,203 shares of the company’s stock, valued at approximately $18,733,342.36. The trade was a 0.61% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold 79,225 shares of company stock worth $2,015,966 in the last ninety days. Company insiders own 9.40% of the company’s stock.

Institutional Trading of Arcutis Biotherapeutics

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Arizona State Retirement System lifted its stake in shares of Arcutis Biotherapeutics by 1.7% in the second quarter. Arizona State Retirement System now owns 30,802 shares of the company’s stock worth $808,000 after buying an additional 521 shares during the last quarter. Bank of New York Mellon Corp lifted its position in Arcutis Biotherapeutics by 0.4% during the 1st quarter. Bank of New York Mellon Corp now owns 305,532 shares of the company’s stock worth $7,198,000 after acquiring an additional 1,104 shares during the last quarter. KBC Group NV boosted its holdings in Arcutis Biotherapeutics by 43.2% during the first quarter. KBC Group NV now owns 4,376 shares of the company’s stock valued at $103,000 after acquiring an additional 1,321 shares during the period. AMI Asset Management Corp boosted its holdings in Arcutis Biotherapeutics by 3.2% during the first quarter. AMI Asset Management Corp now owns 50,863 shares of the company’s stock valued at $1,198,000 after acquiring an additional 1,601 shares during the period. Finally, Fishman Jay A Ltd. MI boosted its holdings in Arcutis Biotherapeutics by 0.4% during the first quarter. Fishman Jay A Ltd. MI now owns 566,730 shares of the company’s stock valued at $13,352,000 after acquiring an additional 2,080 shares during the period.

Arcutis Biotherapeutics Company Profile

Arcutis Biotherapeutics, Inc (NASDAQ: ARQT) is a biopharmaceutical company focused on developing and commercializing treatments for dermatologic conditions. The company concentrates on medical dermatology, with an emphasis on addressing diseases that can significantly affect patients’ quality of life and for which additional treatment options are needed.

Arcutis’s primary commercial product is ZORYVE (roflumilast), a topical phosphodiesterase-4 inhibitor available in multiple formulations.