Arcutis Biotherapeutics (NASDAQ:ARQT) Shares Up 5.3%

Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT)’s share price traded up 5.3% during mid-day trading on Friday . The company traded as high as $10.15 and last traded at $10.11. 648,293 shares traded hands during trading, a decline of 84% from the average session volume of 4,001,471 shares. The stock had previously closed at $9.60.

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on the stock. Needham & Company LLC raised their target price on shares of Arcutis Biotherapeutics from $16.00 to $18.00 and gave the company a “buy” rating in a research note on Wednesday, May 15th. Mizuho boosted their price objective on shares of Arcutis Biotherapeutics from $17.00 to $18.00 and gave the stock a “buy” rating in a research note on Wednesday, May 15th. Two investment analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $25.38.

Arcutis Biotherapeutics Trading Up 3.0 %

The company’s fifty day simple moving average is $8.62 and its two-hundred day simple moving average is $7.88. The company has a quick ratio of 9.61, a current ratio of 9.89 and a debt-to-equity ratio of 0.90.

Arcutis Biotherapeutics (NASDAQ:ARQT) last announced its quarterly earnings data on Tuesday, May 14th. The company reported ($0.32) earnings per share for the quarter, beating the consensus estimate of ($0.60) by $0.28. Arcutis Biotherapeutics had a negative return on equity of 197.28% and a negative net margin of 204.35%. The firm had revenue of $49.57 million during the quarter. During the same period in the prior year, the firm earned ($1.31) earnings per share. As a group, equities analysts forecast that Arcutis Biotherapeutics, Inc. will post -1.6 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, SVP Larry Todd Edwards sold 7,640 shares of the company’s stock in a transaction that occurred on Friday, May 17th. The shares were sold at an average price of $8.98, for a total transaction of $68,607.20. Following the completion of the sale, the senior vice president now owns 140,360 shares of the company’s stock, valued at approximately $1,260,432.80. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In related news, Director Howard G. Welgus sold 10,000 shares of the firm’s stock in a transaction dated Monday, July 1st. The stock was sold at an average price of $9.31, for a total value of $93,100.00. Following the sale, the director now directly owns 180,339 shares of the company’s stock, valued at $1,678,956.09. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, SVP Larry Todd Edwards sold 7,640 shares of the business’s stock in a transaction dated Friday, May 17th. The stock was sold at an average price of $8.98, for a total value of $68,607.20. Following the transaction, the senior vice president now directly owns 140,360 shares of the company’s stock, valued at approximately $1,260,432.80. The disclosure for this sale can be found here. Insiders have sold 42,415 shares of company stock worth $378,950 over the last ninety days. Corporate insiders own 9.50% of the company’s stock.

Institutional Investors Weigh In On Arcutis Biotherapeutics

A number of hedge funds have recently made changes to their positions in ARQT. Cape Investment Advisory Inc. bought a new position in Arcutis Biotherapeutics in the 4th quarter valued at approximately $26,000. Cantor Fitzgerald L. P. acquired a new stake in shares of Arcutis Biotherapeutics during the 4th quarter valued at $33,000. Victory Capital Management Inc. bought a new stake in Arcutis Biotherapeutics during the 4th quarter worth $34,000. China Universal Asset Management Co. Ltd. increased its holdings in Arcutis Biotherapeutics by 586.8% in the 4th quarter. China Universal Asset Management Co. Ltd. now owns 10,920 shares of the company’s stock worth $35,000 after purchasing an additional 9,330 shares in the last quarter. Finally, Amalgamated Bank raised its position in Arcutis Biotherapeutics by 48.9% in the fourth quarter. Amalgamated Bank now owns 11,078 shares of the company’s stock valued at $36,000 after purchasing an additional 3,639 shares during the last quarter.

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.