Arcutis Biotherapeutics (NASDAQ:ARQT) Shares Down 6.1% Following Insider Selling

Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT)’s stock price dropped 6.1% during trading on Wednesday after an insider sold shares in the company. The company traded as low as $9.05 and last traded at $9.09. Approximately 853,279 shares changed hands during trading, a decline of 75% from the average daily volume of 3,480,290 shares. The stock had previously closed at $9.68.

Specifically, CFO David Joseph Topper sold 11,626 shares of the company’s stock in a transaction that occurred on Tuesday, September 24th. The shares were sold at an average price of $9.48, for a total transaction of $110,214.48. Following the transaction, the chief financial officer now owns 158,374 shares in the company, valued at approximately $1,501,385.52. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website.

Analyst Upgrades and Downgrades

ARQT has been the topic of a number of research analyst reports. Needham & Company LLC reissued a “buy” rating and set a $18.00 price objective on shares of Arcutis Biotherapeutics in a report on Thursday, August 15th. Jefferies Financial Group assumed coverage on Arcutis Biotherapeutics in a research report on Wednesday, August 28th. They set a “buy” rating and a $15.00 price target for the company. Two research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to MarketBeat.com, Arcutis Biotherapeutics currently has a consensus rating of “Moderate Buy” and an average price target of $13.33.

Arcutis Biotherapeutics Price Performance

The company has a quick ratio of 8.19, a current ratio of 8.46 and a debt-to-equity ratio of 1.09. The stock’s 50 day moving average price is $9.83 and its two-hundred day moving average price is $9.53. The stock has a market cap of $1.09 billion, a price-to-earnings ratio of -3.12 and a beta of 1.18.

Arcutis Biotherapeutics (NASDAQ:ARQT) last released its quarterly earnings data on Wednesday, August 14th. The company reported ($0.42) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.48) by $0.06. The business had revenue of $30.86 million during the quarter, compared to analyst estimates of $31.00 million. Arcutis Biotherapeutics had a negative return on equity of 145.41% and a negative net margin of 150.51%. During the same quarter last year, the business posted ($1.16) EPS. Equities research analysts forecast that Arcutis Biotherapeutics, Inc. will post -1.56 EPS for the current fiscal year.

Institutional Investors Weigh In On Arcutis Biotherapeutics

Institutional investors have recently modified their holdings of the business. Perceptive Advisors LLC grew its holdings in Arcutis Biotherapeutics by 107.8% in the second quarter. Perceptive Advisors LLC now owns 1,558,500 shares of the company’s stock valued at $14,494,000 after purchasing an additional 808,500 shares during the period. Capital Impact Advisors LLC purchased a new stake in Arcutis Biotherapeutics in the 2nd quarter worth $606,000. Algert Global LLC acquired a new position in Arcutis Biotherapeutics during the second quarter worth $97,000. The Manufacturers Life Insurance Company lifted its holdings in Arcutis Biotherapeutics by 31.0% during the second quarter. The Manufacturers Life Insurance Company now owns 40,323 shares of the company’s stock valued at $375,000 after purchasing an additional 9,537 shares in the last quarter. Finally, Millennium Management LLC lifted its holdings in Arcutis Biotherapeutics by 35.3% during the second quarter. Millennium Management LLC now owns 512,696 shares of the company’s stock valued at $4,768,000 after purchasing an additional 133,645 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.