Arcutis Biotherapeutics (NASDAQ:ARQT) Sets New 52-Week High – Time to Buy?

Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT) shares hit a new 52-week high during mid-day trading on Friday . The stock traded as high as $13.50 and last traded at $13.07, with a volume of 1972404 shares changing hands. The stock had previously closed at $11.71.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on the stock. Jefferies Financial Group initiated coverage on shares of Arcutis Biotherapeutics in a research note on Wednesday, August 28th. They set a “buy” rating and a $15.00 price objective on the stock. Needham & Company LLC reaffirmed a “buy” rating and set a $18.00 price target on shares of Arcutis Biotherapeutics in a research report on Thursday, November 7th.

Arcutis Biotherapeutics Stock Up 11.4 %

The company has a debt-to-equity ratio of 0.67, a current ratio of 2.46 and a quick ratio of 2.38. The firm’s 50-day moving average is $9.65 and its 200 day moving average is $9.52. The stock has a market cap of $1.53 billion, a price-to-earnings ratio of -7.12 and a beta of 1.18.

Arcutis Biotherapeutics (NASDAQ:ARQT) last issued its quarterly earnings results on Wednesday, November 6th. The company reported ($0.33) EPS for the quarter, topping the consensus estimate of ($0.42) by $0.09. Arcutis Biotherapeutics had a negative net margin of 140.97% and a negative return on equity of 119.11%. The firm had revenue of $44.76 million during the quarter, compared to analyst estimates of $38.05 million. Sell-side analysts anticipate that Arcutis Biotherapeutics, Inc. will post -1.34 earnings per share for the current fiscal year.

Insider Transactions at Arcutis Biotherapeutics

In other news, insider Patrick Burnett sold 16,023 shares of the stock in a transaction on Friday, November 22nd. The shares were sold at an average price of $10.14, for a total value of $162,473.22. Following the completion of the sale, the insider now owns 128,669 shares of the company’s stock, valued at $1,304,703.66. This represents a 11.07 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO David Joseph Topper sold 11,626 shares of the stock in a transaction on Tuesday, September 24th. The stock was sold at an average price of $9.48, for a total transaction of $110,214.48. Following the completion of the sale, the chief financial officer now directly owns 158,374 shares of the company’s stock, valued at $1,501,385.52. The trade was a 6.84 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 76,951 shares of company stock valued at $752,744 over the last 90 days. Corporate insiders own 9.50% of the company’s stock.

Institutional Investors Weigh In On Arcutis Biotherapeutics

A number of large investors have recently added to or reduced their stakes in the company. Jennison Associates LLC grew its holdings in Arcutis Biotherapeutics by 0.8% during the 3rd quarter. Jennison Associates LLC now owns 11,663,497 shares of the company’s stock valued at $108,471,000 after purchasing an additional 91,803 shares in the last quarter. Rubric Capital Management LP grew its holdings in Arcutis Biotherapeutics by 11.7% during the 3rd quarter. Rubric Capital Management LP now owns 10,966,672 shares of the company’s stock valued at $101,990,000 after purchasing an additional 1,150,000 shares in the last quarter. Suvretta Capital Management LLC grew its holdings in Arcutis Biotherapeutics by 7.2% during the 3rd quarter. Suvretta Capital Management LLC now owns 10,721,511 shares of the company’s stock valued at $99,710,000 after purchasing an additional 717,019 shares in the last quarter. State Street Corp grew its holdings in Arcutis Biotherapeutics by 9.9% during the 3rd quarter. State Street Corp now owns 5,641,631 shares of the company’s stock valued at $52,467,000 after purchasing an additional 506,788 shares in the last quarter. Finally, Vanguard Group Inc. grew its holdings in Arcutis Biotherapeutics by 5.5% during the 1st quarter. Vanguard Group Inc. now owns 5,166,417 shares of the company’s stock valued at $51,199,000 after purchasing an additional 269,904 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.