Arcutis Biotherapeutics (NASDAQ:ARQT) Stock Price Up 6.8% – Here’s Why

Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT)’s share price rose 6.8% during mid-day trading on Monday . The stock traded as high as $15.05 and last traded at $14.79. Approximately 489,991 shares changed hands during mid-day trading, a decline of 73% from the average daily volume of 1,831,413 shares. The stock had previously closed at $13.85.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on the company. Mizuho increased their price objective on Arcutis Biotherapeutics from $19.00 to $20.00 and gave the company an “outperform” rating in a research report on Tuesday, January 7th. Needham & Company LLC reaffirmed a “buy” rating and set a $18.00 target price on shares of Arcutis Biotherapeutics in a report on Thursday, November 7th. Finally, HC Wainwright reissued a “buy” rating and issued a $19.00 price target on shares of Arcutis Biotherapeutics in a research note on Monday, January 13th. One research analyst has rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $16.60.

Arcutis Biotherapeutics Stock Down 2.2 %

The company has a quick ratio of 2.38, a current ratio of 2.46 and a debt-to-equity ratio of 0.67. The stock has a fifty day moving average price of $13.37 and a 200-day moving average price of $10.99.

Arcutis Biotherapeutics (NASDAQ:ARQT) last announced its quarterly earnings data on Wednesday, November 6th. The company reported ($0.33) EPS for the quarter, topping analysts’ consensus estimates of ($0.42) by $0.09. The firm had revenue of $44.76 million during the quarter, compared to analyst estimates of $38.05 million. Arcutis Biotherapeutics had a negative return on equity of 119.11% and a negative net margin of 140.97%. Sell-side analysts anticipate that Arcutis Biotherapeutics, Inc. will post -1.35 EPS for the current fiscal year.

Insider Activity at Arcutis Biotherapeutics

In related news, insider Todd Franklin Watanabe sold 15,000 shares of the stock in a transaction that occurred on Friday, December 20th. The stock was sold at an average price of $15.17, for a total value of $227,550.00. Following the transaction, the insider now owns 823,430 shares in the company, valued at approximately $12,491,433.10. This represents a 1.79 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Howard G. Welgus sold 10,000 shares of Arcutis Biotherapeutics stock in a transaction that occurred on Friday, November 1st. The shares were sold at an average price of $8.65, for a total transaction of $86,500.00. Following the completion of the sale, the director now owns 171,944 shares of the company’s stock, valued at $1,487,315.60. This trade represents a 5.50 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 78,291 shares of company stock valued at $927,966. Corporate insiders own 9.50% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the business. Jennison Associates LLC boosted its holdings in Arcutis Biotherapeutics by 5.8% in the fourth quarter. Jennison Associates LLC now owns 12,339,792 shares of the company’s stock worth $171,893,000 after purchasing an additional 676,295 shares in the last quarter. China Universal Asset Management Co. Ltd. boosted its stake in shares of Arcutis Biotherapeutics by 10.4% during the 4th quarter. China Universal Asset Management Co. Ltd. now owns 24,818 shares of the company’s stock worth $346,000 after acquiring an additional 2,336 shares in the last quarter. Zweig DiMenna Associates LLC acquired a new position in shares of Arcutis Biotherapeutics during the 4th quarter valued at about $578,000. SG Americas Securities LLC raised its stake in shares of Arcutis Biotherapeutics by 25.4% in the 4th quarter. SG Americas Securities LLC now owns 48,087 shares of the company’s stock valued at $670,000 after acquiring an additional 9,754 shares in the last quarter. Finally, LVW Advisors LLC acquired a new stake in Arcutis Biotherapeutics in the 4th quarter worth approximately $166,000.

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.