Arcutis Biotherapeutics (NASDAQ:ARQT) Stock Price Up 9.4% – Here’s Why

Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT)’s share price traded up 9.4% during trading on Wednesday . The stock traded as high as $14.49 and last traded at $14.66. 888,037 shares were traded during mid-day trading, a decline of 60% from the average session volume of 2,202,758 shares. The stock had previously closed at $13.40.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on the company. Mizuho boosted their price target on Arcutis Biotherapeutics from $20.00 to $21.00 and gave the stock an “outperform” rating in a report on Wednesday, February 26th. Needham & Company LLC reiterated a “buy” rating and set a $20.00 target price on shares of Arcutis Biotherapeutics in a research report on Wednesday, February 26th. HC Wainwright restated a “buy” rating and issued a $19.00 price target on shares of Arcutis Biotherapeutics in a research report on Wednesday, February 26th. The Goldman Sachs Group lifted their price target on shares of Arcutis Biotherapeutics from $13.00 to $15.00 and gave the stock a “neutral” rating in a report on Thursday, February 27th. Finally, Guggenheim reissued a “buy” rating on shares of Arcutis Biotherapeutics in a research note on Monday, February 24th. One investment analyst has rated the stock with a hold rating and five have issued a buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $18.00.

Arcutis Biotherapeutics Stock Up 1.5 %

The stock’s 50-day simple moving average is $13.44 and its 200 day simple moving average is $11.59. 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 firm has a market cap of $1.75 billion, a P/E ratio of -8.22 and a beta of 1.48.

Arcutis Biotherapeutics (NASDAQ:ARQT) last released its earnings results on Tuesday, February 25th. The company reported ($0.09) EPS for the quarter, topping the consensus estimate of ($0.28) by $0.19. Arcutis Biotherapeutics had a negative return on equity of 119.11% and a negative net margin of 140.97%. The business had revenue of $71.36 million during the quarter, compared to analysts’ expectations of $60.52 million. As a group, research analysts forecast that Arcutis Biotherapeutics, Inc. will post -1.33 EPS for the current fiscal year.

Insider Activity

In other Arcutis Biotherapeutics news, insider Patrick Burnett sold 2,819 shares of the firm’s stock in a transaction that occurred on Monday, March 3rd. The stock was sold at an average price of $13.03, for a total value of $36,731.57. Following the completion of the sale, the insider now owns 167,043 shares of the company’s stock, valued at approximately $2,176,570.29. This trade represents a 1.66 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Todd Franklin Watanabe sold 15,000 shares of the company’s 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 directly owns 823,430 shares in the company, valued at $12,491,433.10. The trade was a 1.79 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 57,848 shares of company stock worth $797,648 in the last quarter. 9.50% of the stock is owned by corporate insiders.

Institutional Trading of Arcutis Biotherapeutics

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Summit Investment Advisors Inc. raised its stake in shares of Arcutis Biotherapeutics by 8.0% in the fourth quarter. Summit Investment Advisors Inc. now owns 11,245 shares of the company’s stock worth $157,000 after purchasing an additional 837 shares during the last quarter. Victory Capital Management Inc. grew its holdings in Arcutis Biotherapeutics by 9.9% during the third quarter. Victory Capital Management Inc. now owns 12,843 shares of the company’s stock worth $119,000 after buying an additional 1,155 shares in the last quarter. China Universal Asset Management Co. Ltd. raised its position in Arcutis Biotherapeutics by 10.4% in the 4th quarter. China Universal Asset Management Co. Ltd. now owns 24,818 shares of the company’s stock valued at $346,000 after buying an additional 2,336 shares during the last quarter. GF Fund Management CO. LTD. bought a new position in Arcutis Biotherapeutics during the 4th quarter valued at $34,000. Finally, Point72 DIFC Ltd purchased a new position in Arcutis Biotherapeutics during the 3rd quarter worth $25,000.

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.