Arcutis Biotherapeutics (NASDAQ:ARQT) Trading Up 12.5% – Here’s What Happened

Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT) shot up 12.5% during mid-day trading on Wednesday . The company traded as high as $17.05 and last traded at $16.85. 2,551,764 shares changed hands during trading, an increase of 6% from the average session volume of 2,413,672 shares. The stock had previously closed at $14.98.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on ARQT. Needham & Company LLC restated a “buy” rating and issued a $20.00 target price on shares of Arcutis Biotherapeutics in a report on Wednesday, February 26th. Jefferies Financial Group increased their price objective on shares of Arcutis Biotherapeutics from $16.00 to $19.00 and gave the stock a “buy” rating in a research note on Tuesday, March 11th. Guggenheim reiterated a “buy” rating on shares of Arcutis Biotherapeutics in a research report on Monday, February 24th. Mizuho lifted their price target on shares of Arcutis Biotherapeutics from $20.00 to $21.00 and gave the stock an “outperform” rating in a research note on Wednesday, February 26th. Finally, The Goldman Sachs Group upped their price objective on Arcutis Biotherapeutics from $13.00 to $15.00 and gave the stock a “neutral” rating in a research note on Thursday, February 27th. One equities research analyst has rated the stock with a hold rating and five have given a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $18.80.

Arcutis Biotherapeutics Trading Up 11.5 %

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 stock has a 50-day moving average price of $14.08 and a two-hundred day moving average price of $12.33. The stock has a market cap of $1.98 billion, a PE ratio of -9.33 and a beta of 1.48.

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

Insider Transactions at Arcutis Biotherapeutics

In other news, insider Masaru Matsuda sold 8,338 shares of the company’s stock in a transaction that occurred on Monday, February 3rd. The shares were sold at an average price of $12.70, for a total value of $105,892.60. Following the completion of the sale, the insider now owns 178,692 shares of the company’s stock, valued at approximately $2,269,388.40. This represents a 4.46 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Todd Franklin Watanabe sold 1,500 shares of Arcutis Biotherapeutics stock in a transaction on Monday, March 24th. The shares were sold at an average price of $17.52, for a total value of $26,280.00. Following the completion of the transaction, the insider now owns 927,414 shares in the company, valued at $16,248,293.28. This represents a 0.16 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 56,099 shares of company stock valued at $777,956. 9.50% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Arcutis Biotherapeutics

A number of institutional investors have recently modified their holdings of ARQT. GF Fund Management CO. LTD. purchased a new position in Arcutis Biotherapeutics in the fourth quarter valued at $34,000. Point72 DIFC Ltd acquired a new position in Arcutis Biotherapeutics in the 3rd quarter worth about $25,000. Venturi Wealth Management LLC purchased a new position in Arcutis Biotherapeutics during the fourth quarter worth approximately $46,000. Cibc World Markets Corp acquired a new stake in Arcutis Biotherapeutics in the fourth quarter valued at approximately $140,000. Finally, Erste Asset Management GmbH purchased a new stake in shares of Arcutis Biotherapeutics in the third quarter valued at approximately $104,000.

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.