Arcutis Biotherapeutics (NASDAQ:ARQT) Shares Down 4.2%

Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT)’s share price fell 4.2% during trading on Thursday . The stock traded as low as $9.81 and last traded at $9.82. 134,132 shares traded hands during trading, a decline of 97% from the average session volume of 4,744,550 shares. The stock had previously closed at $10.25.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on ARQT. The Goldman Sachs Group lifted their target price on Arcutis Biotherapeutics from $6.00 to $11.00 and gave the stock a “neutral” rating in a research report on Wednesday, February 28th. Needham & Company LLC reissued a “buy” rating and set a $16.00 target price on shares of Arcutis Biotherapeutics in a research report on Friday, April 12th. Finally, Mizuho restated a “buy” rating and set a $16.00 price target (up previously from $8.00) on shares of Arcutis Biotherapeutics in a research note on Friday, February 23rd. Two research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $26.56.

Arcutis Biotherapeutics Stock Down 3.7 %

The business’s 50 day moving average price is $10.06 and its 200-day moving average price is $5.64. The company has a debt-to-equity ratio of 2.28, a current ratio of 7.08 and a quick ratio of 6.80. The company has a market cap of $880.97 million, a P/E ratio of -2.32 and a beta of 1.14.

Arcutis Biotherapeutics (NASDAQ:ARQT) last issued its quarterly earnings results on Tuesday, February 27th. The company reported ($0.72) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.64) by ($0.08). The company had revenue of $13.53 million during the quarter, compared to analyst estimates of $11.78 million. Arcutis Biotherapeutics had a negative net margin of 439.79% and a negative return on equity of 294.85%. During the same period in the prior year, the business earned ($1.18) EPS. On average, analysts anticipate that Arcutis Biotherapeutics, Inc. will post -2.49 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Arcutis Biotherapeutics news, insider Masaru Matsuda sold 3,760 shares of Arcutis Biotherapeutics stock in a transaction on Monday, March 4th. The shares were sold at an average price of $11.12, for a total transaction of $41,811.20. Following the completion of the sale, the insider now owns 190,424 shares of the company’s stock, valued at approximately $2,117,514.88. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 20.70% of the company’s stock.

Hedge Funds Weigh In On Arcutis Biotherapeutics

Several institutional investors and hedge funds have recently made changes to their positions in the company. Jennison Associates LLC lifted its position in Arcutis Biotherapeutics by 104.6% in the 4th quarter. Jennison Associates LLC now owns 9,066,082 shares of the company’s stock valued at $29,283,000 after acquiring an additional 4,633,907 shares in the last quarter. Frazier Life Sciences Management L.P. lifted its position in Arcutis Biotherapeutics by 0.9% in the 4th quarter. Frazier Life Sciences Management L.P. now owns 8,764,232 shares of the company’s stock valued at $28,308,000 after acquiring an additional 80,000 shares in the last quarter. Rubric Capital Management LP lifted its position in Arcutis Biotherapeutics by 32.0% in the 4th quarter. Rubric Capital Management LP now owns 6,644,530 shares of the company’s stock valued at $21,462,000 after acquiring an additional 1,610,000 shares in the last quarter. State Street Corp lifted its position in Arcutis Biotherapeutics by 44.6% in the 2nd quarter. State Street Corp now owns 5,226,009 shares of the company’s stock valued at $49,804,000 after acquiring an additional 1,611,228 shares in the last quarter. Finally, BlackRock Inc. lifted its position in Arcutis Biotherapeutics by 11.0% in the 3rd quarter. BlackRock Inc. now owns 5,081,744 shares of the company’s stock valued at $97,110,000 after acquiring an additional 503,591 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.