Arcutis Biotherapeutics (NASDAQ:ARQT) Trading Down 6.1% – Should You Sell?

Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT) shares dropped 6.1% on Wednesday . The stock traded as low as $12.30 and last traded at $12.35. Approximately 894,309 shares were traded during trading, a decline of 72% from the average daily volume of 3,139,227 shares. The stock had previously closed at $13.15.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on ARQT shares. Needham & Company LLC reiterated a “buy” rating and set a $18.00 price objective on shares of Arcutis Biotherapeutics in a research note on Thursday, November 7th. Jefferies Financial Group began coverage on Arcutis Biotherapeutics in a research report on Wednesday, August 28th. They set a “buy” rating and a $15.00 price target for the company.

Arcutis Biotherapeutics Stock Performance

The business’s 50-day simple moving average is $10.24 and its two-hundred day simple moving average is $9.76. 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 $1.49 billion, a price-to-earnings ratio of -7.31 and a beta of 1.32.

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

Insider Activity

In other Arcutis Biotherapeutics news, Director Howard G. Welgus sold 10,000 shares of the business’s stock in a transaction that occurred on Friday, November 1st. The stock was 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 directly owns 171,944 shares in the company, valued at approximately $1,487,315.60. The trade was a 5.50 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Terrie Curran sold 8,687 shares of the firm’s stock in a transaction that occurred on Monday, November 11th. The shares were sold at an average price of $10.85, for a total value of $94,253.95. Following the completion of the transaction, the director now owns 10,139 shares in the company, valued at approximately $110,008.15. This trade represents a 46.14 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 76,951 shares of company stock worth $770,144 in the last quarter. Corporate insiders own 9.50% of the company’s stock.

Institutional Investors Weigh In On Arcutis Biotherapeutics

Hedge funds have recently modified their holdings of the business. Rubric Capital Management LP raised its holdings in shares of Arcutis Biotherapeutics by 30.7% during the 2nd quarter. Rubric Capital Management LP now owns 9,816,672 shares of the company’s stock worth $91,295,000 after acquiring an additional 2,306,672 shares during the period. Candriam S.C.A. purchased a new stake in shares of Arcutis Biotherapeutics during the 2nd quarter valued at approximately $12,159,000. Perceptive Advisors LLC lifted its holdings in Arcutis Biotherapeutics by 107.8% in the second quarter. Perceptive Advisors LLC now owns 1,558,500 shares of the company’s stock valued at $14,494,000 after acquiring an additional 808,500 shares during the last quarter. Suvretta Capital Management LLC grew its position in Arcutis Biotherapeutics by 7.2% in the third quarter. Suvretta Capital Management LLC now owns 10,721,511 shares of the company’s stock worth $99,710,000 after acquiring an additional 717,019 shares during the period. Finally, State Street Corp increased its stake in Arcutis Biotherapeutics by 9.9% during the third quarter. State Street Corp now owns 5,641,631 shares of the company’s stock worth $52,467,000 after acquiring an additional 506,788 shares during 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.