Arcutis Biotherapeutics (NASDAQ:ARQT) Hits New 52-Week High – Here’s Why

Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT)’s share price reached a new 52-week high on Tuesday . The company traded as high as $17.70 and last traded at $16.42, with a volume of 8815556 shares changing hands. The stock had previously closed at $14.62.

Analysts Set New Price Targets

Several research firms have issued reports on ARQT. Mizuho increased their target price on Arcutis Biotherapeutics from $20.00 to $21.00 and gave the stock an “outperform” rating in a research report on Wednesday, February 26th. The Goldman Sachs Group raised their target price on Arcutis Biotherapeutics from $13.00 to $15.00 and gave the stock a “neutral” rating in a research note on Thursday, February 27th. HC Wainwright reissued a “buy” rating and issued a $19.00 price target on shares of Arcutis Biotherapeutics in a report on Wednesday, February 26th. Guggenheim reaffirmed a “buy” rating on shares of Arcutis Biotherapeutics in a research note on Monday, February 24th. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $20.00 target price on shares of Arcutis Biotherapeutics in a research note on Wednesday, February 26th. One research analyst has rated the stock with a hold rating and five have issued a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $18.80.

Arcutis Biotherapeutics Stock Up 12.3 %

The company has a fifty day moving average price of $13.55 and a 200 day moving average price of $11.89. The company has a market cap of $1.95 billion, a PE ratio of -9.17 and a beta of 1.48. The company has a debt-to-equity ratio of 0.67, a current ratio of 2.46 and a quick ratio of 2.38.

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

Insiders Place Their Bets

In other news, insider Todd Franklin Watanabe sold 15,000 shares of the business’s stock in a transaction that occurred on Friday, December 20th. The shares were sold at an average price of $15.17, for a total value of $227,550.00. Following the completion of the sale, the insider now directly owns 823,430 shares in the company, valued at approximately $12,491,433.10. The trade was a 1.79 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Howard G. Welgus sold 10,000 shares of the company’s stock in a transaction on Thursday, January 2nd. The shares were sold at an average price of $14.67, for a total transaction of $146,700.00. Following the completion of the sale, the director now directly owns 151,944 shares of the company’s stock, valued at $2,229,018.48. This trade represents a 6.17 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 70,090 shares of company stock valued at $981,768 over the last 90 days. Insiders own 9.50% of the company’s stock.

Institutional Trading of Arcutis Biotherapeutics

Several institutional investors have recently added to or reduced their stakes in ARQT. Wealth Enhancement Advisory Services LLC bought a new stake in shares of Arcutis Biotherapeutics in the 4th quarter valued at about $291,000. GF Fund Management CO. LTD. bought a new stake in Arcutis Biotherapeutics in the fourth quarter valued at approximately $34,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its stake in shares of Arcutis Biotherapeutics by 1.2% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 280,100 shares of the company’s stock valued at $3,902,000 after purchasing an additional 3,409 shares during the period. Voloridge Investment Management LLC grew its holdings in shares of Arcutis Biotherapeutics by 126.5% in the fourth quarter. Voloridge Investment Management LLC now owns 290,938 shares of the company’s stock worth $4,053,000 after purchasing an additional 162,495 shares during the last quarter. Finally, Squarepoint Ops LLC increased its stake in shares of Arcutis Biotherapeutics by 67.2% in the fourth quarter. Squarepoint Ops LLC now owns 121,392 shares of the company’s stock worth $1,691,000 after buying an additional 48,769 shares during the period.

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.