Arcutis Biotherapeutics (NASDAQ:ARQT) Reaches New 52-Week High – Here’s What Happened

Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT)’s share price reached a new 52-week high during trading on Tuesday . The company traded as high as $27.43 and last traded at $26.8710, with a volume of 1119197 shares traded. The stock had previously closed at $26.17.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on ARQT shares. HC Wainwright reaffirmed a “buy” rating and issued a $30.00 price objective on shares of Arcutis Biotherapeutics in a research note on Wednesday, October 29th. Zacks Research raised shares of Arcutis Biotherapeutics from a “hold” rating to a “strong-buy” rating in a report on Wednesday, October 29th. Mizuho set a $32.00 price target on shares of Arcutis Biotherapeutics in a report on Wednesday, October 29th. Cowen reiterated a “buy” rating on shares of Arcutis Biotherapeutics in a research report on Thursday, August 7th. Finally, Needham & Company LLC increased their price objective on shares of Arcutis Biotherapeutics from $22.00 to $30.00 and gave the company a “buy” rating in a research note on Tuesday, October 28th. One research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $28.00.

Arcutis Biotherapeutics Price Performance

The company has a 50 day moving average price of $21.34 and a 200-day moving average price of $16.99. The company has a market cap of $3.35 billion, a price-to-earnings ratio of -75.92 and a beta of 1.97. The company has a quick ratio of 3.28, a current ratio of 3.50 and a debt-to-equity ratio of 0.68.

Arcutis Biotherapeutics (NASDAQ:ARQT) last posted its earnings results on Tuesday, October 28th. The company reported $0.06 EPS for the quarter, topping the consensus estimate of ($0.10) by $0.16. Arcutis Biotherapeutics had a negative net margin of 13.94% and a negative return on equity of 29.69%. The business had revenue of $99.22 million for the quarter, compared to the consensus estimate of $86.69 million. As a group, equities research analysts predict that Arcutis Biotherapeutics, Inc. will post -1.33 EPS for the current fiscal year.

Insider Buying and Selling

In related news, Director Howard G. Welgus sold 10,000 shares of the stock in a transaction on Monday, November 3rd. The stock was sold at an average price of $25.27, for a total value of $252,700.00. Following the completion of the sale, the director directly owned 89,744 shares in the company, valued at $2,267,830.88. This represents a 10.03% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Todd Watanabe sold 11,547 shares of Arcutis Biotherapeutics stock in a transaction dated Monday, November 3rd. The stock was sold at an average price of $24.72, for a total value of $285,441.84. Following the transaction, the insider directly owned 794,893 shares in the company, valued at $19,649,754.96. The trade was a 1.43% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 277,977 shares of company stock valued at $6,047,851 over the last quarter. 9.40% of the stock is currently owned by company insiders.

Institutional Trading of Arcutis Biotherapeutics

Several institutional investors have recently added to or reduced their stakes in ARQT. Woodline Partners LP raised its holdings in Arcutis Biotherapeutics by 53.1% during the 3rd quarter. Woodline Partners LP now owns 314,619 shares of the company’s stock worth $5,931,000 after purchasing an additional 109,109 shares during the last quarter. Dark Forest Capital Management LP bought a new stake in shares of Arcutis Biotherapeutics in the 3rd quarter valued at $516,000. PharVision Advisers LLC acquired a new position in Arcutis Biotherapeutics in the third quarter valued at $245,000. Voleon Capital Management LP bought a new stake in Arcutis Biotherapeutics during the third quarter valued at $468,000. Finally, Voloridge Investment Management LLC bought a new stake in Arcutis Biotherapeutics during the third quarter valued at $15,711,000.

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.