Arcutis Biotherapeutics (NASDAQ:ARQT) Stock Price Up 7.3% – Here’s What Happened

Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT)’s share price was up 7.3% during trading on Thursday. The company traded as high as $28.05 and last traded at $28.3340. 207,302 shares were traded during mid-day trading, a decline of 88% from the average daily volume of 1,781,984 shares. The stock had previously closed at $26.41.

Analyst Ratings Changes

A number of research analysts recently weighed in on the company. Morgan Stanley upped their price target on Arcutis Biotherapeutics from $34.00 to $38.00 and gave the stock an “overweight” rating in a research note on Thursday, August 6th. Wall Street Zen cut Arcutis Biotherapeutics from a “strong-buy” rating to a “buy” rating in a research note on Saturday, October 10th. Jefferies Financial Group restated a “buy” rating and set a $39.00 price objective on shares of Arcutis Biotherapeutics in a report on Thursday, October 8th. Weiss Ratings downgraded shares of Arcutis Biotherapeutics from a “hold (c)” rating to a “hold (c-)” rating in a research report on Wednesday. Finally, Guggenheim increased their price target on Arcutis Biotherapeutics from $35.00 to $38.00 and gave the company a “buy” rating in a research report on Thursday, August 6th. Eight analysts have rated the stock with a Buy rating and three have given a Hold rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $37.33.

Arcutis Biotherapeutics Trading Up 9.4%

The company has a quick ratio of 2.67, a current ratio of 2.92 and a debt-to-equity ratio of 0.46. The firm has a 50 day moving average of $25.32 and a 200 day moving average of $24.73. The firm has a market cap of $3.63 billion, a PE ratio of 136.94 and a beta of 1.57.

Arcutis Biotherapeutics (NASDAQ:ARQT) last announced its quarterly earnings results on Wednesday, August 5th. The company reported $0.11 EPS for the quarter, beating analysts’ consensus estimates of $0.06 by $0.05. The company had revenue of $129.86 million for the quarter, compared to analysts’ expectations of $118.85 million. Arcutis Biotherapeutics had a net margin of 6.15% and a return on equity of 15.05%. Equities analysts anticipate that Arcutis Biotherapeutics, Inc. will post 0.42 earnings per share for the current year.

Insider Buying and Selling

In related news, Director Terrie Curran sold 38,200 shares of the business’s stock in a transaction on Thursday, August 27th. The stock was sold at an average price of $25.03, for a total transaction of $956,146.00. Following the sale, the director directly owned 23,526 shares in the company, valued at approximately $588,855.78. The trade was a 61.89% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Masaru Matsuda sold 9,989 shares of Arcutis Biotherapeutics stock in a transaction dated Tuesday, September 8th. The shares were sold at an average price of $25.03, for a total value of $250,024.67. Following the transaction, the insider directly owned 116,182 shares of the company’s stock, valued at $2,908,035.46. The trade was a 7.92% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 79,225 shares of company stock valued at $2,015,966 in the last 90 days. Corporate insiders own 9.40% of the company’s stock.

Institutional Investors Weigh In On Arcutis Biotherapeutics

Institutional investors have recently made changes to their positions in the business. Nykredit A S purchased a new position in shares of Arcutis Biotherapeutics in the second quarter valued at about $63,000. Integrated Wealth Concepts LLC bought a new stake in Arcutis Biotherapeutics during the 2nd quarter valued at approximately $84,000. KBC Group NV boosted its position in Arcutis Biotherapeutics by 43.2% during the 1st quarter. KBC Group NV now owns 4,376 shares of the company’s stock valued at $103,000 after acquiring an additional 1,321 shares in the last quarter. Persistent Asset Partners Ltd purchased a new position in shares of Arcutis Biotherapeutics during the 2nd quarter worth approximately $227,000. Finally, Independent Financial Group LLC purchased a new position in shares of Arcutis Biotherapeutics during the 1st quarter worth approximately $210,000.

Arcutis Biotherapeutics Company Profile

Arcutis Biotherapeutics, Inc (NASDAQ: ARQT) is a biopharmaceutical company focused on developing and commercializing treatments for dermatologic conditions. The company concentrates on medical dermatology, with an emphasis on addressing diseases that can significantly affect patients’ quality of life and for which additional treatment options are needed.

Arcutis’s primary commercial product is ZORYVE (roflumilast), a topical phosphodiesterase-4 inhibitor available in multiple formulations.