Arcutis Biotherapeutics (NASDAQ:ARQT) Shares Gap Up on Strong Earnings

Shares of Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT) gapped up before the market opened on Wednesday after the company announced better than expected quarterly earnings. The stock had previously closed at $12.20, but opened at $13.85. Arcutis Biotherapeutics shares last traded at $13.07, with a volume of 941,841 shares trading hands.

The company reported ($0.09) earnings per share 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 business had revenue of $71.36 million during the quarter, compared to the consensus estimate of $60.52 million.

Analyst Upgrades and Downgrades

A number of analysts have recently commented on the company. Guggenheim restated a “buy” rating on shares of Arcutis Biotherapeutics in a research report on Monday. HC Wainwright reissued a “buy” rating and issued a $19.00 price target on shares of Arcutis Biotherapeutics in a report on Wednesday. Mizuho upped their price objective on shares of Arcutis Biotherapeutics from $20.00 to $21.00 and gave the stock an “outperform” rating in a research report on Wednesday. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $20.00 target price on shares of Arcutis Biotherapeutics in a research report on Wednesday. One equities research analyst has rated the stock with a hold rating and five have assigned a buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $17.20.

Insider Buying and Selling

In other Arcutis Biotherapeutics news, Director Howard G. Welgus sold 10,000 shares of Arcutis Biotherapeutics stock in a transaction on Monday, December 2nd. The shares were sold at an average price of $12.51, for a total transaction of $125,100.00. Following the sale, the director now owns 161,944 shares of the company’s stock, valued at $2,025,919.44. The trade was a 5.82 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Todd Franklin Watanabe sold 15,000 shares of the company’s stock in a transaction on Friday, December 20th. The stock was sold at an average price of $15.17, for a total transaction of $227,550.00. Following the sale, the insider now directly owns 823,430 shares of the company’s stock, valued at $12,491,433.10. The trade was a 1.79 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 55,029 shares of company stock worth $756,017. 9.50% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of ARQT. Summit Investment Advisors Inc. grew its position in shares of Arcutis Biotherapeutics by 8.0% in the fourth quarter. Summit Investment Advisors Inc. now owns 11,245 shares of the company’s stock valued at $157,000 after purchasing an additional 837 shares in the last quarter. Victory Capital Management Inc. boosted its stake in Arcutis Biotherapeutics by 9.9% during the third quarter. Victory Capital Management Inc. now owns 12,843 shares of the company’s stock worth $119,000 after buying an additional 1,155 shares during the last quarter. China Universal Asset Management Co. Ltd. grew its holdings in Arcutis Biotherapeutics by 10.4% in the 4th quarter. China Universal Asset Management Co. Ltd. now owns 24,818 shares of the company’s stock valued at $346,000 after buying an additional 2,336 shares in the last quarter. GF Fund Management CO. LTD. acquired a new stake in shares of Arcutis Biotherapeutics in the 4th quarter worth $34,000. Finally, Point72 DIFC Ltd purchased a new position in shares of Arcutis Biotherapeutics during the 3rd quarter worth $25,000.

Arcutis Biotherapeutics Stock Performance

The company has a debt-to-equity ratio of 0.67, a quick ratio of 2.38 and a current ratio of 2.46. The firm’s 50-day moving average price is $13.58 and its two-hundred day moving average price is $11.42. The stock has a market cap of $1.55 billion, a price-to-earnings ratio of -7.39 and a beta of 1.29.

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.