Arcutis Biotherapeutics (NASDAQ:ARQT) Trading Up 7.1% – Here’s What Happened

Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT) shares shot up 7.1% during mid-day trading on Wednesday . The stock traded as high as $25.00 and last traded at $25.1870. 476,791 shares changed hands during trading, a decline of 70% from the average session volume of 1,601,054 shares. The stock had previously closed at $23.51.

Wall Street Analysts Forecast Growth

ARQT has been the subject of a number of recent analyst reports. Morgan Stanley lifted their target price on shares of Arcutis Biotherapeutics from $34.00 to $38.00 and gave the stock an “overweight” rating in a research note on Thursday, August 6th. Needham & Company LLC raised their price target on shares of Arcutis Biotherapeutics from $36.00 to $40.00 and gave the stock a “buy” rating in a report on Thursday, August 6th. Wall Street Zen upgraded shares of Arcutis Biotherapeutics from a “buy” rating to a “strong-buy” rating in a research note on Saturday, August 8th. Weiss Ratings lowered shares of Arcutis Biotherapeutics from a “hold (c)” rating to a “hold (c-)” rating in a report on Tuesday, September 8th. Finally, Guggenheim raised their target price on Arcutis Biotherapeutics from $35.00 to $38.00 and gave the stock a “buy” rating in a research note on Thursday, August 6th. Six analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat, Arcutis Biotherapeutics has a consensus rating of “Moderate Buy” and an average price target of $35.57.

Arcutis Biotherapeutics Stock Performance

The company has a debt-to-equity ratio of 0.46, a quick ratio of 2.67 and a current ratio of 2.92. The firm’s 50 day simple moving average is $26.01 and its 200 day simple moving average is $24.39. The firm has a market capitalization of $3.15 billion, a price-to-earnings ratio of 118.82 and a beta of 1.50.

Arcutis Biotherapeutics (NASDAQ:ARQT) last released its quarterly earnings data on Wednesday, August 5th. The company reported $0.11 earnings per share for the quarter, topping analysts’ consensus estimates of $0.06 by $0.05. The firm had revenue of $129.86 million for the quarter, compared to analyst estimates of $118.85 million. Arcutis Biotherapeutics had a net margin of 6.15% and a return on equity of 15.05%. Sell-side analysts forecast that Arcutis Biotherapeutics, Inc. will post 0.4 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Arcutis Biotherapeutics news, insider Masaru Matsuda sold 9,989 shares of the stock in a transaction dated Tuesday, September 8th. The stock was sold at an average price of $25.03, for a total transaction of $250,024.67. Following the sale, the insider directly owned 116,182 shares of the company’s stock, valued at approximately $2,908,035.46. This trade represents a 7.92% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Todd Watanabe sold 4,375 shares of Arcutis Biotherapeutics stock in a transaction dated Monday, August 3rd. The shares were sold at an average price of $26.12, for a total value of $114,275.00. Following the transaction, the insider owned 717,203 shares of the company’s stock, valued at $18,733,342.36. The trade was a 0.61% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold 75,551 shares of company stock valued at $1,924,116 in the last 90 days. 9.40% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Arcutis Biotherapeutics

Several hedge funds have recently bought and sold shares of the stock. Arizona State Retirement System raised its position in Arcutis Biotherapeutics by 1.7% in the second quarter. Arizona State Retirement System now owns 30,802 shares of the company’s stock valued at $808,000 after purchasing an additional 521 shares during the period. EverSource Wealth Advisors LLC increased its position in shares of Arcutis Biotherapeutics by 124.0% during the 4th quarter. EverSource Wealth Advisors LLC now owns 1,261 shares of the company’s stock worth $37,000 after purchasing an additional 698 shares during the last quarter. DNB Asset Management AS raised its holdings in Arcutis Biotherapeutics by 3.0% in the 4th quarter. DNB Asset Management AS now owns 27,786 shares of the company’s stock valued at $807,000 after buying an additional 802 shares during the period. Bank of New York Mellon Corp raised its holdings in Arcutis Biotherapeutics by 0.4% in the 1st quarter. Bank of New York Mellon Corp now owns 305,532 shares of the company’s stock valued at $7,198,000 after buying an additional 1,104 shares during the period. Finally, KBC Group NV lifted its position in Arcutis Biotherapeutics by 43.2% in the first quarter. KBC Group NV now owns 4,376 shares of the company’s stock valued at $103,000 after buying an additional 1,321 shares during the last quarter.

About Arcutis Biotherapeutics

Arcutis Biotherapeutics, Inc is a biopharmaceutical company focused on developing and commercializing treatments for immune-mediated dermatological conditions. The company’s research and development activities are centered on therapies intended to address significant unmet needs in inflammatory skin diseases.

Arcutis’s primary commercial product is ZORYVE (roflumilast), a topical, nonsteroidal phosphodiesterase-4 inhibitor. The product is available in multiple formulations and strengths for certain patients with plaque psoriasis, seborrheic dermatitis and atopic dermatitis.