Arcutis Biotherapeutics (NASDAQ:ARQT) Stock Crosses Above 50-Day Moving Average – Here’s What Happened

Shares of Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT) crossed above its 50 day moving average during trading on Tuesday. The stock has a 50 day moving average of $27.28 and traded as high as $27.62. Arcutis Biotherapeutics shares last traded at $27.39, with a volume of 2,223,702 shares trading hands.

Wall Street Analyst Weigh In

ARQT has been the topic of a number of analyst reports. Wall Street Zen cut shares of Arcutis Biotherapeutics from a “buy” rating to a “hold” rating in a research note on Saturday, November 7th. TD Cowen increased their price target on Arcutis Biotherapeutics from $35.00 to $40.00 and gave the stock a “buy” rating in a research note on Thursday, November 5th. Weiss Ratings raised Arcutis Biotherapeutics from a “hold (c-)” rating to a “hold (c)” rating in a report on Thursday, October 29th. Cantor Fitzgerald started coverage on Arcutis Biotherapeutics in a report on Thursday, October 15th. They set an “overweight” rating and a $48.00 price target on the stock. Finally, Guggenheim boosted their price objective on Arcutis Biotherapeutics from $38.00 to $44.00 and gave the company a “buy” rating in a research report on Monday, October 19th. Eight analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $39.75.

Arcutis Biotherapeutics Price Performance

The firm’s fifty day moving average price is $27.45 and its 200 day moving average price is $25.39. The company has a quick ratio of 2.66, a current ratio of 2.92 and a debt-to-equity ratio of 0.42. The stock has a market cap of $3.48 billion, a PE ratio of 135.14 and a beta of 1.66.

Arcutis Biotherapeutics (NASDAQ:ARQT) last posted its earnings results on Wednesday, November 4th. The company reported $0.06 earnings per share for the quarter, missing the consensus estimate of $0.18 by ($0.12). The company had revenue of $143.92 million for the quarter, compared to analysts’ expectations of $142.59 million. Arcutis Biotherapeutics had a net margin of 5.88% and a return on equity of 14.18%. As a group, equities analysts expect that Arcutis Biotherapeutics, Inc. will post 0.28 EPS for the current fiscal year.

Insider Buying and Selling at Arcutis Biotherapeutics

In other news, EVP Patrick Burnett sold 943 shares of the firm’s stock in a transaction dated Monday, November 2nd. The stock was sold at an average price of $31.86, for a total transaction of $30,043.98. Following the completion of the transaction, the executive vice president owned 116,649 shares in the company, valued at $3,716,437.14. This trade represents a 0.80% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Howard Welgus sold 4,730 shares of Arcutis Biotherapeutics stock in a transaction dated Monday, August 17th. The stock was sold at an average price of $26.18, for a total value of $123,831.40. Following the completion of the sale, the director directly owned 36,475 shares in the company, valued at $954,915.50. This trade represents a 11.48% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders have sold 108,932 shares of company stock worth $3,158,225. Insiders own 9.40% of the company’s stock.

Hedge Funds Weigh In On Arcutis Biotherapeutics

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in ARQT. Arizona State Retirement System boosted its position in shares of Arcutis Biotherapeutics by 1.7% during the 2nd quarter. Arizona State Retirement System now owns 30,802 shares of the company’s stock valued at $808,000 after acquiring an additional 521 shares during the last quarter. ProShare Advisors LLC grew its holdings in shares of Arcutis Biotherapeutics by 5.0% in the third quarter. ProShare Advisors LLC now owns 20,045 shares of the company’s stock valued at $530,000 after purchasing an additional 958 shares in the last quarter. Bank of New York Mellon Corp grew its holdings in shares of Arcutis Biotherapeutics by 0.4% in the first quarter. Bank of New York Mellon Corp now owns 305,532 shares of the company’s stock valued at $7,198,000 after purchasing an additional 1,104 shares in the last quarter. Allworth Financial LP increased its position in Arcutis Biotherapeutics by 158.2% in the third quarter. Allworth Financial LP now owns 2,089 shares of the company’s stock worth $55,000 after purchasing an additional 1,280 shares during the last quarter. Finally, KBC Group NV increased 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 worth $103,000 after purchasing an additional 1,321 shares during the last quarter.

About Arcutis Biotherapeutics

Arcutis Biotherapeutics is a biopharmaceutical company focused on developing and commercializing treatments for inflammatory skin diseases. Founded in 2016, the company is headquartered in Westlake Village, California. Arcutis primarily serves the U.S. market and continues to develop medicines for dermatologic conditions. Its leadership is headed by President and Chief Executive Officer Frank Watanabe.