Arcutis Biotherapeutics (NASDAQ:ARQT) Announces Quarterly Earnings Results, Beats Estimates By $0.05 EPS

Arcutis Biotherapeutics (NASDAQ:ARQT) released its quarterly earnings data on Wednesday. The company reported $0.11 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.06 by $0.05, FiscalAI reports. Arcutis Biotherapeutics had a negative net margin of 0.57% and a negative return on equity of 1.41%. The company had revenue of $129.86 million during the quarter, compared to the consensus estimate of $118.85 million.

Arcutis Biotherapeutics Stock Up 4.1%

NASDAQ:ARQT traded up $1.07 during trading hours on Wednesday, hitting $27.10. The stock had a trading volume of 2,304,702 shares, compared to its average volume of 1,545,768. The company has a market cap of $3.39 billion, a PE ratio of -903.03 and a beta of 1.49. The business has a 50 day simple moving average of $25.75 and a two-hundred day simple moving average of $24.68. Arcutis Biotherapeutics has a 1-year low of $13.69 and a 1-year high of $31.77. The company has a current ratio of 2.68, a quick ratio of 2.46 and a debt-to-equity ratio of 0.54.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on ARQT. Needham & Company LLC reissued a “buy” rating and issued a $36.00 target price on shares of Arcutis Biotherapeutics in a research note on Thursday, May 7th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Arcutis Biotherapeutics in a report on Wednesday, June 24th. Finally, Wall Street Zen raised Arcutis Biotherapeutics from a “hold” rating to a “buy” rating in a research report on Sunday, July 12th. Five research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $34.00.

Insiders Place Their Bets

In related news, Director Howard G. Welgus sold 4,096 shares of the firm’s stock in a transaction on Monday, June 15th. The shares were sold at an average price of $24.41, for a total transaction of $99,983.36. Following the completion of the sale, the director directly owned 38,378 shares of the company’s stock, valued at approximately $936,806.98. This trade represents a 9.64% decrease in their position. The transaction 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, Director Sue-Jean Lin sold 4,946 shares of Arcutis Biotherapeutics stock in a transaction on Monday, June 15th. The stock was sold at an average price of $24.38, for a total transaction of $120,583.48. Following the sale, the director directly owned 27,567 shares in the company, valued at $672,083.46. This trade represents a 15.21% decrease in their position. 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 10,334 shares of company stock worth $250,697. Corporate insiders own 9.40% of the company’s stock.

Institutional Trading of Arcutis Biotherapeutics

Several large investors have recently modified their holdings of the business. Global Retirement Partners LLC acquired a new position in shares of Arcutis Biotherapeutics in the fourth quarter worth about $35,000. NewEdge Advisors LLC increased its holdings in Arcutis Biotherapeutics by 209.0% during the 4th quarter. NewEdge Advisors LLC now owns 1,545 shares of the company’s stock worth $45,000 after purchasing an additional 1,045 shares during the last quarter. Truvestments Capital LLC increased its holdings in Arcutis Biotherapeutics by 114.2% during the 4th quarter. Truvestments Capital LLC now owns 3,012 shares of the company’s stock worth $87,000 after purchasing an additional 1,606 shares during the last quarter. Cibc World Markets Corp acquired a new position in shares of Arcutis Biotherapeutics in the 4th quarter valued at approximately $211,000. Finally, Brooklyn Investment Group purchased a new position in shares of Arcutis Biotherapeutics during the 4th quarter valued at approximately $239,000.

About Arcutis Biotherapeutics

Arcutis Biotherapeutics is a clinical-stage biopharmaceutical company focused on developing and commercializing innovative therapies for immuno-inflammatory skin diseases. The company’s research and development efforts center on targeted treatments that address the underlying biology of conditions such as plaque psoriasis, atopic dermatitis, seborrheic dermatitis and vitiligo. Arcutis employs a precision-medicine approach to deliver topical therapies designed to improve efficacy and tolerability compared with existing treatment options.

In August 2022, Arcutis received U.S.