Arcutis Biotherapeutics (NASDAQ:ARQT) Releases Earnings Results, Misses Expectations By $0.12 EPS

Arcutis Biotherapeutics (NASDAQ:ARQT) announced its quarterly earnings data on Wednesday. The company reported $0.06 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.18 by ($0.12), FiscalAI reports. The company had revenue of $143.92 million during the quarter, compared to analyst estimates of $142.59 million. Arcutis Biotherapeutics had a net margin of 6.15% and a return on equity of 15.05%.

Arcutis Biotherapeutics Stock Up 6.4%

ARQT stock traded up $2.05 during midday trading on Wednesday, reaching $34.05. 2,593,308 shares of the company were exchanged, compared to its average volume of 1,836,276. The company has a debt-to-equity ratio of 0.46, a quick ratio of 2.67 and a current ratio of 2.92. Arcutis Biotherapeutics has a 1-year low of $19.30 and a 1-year high of $34.80. The stock’s 50-day simple moving average is $26.93 and its 200 day simple moving average is $25.33. The company has a market cap of $4.28 billion, a price-to-earnings ratio of 162.15 and a beta of 1.66.

Insider Activity at Arcutis Biotherapeutics

In other Arcutis Biotherapeutics news, Director Terrie Curran sold 38,200 shares of the firm’s stock in a transaction dated Thursday, August 27th. The stock was sold at an average price of $25.03, for a total transaction of $956,146.00. Following the transaction, the director owned 23,526 shares of the company’s stock, valued at approximately $588,855.78. This trade represents a 61.89% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Patrick Burnett sold 6,700 shares of Arcutis Biotherapeutics stock in a transaction dated Wednesday, August 12th. The stock was sold at an average price of $26.08, for a total value of $174,736.00. Following the sale, the insider owned 119,289 shares in the company, valued at $3,111,057.12. This trade represents a 5.32% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 77,393 shares of company stock valued at $1,971,944 over the last quarter. 9.40% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on ARQT shares. Cantor Fitzgerald assumed 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. Jefferies Financial Group reissued a “buy” rating and set a $39.00 price objective on shares of Arcutis Biotherapeutics in a research report on Thursday, October 8th. Wall Street Zen cut shares of Arcutis Biotherapeutics from a “strong-buy” rating to a “buy” rating in a report on Saturday, October 10th. Needham & Company LLC lifted their price target on shares of Arcutis Biotherapeutics from $36.00 to $40.00 and gave the stock a “buy” rating in a research note on Thursday, August 6th. Finally, Morgan Stanley increased their price objective on shares of Arcutis Biotherapeutics from $34.00 to $38.00 and gave the company an “overweight” rating in a research report on Thursday, August 6th. Eight analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to MarketBeat, Arcutis Biotherapeutics has a consensus rating of “Moderate Buy” and an average price target of $39.12.

About Arcutis Biotherapeutics

Arcutis Biotherapeutics, Inc is a commercial-stage biopharmaceutical company focused on developing and delivering treatments for dermatologic conditions. The company’s portfolio is centered on therapies designed to address inflammatory skin diseases, with an emphasis on nonsteroidal topical medicines that may help patients manage chronic conditions.

Arcutis’s lead product is ZORYVE (roflumilast), a topical phosphodiesterase-4 inhibitor. ZORYVE has received U.S. Food and Drug Administration approvals for multiple dermatological uses, including plaque psoriasis, seborrheic dermatitis and atopic dermatitis, in different cream and foam formulations.