Arcutis Biotherapeutics (NASDAQ:ARQT) Sets New 12-Month High - Here's Why

Shares of Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT - Get Free Report) hit a new 52-week high during trading on Tuesday . The company traded as high as $17.70 and last traded at $16.42, with a volume of 8815556 shares trading hands. The stock had previously closed at $14.62.

Analysts Set New Price Targets

ARQT has been the subject of a number of recent research reports. Jefferies Financial Group boosted their price target on shares of Arcutis Biotherapeutics from $16.00 to $19.00 and gave the company a "buy" rating in a research note on Tuesday, March 11th. Mizuho upped their target price on shares of Arcutis Biotherapeutics from $20.00 to $21.00 and gave the stock an "outperform" rating in a research note on Wednesday, February 26th. The Goldman Sachs Group upped their target price on shares of Arcutis Biotherapeutics from $13.00 to $15.00 and gave the stock a "neutral" rating in a research note on Thursday, February 27th. Guggenheim reiterated a "buy" rating on shares of Arcutis Biotherapeutics in a research note on Monday, February 24th. Finally, Needham & Company LLC reiterated a "buy" rating and issued a $20.00 target price on shares of Arcutis Biotherapeutics in a research note on Wednesday, February 26th. One analyst has rated the stock with a hold rating and five have assigned a buy rating to the company's stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $18.80.

Arcutis Biotherapeutics Stock Up 1.4 %

The stock's fifty day moving average is $13.61 and its two-hundred day moving average is $11.99. The company has a current ratio of 2.46, a quick ratio of 2.38 and a debt-to-equity ratio of 0.67. The company has a market capitalization of $2.02 billion, a PE ratio of -9.50 and a beta of 1.48.

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Arcutis Biotherapeutics (NASDAQ:ARQT - Get Free Report) last issued its quarterly earnings results on Tuesday, February 25th. The company reported ($0.09) earnings per share for the quarter, topping analysts' consensus estimates of ($0.28) by $0.19. The company had revenue of $71.36 million for the quarter, compared to the consensus estimate of $60.52 million. Arcutis Biotherapeutics had a negative net margin of 140.97% and a negative return on equity of 119.11%. As a group, analysts predict that Arcutis Biotherapeutics, Inc. will post -1.33 EPS for the current year.

Insider Buying and Selling at Arcutis Biotherapeutics

In other Arcutis Biotherapeutics news, insider Patrick Burnett sold 12,242 shares of the company's stock in a transaction dated Friday, March 14th. The shares were sold at an average price of $15.04, for a total transaction of $184,119.68. Following the sale, the insider now directly owns 121,936 shares of the company's stock, valued at $1,833,917.44. This represents a 9.12 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Masaru Matsuda sold 8,338 shares of the company's stock in a transaction dated Monday, February 3rd. The shares were sold at an average price of $12.70, for a total transaction of $105,892.60. Following the sale, the insider now directly owns 178,692 shares in the company, valued at approximately $2,269,388.40. This trade represents a 4.46 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 56,290 shares of company stock valued at $775,350 over the last three months. 9.50% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Arcutis Biotherapeutics

Several hedge funds and other institutional investors have recently modified their holdings of ARQT. Point72 Asset Management L.P. increased its position in shares of Arcutis Biotherapeutics by 617.5% during the fourth quarter. Point72 Asset Management L.P. now owns 1,753,522 shares of the company's stock valued at $24,427,000 after buying an additional 1,509,136 shares during the period. Cercano Management LLC bought a new position in shares of Arcutis Biotherapeutics in the fourth quarter worth approximately $17,487,000. Millennium Management LLC increased its position in shares of Arcutis Biotherapeutics by 101.3% in the fourth quarter. Millennium Management LLC now owns 2,310,163 shares of the company's stock worth $32,181,000 after purchasing an additional 1,162,690 shares during the last quarter. Rubric Capital Management LP increased its position in shares of Arcutis Biotherapeutics by 11.7% in the third quarter. Rubric Capital Management LP now owns 10,966,672 shares of the company's stock worth $101,990,000 after purchasing an additional 1,150,000 shares during the last quarter. Finally, Driehaus Capital Management LLC bought a new position in shares of Arcutis Biotherapeutics in the fourth quarter worth approximately $15,278,000.

Arcutis Biotherapeutics Company Profile

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.