Arcutis Biotherapeutics (NASDAQ:ARQT) Sets New 52-Week High - Here's What Happened

Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT - Get Free Report) reached a new 52-week high during trading on Tuesday . The company traded as high as $16.15 and last traded at $16.05, with a volume of 503141 shares traded. The stock had previously closed at $14.71.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on the stock. Mizuho boosted their target price on shares of Arcutis Biotherapeutics from $19.00 to $20.00 and gave the stock an "outperform" rating in a research report on Tuesday. HC Wainwright initiated coverage on shares of Arcutis Biotherapeutics in a research report on Monday, December 30th. They set a "buy" rating and a $19.00 price objective for the company. Finally, Needham & Company LLC restated a "buy" rating and set a $18.00 price objective on shares of Arcutis Biotherapeutics in a research report on Thursday, November 7th. One analyst has rated the stock with a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $16.60.

Arcutis Biotherapeutics Stock Performance

The firm has a market cap of $1.84 billion, a P/E ratio of -8.80 and a beta of 1.30. The company has a quick ratio of 2.38, a current ratio of 2.46 and a debt-to-equity ratio of 0.67. The firm has a fifty day moving average of $11.98 and a 200-day moving average of $10.51.

Arcutis Biotherapeutics (NASDAQ:ARQT - Get Free Report) last posted its quarterly earnings results on Wednesday, November 6th. The company reported ($0.33) earnings per share for the quarter, beating analysts' consensus estimates of ($0.42) by $0.09. Arcutis Biotherapeutics had a negative return on equity of 119.11% and a negative net margin of 140.97%. The company had revenue of $44.76 million for the quarter, compared to the consensus estimate of $38.05 million. Research analysts predict that Arcutis Biotherapeutics, Inc. will post -1.34 earnings per share for the current fiscal year.

Insider Transactions at Arcutis Biotherapeutics

In other Arcutis Biotherapeutics news, Director Howard G. Welgus sold 10,000 shares of the stock in a transaction dated Friday, November 1st. The stock was sold at an average price of $8.65, for a total value of $86,500.00. Following the completion of the transaction, the director now directly owns 171,944 shares in the company, valued at approximately $1,487,315.60. This trade represents a 5.50 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Masaru Matsuda sold 5,015 shares of the business's stock in a transaction on Monday, November 4th. The stock was sold at an average price of $8.68, for a total transaction of $43,530.20. Following the completion of the sale, the insider now directly owns 178,273 shares in the company, valued at approximately $1,547,409.64. This represents a 2.74 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 78,291 shares of company stock valued at $927,966 over the last quarter. Corporate insiders own 9.50% of the company's stock.

Institutional Investors Weigh In On Arcutis Biotherapeutics

Large investors have recently bought and sold shares of the stock. JPMorgan Chase & Co. raised its position in Arcutis Biotherapeutics by 0.9% in the 3rd quarter. JPMorgan Chase & Co. now owns 1,296,911 shares of the company's stock valued at $12,061,000 after buying an additional 11,833 shares during the last quarter. Geode Capital Management LLC boosted its holdings in shares of Arcutis Biotherapeutics by 2.0% in the third quarter. Geode Capital Management LLC now owns 2,470,138 shares of the company's stock worth $22,977,000 after acquiring an additional 48,868 shares during the period. Barclays PLC increased its position in shares of Arcutis Biotherapeutics by 45.8% during the third quarter. Barclays PLC now owns 253,392 shares of the company's stock valued at $2,356,000 after buying an additional 79,579 shares during the period. XTX Topco Ltd lifted its stake in Arcutis Biotherapeutics by 30.9% in the 3rd quarter. XTX Topco Ltd now owns 47,728 shares of the company's stock worth $444,000 after purchasing an additional 11,262 shares in the last quarter. Finally, State Street Corp grew its position in Arcutis Biotherapeutics by 9.9% during the third quarter. State Street Corp now owns 5,641,631 shares of the company's stock worth $52,467,000 after buying an additional 506,788 shares in the last quarter.

About Arcutis Biotherapeutics

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.