Arcutis Biotherapeutics (NASDAQ:ARQT) Trading Down 7% - Here's Why

Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT - Get Free Report)'s share price fell 7% during trading on Wednesday . The stock traded as low as $12.42 and last traded at $12.36. 590,348 shares changed hands during mid-day trading, a decline of 75% from the average session volume of 2,402,053 shares. The stock had previously closed at $13.29.

Wall Street Analysts Forecast Growth

ARQT has been the subject of several recent analyst reports. Guggenheim restated a "buy" rating on shares of Arcutis Biotherapeutics in a research report on Thursday, April 3rd. HC Wainwright reissued a "buy" rating and issued a $19.00 price target on shares of Arcutis Biotherapeutics in a research report on Thursday, April 3rd. Mizuho raised their price objective on Arcutis Biotherapeutics from $20.00 to $21.00 and gave the stock an "outperform" rating in a report on Wednesday, February 26th. Needham & Company LLC reissued a "buy" rating and issued a $20.00 target price on shares of Arcutis Biotherapeutics in a report on Wednesday, April 9th. Finally, Jefferies Financial Group raised their price target on Arcutis Biotherapeutics from $16.00 to $19.00 and gave the stock a "buy" rating in a research note on Tuesday, March 11th. One investment analyst has rated the stock with a hold rating and five have given a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $18.80.

Arcutis Biotherapeutics Trading Up 2.8 %

The business's 50 day simple moving average is $14.23 and its 200 day simple moving average is $12.62. The company has a debt-to-equity ratio of 0.67, a current ratio of 2.46 and a quick ratio of 2.38. The company has a market capitalization of $1.54 billion, a price-to-earnings ratio of -7.23 and a beta of 1.67.

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 (EPS) for the quarter, beating the consensus estimate of ($0.28) by $0.19. The firm had revenue of $71.36 million for the quarter, compared to analysts' expectations of $60.52 million. Arcutis Biotherapeutics had a negative return on equity of 119.11% and a negative net margin of 140.97%. Research analysts anticipate that Arcutis Biotherapeutics, Inc. will post -1.33 EPS for the current year.

Insider Transactions at Arcutis Biotherapeutics

In other Arcutis Biotherapeutics news, insider Masaru Matsuda sold 8,338 shares of Arcutis Biotherapeutics stock in a transaction that occurred on Monday, February 3rd. The stock was sold at an average price of $12.70, for a total value of $105,892.60. Following the sale, the insider now owns 178,692 shares of the company's stock, valued at approximately $2,269,388.40. The trade was a 4.46 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Todd Franklin Watanabe sold 1,500 shares of the stock in a transaction that occurred on Monday, March 24th. The stock was sold at an average price of $17.52, for a total value of $26,280.00. Following the transaction, the insider now directly owns 927,414 shares of the company's stock, valued at approximately $16,248,293.28. This trade represents a 0.16 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 46,099 shares of company stock worth $631,256 over the last 90 days. 9.50% of the stock is currently owned by insiders.

Institutional Trading of Arcutis Biotherapeutics

Institutional investors have recently modified their holdings of the business. GF Fund Management CO. LTD. acquired a new stake in Arcutis Biotherapeutics in the fourth quarter valued at $34,000. Venturi Wealth Management LLC purchased a new position in shares of Arcutis Biotherapeutics in the 4th quarter valued at about $46,000. Cibc World Markets Corp acquired a new stake in shares of Arcutis Biotherapeutics in the fourth quarter valued at about $140,000. Summit Investment Advisors Inc. boosted its holdings in Arcutis Biotherapeutics by 8.0% during the fourth quarter. Summit Investment Advisors Inc. now owns 11,245 shares of the company's stock worth $157,000 after buying an additional 837 shares in the last quarter. Finally, LVW Advisors LLC purchased a new stake in Arcutis Biotherapeutics during the fourth quarter worth about $166,000.

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.