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

Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT - Get Free Report)'s stock price was up 7% during mid-day trading on Thursday . The stock traded as high as $14.95 and last traded at $14.91. Approximately 322,067 shares were traded during trading, a decline of 90% from the average daily volume of 3,100,606 shares. The stock had previously closed at $13.93.

Wall Street Analysts Forecast Growth

ARQT has been the subject of several recent research reports. Needham & Company LLC reissued a "buy" rating and issued a $18.00 price target on shares of Arcutis Biotherapeutics in a research note on Thursday, November 7th. HC Wainwright assumed coverage on shares of Arcutis Biotherapeutics in a research report on Monday. They issued a "buy" rating and a $19.00 price target on the stock. One research analyst has rated the stock with a hold rating and four have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $16.20.

Arcutis Biotherapeutics Stock Performance

The firm has a market cap of $1.70 billion, a P/E ratio of -8.13 and a beta of 1.32. 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 stock's 50 day moving average is $11.62 and its two-hundred day moving average is $10.36.

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

Insider Buying and Selling at Arcutis Biotherapeutics

In other news, Director Howard G. Welgus sold 10,000 shares of the firm's stock in a transaction that occurred on Friday, November 1st. The shares were sold at an average price of $8.65, for a total transaction of $86,500.00. Following the completion of the sale, the director now owns 171,944 shares of the company's stock, 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 filing with the SEC, which is accessible through this link. Also, insider Todd Franklin Watanabe sold 15,000 shares of the stock in a transaction that occurred on Friday, December 20th. The stock was sold at an average price of $15.17, for a total value of $227,550.00. Following the sale, the insider now owns 823,430 shares in the company, valued at approximately $12,491,433.10. This trade represents a 1.79 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 68,291 shares of company stock valued at $781,266. 9.50% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the business. Point72 DIFC Ltd bought a new stake in Arcutis Biotherapeutics during the 3rd quarter worth about $25,000. Algert Global LLC bought a new stake in shares of Arcutis Biotherapeutics during the second quarter valued at approximately $97,000. Erste Asset Management GmbH acquired a new stake in shares of Arcutis Biotherapeutics in the third quarter valued at approximately $104,000. Victory Capital Management Inc. raised its position in Arcutis Biotherapeutics by 9.9% in the 3rd quarter. Victory Capital Management Inc. now owns 12,843 shares of the company's stock worth $119,000 after purchasing an additional 1,155 shares during the last quarter. Finally, Creative Planning acquired a new position in Arcutis Biotherapeutics during the 3rd quarter worth $127,000.

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.