Arcutis Biotherapeutics (NASDAQ:ARQT) Stock Price Down 9.5% - Should You Sell?

Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT - Get Free Report)'s share price was down 9.5% during mid-day trading on Thursday . The company traded as low as $11.68 and last traded at $11.96. Approximately 959,743 shares changed hands during mid-day trading, a decline of 54% from the average daily volume of 2,072,166 shares. The stock had previously closed at $13.21.

Analysts Set New Price Targets

A number of research firms have weighed in on ARQT. HC Wainwright restated a "buy" rating and set a $19.00 price objective on shares of Arcutis Biotherapeutics in a research note on Monday, January 13th. Guggenheim reissued a "buy" rating on shares of Arcutis Biotherapeutics in a research report on Monday, February 10th. Mizuho upped their price objective on Arcutis Biotherapeutics from $19.00 to $20.00 and gave the company an "outperform" rating in a research report on Tuesday, January 7th. Finally, Needham & Company LLC reiterated a "buy" rating and set a $18.00 target price on shares of Arcutis Biotherapeutics in a research note on Thursday, November 7th. One investment analyst has rated the stock with a hold rating and five have given a buy rating to the stock. According to data from MarketBeat.com, Arcutis Biotherapeutics presently has a consensus rating of "Moderate Buy" and an average target price of $16.60.

Arcutis Biotherapeutics Price Performance

The stock has a market capitalization of $1.50 billion, a PE ratio of -7.14 and a beta of 1.29. The firm's fifty day moving average price is $13.64 and its two-hundred day moving average price is $11.23. The company has a quick ratio of 2.38, a current ratio of 2.46 and a debt-to-equity ratio of 0.67.

Insider Buying and Selling at Arcutis Biotherapeutics

In other Arcutis Biotherapeutics news, insider Patrick Burnett sold 16,023 shares of the business's stock in a transaction dated Friday, November 22nd. The stock was sold at an average price of $10.14, for a total transaction of $162,473.22. Following the completion of the sale, the insider now directly owns 128,669 shares in the company, valued at $1,304,703.66. The trade was a 11.07 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Todd Franklin Watanabe sold 15,000 shares of the company's stock in a transaction dated Friday, December 20th. The shares were sold at an average price of $15.17, for a total transaction of $227,550.00. Following the sale, the insider now directly owns 823,430 shares of the company's stock, valued at $12,491,433.10. The trade was a 1.79 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 72,827 shares of company stock worth $935,672. Insiders own 9.50% of the company's stock.

Institutional Investors Weigh In On Arcutis Biotherapeutics

A number of hedge funds have recently modified their holdings of ARQT. Creative Planning purchased a new position in Arcutis Biotherapeutics during the third quarter valued at $127,000. abrdn plc lifted its position in shares of Arcutis Biotherapeutics by 223.8% during the 3rd quarter. abrdn plc now owns 482,074 shares of the company's stock valued at $4,483,000 after buying an additional 333,200 shares in the last quarter. China Universal Asset Management Co. Ltd. increased its holdings in Arcutis Biotherapeutics by 65.3% in the 3rd quarter. China Universal Asset Management Co. Ltd. now owns 22,482 shares of the company's stock worth $209,000 after acquiring an additional 8,881 shares in the last quarter. AMI Asset Management Corp raised its stake in Arcutis Biotherapeutics by 36.2% during the 3rd quarter. AMI Asset Management Corp now owns 223,681 shares of the company's stock worth $2,080,000 after acquiring an additional 59,487 shares during the period. Finally, GSA Capital Partners LLP lifted its holdings in Arcutis Biotherapeutics by 730.0% during the third quarter. GSA Capital Partners LLP now owns 237,174 shares of the company's stock valued at $2,206,000 after purchasing an additional 208,599 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.