Arcutis Biotherapeutics (NASDAQ:ARQT) Stock Price Up 20% - Here's What Happened

Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT - Get Free Report) shares were up 20% during mid-day trading on Wednesday . The company traded as high as $12.08 and last traded at $13.68. Approximately 1,261,677 shares were traded during trading, a decline of 33% from the average daily volume of 1,880,146 shares. The stock had previously closed at $11.40.

Analyst Ratings Changes

A number of analysts have recently issued reports on ARQT shares. Needham & Company LLC reissued a "buy" rating and set a $18.00 target price on shares of Arcutis Biotherapeutics in a research note on Thursday, November 7th. HC Wainwright reaffirmed a "buy" rating and issued a $19.00 price objective on shares of Arcutis Biotherapeutics in a research note on Monday, January 13th. Mizuho increased their price target on shares of Arcutis Biotherapeutics from $19.00 to $20.00 and gave the company an "outperform" rating in a research report on Tuesday, January 7th. Finally, Guggenheim reissued a "buy" rating on shares of Arcutis Biotherapeutics in a research report on Monday, February 10th. One research analyst has rated the stock with a hold rating and five have assigned a buy rating to the company's stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $16.60.

Arcutis Biotherapeutics Stock Up 3.8 %

The firm has a market cap of $1.50 billion, a price-to-earnings ratio of -7.14 and a beta of 1.29. The business's 50 day moving average price is $13.64 and its 200 day moving average price is $11.23. The company has a debt-to-equity ratio of 0.67, a quick ratio of 2.38 and a current ratio of 2.46.

Insider Buying and Selling

In other Arcutis Biotherapeutics news, Director Howard G. Welgus sold 10,000 shares of the stock in a transaction dated Monday, February 3rd. The shares were sold at an average price of $12.71, for a total value of $127,100.00. Following the completion of the sale, the director now owns 141,944 shares in the company, valued at approximately $1,804,108.24. This represents a 6.58 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Masaru Matsuda sold 8,338 shares of the 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 completion of 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 disclosure for this sale can be found here. Insiders sold a total of 72,827 shares of company stock worth $935,672 in the last 90 days. Insiders own 9.50% of the company's stock.

Institutional Trading of Arcutis Biotherapeutics

A number of hedge funds have recently bought and sold shares of the business. Freestone Grove Partners LP acquired a new stake in shares of Arcutis Biotherapeutics during the 4th quarter worth approximately $499,000. Northern Trust Corp increased its holdings in shares of Arcutis Biotherapeutics by 5.8% during the 4th quarter. Northern Trust Corp now owns 991,056 shares of the company's stock worth $13,805,000 after buying an additional 54,541 shares during the last quarter. Tudor Investment Corp ET AL increased its holdings in shares of Arcutis Biotherapeutics by 206.9% during the 4th quarter. Tudor Investment Corp ET AL now owns 64,334 shares of the company's stock worth $896,000 after buying an additional 43,370 shares during the last quarter. Quarry LP acquired a new stake in shares of Arcutis Biotherapeutics during the 4th quarter worth approximately $209,000. Finally, Gilder Gagnon Howe & Co. LLC increased its holdings in shares of Arcutis Biotherapeutics by 9.8% during the 4th quarter. Gilder Gagnon Howe & Co. LLC now owns 3,902,991 shares of the company's stock worth $54,369,000 after buying an additional 349,153 shares during 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.