Arcutis Biotherapeutics (NASDAQ:ARQT) Stock Price Down 7.7% - Here's What Happened

Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT - Get Free Report)'s share price was down 7.7% on Friday . The company traded as low as $11.57 and last traded at $11.46. Approximately 1,601,534 shares changed hands during mid-day trading, a decline of 14% from the average daily volume of 1,852,832 shares. The stock had previously closed at $12.42.

Analyst Upgrades and Downgrades

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

Arcutis Biotherapeutics Trading Down 1.6 %

The business's 50-day moving average price is $13.62 and its two-hundred day moving average price is $11.17. The company has a market capitalization of $1.33 billion, a P/E ratio of -6.37 and a beta of 1.29. The company has a debt-to-equity ratio of 0.67, a current ratio of 2.46 and a quick ratio of 2.38.

Insider Transactions at Arcutis Biotherapeutics

In other news, insider Patrick Burnett sold 16,023 shares of Arcutis Biotherapeutics stock in a transaction on Friday, November 22nd. The shares were sold at an average price of $10.14, for a total transaction of $162,473.22. Following the transaction, the insider now directly owns 128,669 shares of the company's stock, valued at $1,304,703.66. This trade represents a 11.07 % decrease in their ownership of the stock. The sale 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 business's stock in a transaction on Friday, December 20th. The shares were sold at an average price of $15.17, for a total transaction of $227,550.00. Following the completion of the sale, the insider now directly owns 823,430 shares in the company, valued at $12,491,433.10. This represents a 1.79 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 72,927 shares of company stock valued at $936,675 over the last three months. 9.50% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Arcutis Biotherapeutics

Several institutional investors have recently added to or reduced their stakes in ARQT. The Manufacturers Life Insurance Company lifted its position in Arcutis Biotherapeutics by 31.0% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 40,323 shares of the company's stock valued at $375,000 after acquiring an additional 9,537 shares in the last quarter. Inspire Investing LLC bought a new stake in Arcutis Biotherapeutics in the 3rd quarter valued at $412,000. Wesbanco Bank Inc. bought a new stake in Arcutis Biotherapeutics in the 3rd quarter valued at $955,000. Creative Planning bought a new stake in Arcutis Biotherapeutics in the 3rd quarter valued at $127,000. Finally, abrdn plc lifted its position in Arcutis Biotherapeutics by 223.8% during the 3rd quarter. abrdn plc now owns 482,074 shares of the company's stock worth $4,483,000 after buying an additional 333,200 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.