Arcutis Biotherapeutics (NASDAQ:ARQT) Trading Down 8.5% - Here's What Happened

Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT - Get Free Report)'s share price traded down 8.5% during mid-day trading on Friday . The stock traded as low as $13.82 and last traded at $13.97. Approximately 518,434 shares traded hands during mid-day trading, a decline of 71% from the average session volume of 1,764,984 shares. The stock had previously closed at $15.27.

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on the company. HC Wainwright began coverage on Arcutis Biotherapeutics in a research note on Monday, December 30th. They issued a "buy" rating and a $19.00 target price for the company. Mizuho increased their target price on Arcutis Biotherapeutics from $19.00 to $20.00 and gave the stock an "outperform" rating in a research note on Tuesday. Finally, Needham & Company LLC reaffirmed a "buy" rating and set a $18.00 price target on shares of Arcutis Biotherapeutics in a report on Thursday, November 7th. One analyst has rated the stock with a hold rating and four have issued a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $16.60.

Arcutis Biotherapeutics Stock Performance

The stock has a 50 day simple moving average of $12.40 and a 200 day simple moving average of $10.63. The company has a market capitalization of $1.62 billion, a price-to-earnings ratio of -7.72 and a beta of 1.30. The company has a quick ratio of 2.38, a current ratio of 2.46 and a debt-to-equity ratio of 0.67.

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

Insider Buying and Selling

In other Arcutis Biotherapeutics news, insider Masaru Matsuda sold 5,015 shares of the business's stock in a transaction that occurred on Monday, November 4th. The stock was sold at an average price of $8.68, for a total value of $43,530.20. Following the sale, the insider now owns 178,273 shares in the company, valued at approximately $1,547,409.64. The trade was a 2.74 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Howard G. Welgus sold 10,000 shares of the firm's stock in a transaction dated 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 $1,487,315.60. This trade represents a 5.50 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 78,291 shares of company stock valued at $927,966 over the last ninety days. 9.50% of the stock is owned by company insiders.

Institutional Trading of Arcutis Biotherapeutics

Institutional investors have recently added to or reduced their stakes in the company. Suvretta Capital Management LLC increased its stake in shares of Arcutis Biotherapeutics by 7.2% in the third quarter. Suvretta Capital Management LLC now owns 10,721,511 shares of the company's stock valued at $99,710,000 after buying an additional 717,019 shares during the period. GSA Capital Partners LLP grew its stake in shares of Arcutis Biotherapeutics by 730.0% in the 3rd quarter. GSA Capital Partners LLP now owns 237,174 shares of the company's stock valued at $2,206,000 after buying an additional 208,599 shares during the period. Rubric Capital Management LP increased its holdings in shares of Arcutis Biotherapeutics by 11.7% during the third quarter. Rubric Capital Management LP now owns 10,966,672 shares of the company's stock valued at $101,990,000 after acquiring an additional 1,150,000 shares in the last quarter. Wesbanco Bank Inc. acquired a new position in Arcutis Biotherapeutics during the third quarter worth $955,000. Finally, Algert Global LLC boosted its stake in Arcutis Biotherapeutics by 595.9% during the 3rd quarter. Algert Global LLC now owns 72,480 shares of the company's stock valued at $674,000 after purchasing an additional 62,065 shares during the last quarter.

Arcutis Biotherapeutics Company Profile

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.