Arcutis Biotherapeutics (NASDAQ:ARQT) Trading 8.7% Higher - Here's Why

Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT - Get Free Report) was up 8.7% on Friday . The stock traded as high as $9.10 and last traded at $9.03. Approximately 480,428 shares were traded during mid-day trading, a decline of 85% from the average daily volume of 3,248,635 shares. The stock had previously closed at $8.31.

Analyst Upgrades and Downgrades

Several research analysts have commented on the company. Needham & Company LLC restated a "buy" rating and issued a $18.00 target price on shares of Arcutis Biotherapeutics in a research note on Thursday, August 15th. Jefferies Financial Group began coverage on shares of Arcutis Biotherapeutics in a research report on Wednesday, August 28th. They issued a "buy" rating and a $15.00 price objective for the company. Two analysts have rated the stock with a hold rating and five have assigned a buy rating to the company's stock. According to data from MarketBeat.com, Arcutis Biotherapeutics presently has a consensus rating of "Moderate Buy" and a consensus price target of $13.33.

Arcutis Biotherapeutics Price Performance

The firm has a market capitalization of $1.01 billion, a PE ratio of -3.99 and a beta of 1.17. The company has a debt-to-equity ratio of 1.09, a current ratio of 8.46 and a quick ratio of 8.19. The business's 50 day moving average is $9.79 and its two-hundred day moving average is $9.31.

Arcutis Biotherapeutics (NASDAQ:ARQT - Get Free Report) last posted its quarterly earnings data on Wednesday, August 14th. The company reported ($0.42) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.48) by $0.06. The company had revenue of $30.86 million during the quarter, compared to the consensus estimate of $31.00 million. Arcutis Biotherapeutics had a negative net margin of 150.51% and a negative return on equity of 145.41%. During the same period in the previous year, the firm posted ($1.16) EPS. As a group, research analysts anticipate that Arcutis Biotherapeutics, Inc. will post -1.6 EPS for the current year.

Insider Activity

In other news, CFO David Joseph Topper sold 11,626 shares of the company's stock in a transaction on Tuesday, September 24th. The shares were sold at an average price of $9.48, for a total value of $110,214.48. Following the completion of the sale, the chief financial officer now owns 158,374 shares of the company's stock, valued at approximately $1,501,385.52. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other news, CFO David Joseph Topper sold 11,626 shares of the stock in a transaction that occurred on Tuesday, September 24th. The stock was sold at an average price of $9.48, for a total transaction of $110,214.48. Following the completion of the sale, the chief financial officer now owns 158,374 shares of the company's stock, valued at approximately $1,501,385.52. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Howard G. Welgus sold 10,000 shares of the company's stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $10.77, for a total transaction of $107,700.00. Following the sale, the director now owns 191,944 shares of the company's stock, valued at $2,067,236.88. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 37,079 shares of company stock worth $362,127. 9.50% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Arcutis Biotherapeutics

Several institutional investors and hedge funds have recently modified their holdings of the stock. Price T Rowe Associates Inc. MD lifted its position in Arcutis Biotherapeutics by 3.6% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 47,753 shares of the company's stock valued at $474,000 after acquiring an additional 1,681 shares during the period. ProShare Advisors LLC boosted its position in shares of Arcutis Biotherapeutics by 9.8% in the 1st quarter. ProShare Advisors LLC now owns 20,990 shares of the company's stock worth $208,000 after purchasing an additional 1,870 shares in the last quarter. Ameritas Investment Partners Inc. grew its stake in shares of Arcutis Biotherapeutics by 55.2% in the 1st quarter. Ameritas Investment Partners Inc. now owns 7,871 shares of the company's stock worth $78,000 after buying an additional 2,800 shares during the last quarter. CWM LLC increased its position in Arcutis Biotherapeutics by 6,740.0% during the 2nd quarter. CWM LLC now owns 4,104 shares of the company's stock valued at $38,000 after buying an additional 4,044 shares in the last quarter. Finally, Dark Forest Capital Management LP raised its stake in Arcutis Biotherapeutics by 29.9% during the second quarter. Dark Forest Capital Management LP now owns 27,612 shares of the company's stock valued at $257,000 after buying an additional 6,362 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.