Arcutis Biotherapeutics (NASDAQ:ARQT) Trading Down 3.2% - Here's What Happened

Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT - Get Free Report) was down 3.2% on Friday . The stock traded as low as $9.17 and last traded at $9.19. Approximately 627,943 shares were traded during trading, a decline of 81% from the average daily volume of 3,320,477 shares. The stock had previously closed at $9.49.

Analyst Ratings Changes

A number of research analysts have recently commented on ARQT shares. Jefferies Financial Group assumed coverage on Arcutis Biotherapeutics in a research report on Wednesday, August 28th. They set a "buy" rating and a $15.00 target price for the company. Needham & Company LLC restated a "buy" rating and issued a $18.00 target price on shares of Arcutis Biotherapeutics in a report on Thursday, August 15th. Two research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $13.33.

Arcutis Biotherapeutics Trading Down 8.1 %

The company's 50 day moving average price is $9.88 and its two-hundred day moving average price is $9.49. The firm has a market cap of $1.01 billion, a PE ratio of -2.98 and a beta of 1.17. The company has a quick ratio of 8.19, a current ratio of 8.46 and a debt-to-equity ratio of 1.09.

Arcutis Biotherapeutics (NASDAQ:ARQT - Get Free Report) last announced its earnings results on Wednesday, August 14th. The company reported ($0.42) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.48) by $0.06. Arcutis Biotherapeutics had a negative return on equity of 145.41% and a negative net margin of 150.51%. The business had revenue of $30.86 million during the quarter, compared to analyst estimates of $31.00 million. During the same quarter in the previous year, the business earned ($1.16) earnings per share. As a group, sell-side analysts forecast that Arcutis Biotherapeutics, Inc. will post -1.56 EPS for the current year.

Insiders Place Their Bets

In related news, SVP Larry Todd Edwards sold 3,725 shares of Arcutis Biotherapeutics stock in a transaction dated Wednesday, October 2nd. The shares were sold at an average price of $10.01, for a total transaction of $37,287.25. Following the completion of the sale, the senior vice president now owns 136,635 shares in the company, valued at $1,367,716.35. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In other news, insider Masaru Matsuda sold 5,220 shares of the stock in a transaction on Friday, August 2nd. The stock was sold at an average price of $9.02, for a total transaction of $47,084.40. Following the transaction, the insider now owns 183,288 shares of the company's stock, valued at approximately $1,653,257.76. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP Larry Todd Edwards sold 3,725 shares of the firm's stock in a transaction on Wednesday, October 2nd. The shares were sold at an average price of $10.01, for a total value of $37,287.25. Following the transaction, the senior vice president now owns 136,635 shares in the company, valued at approximately $1,367,716.35. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 52,299 shares of company stock worth $507,911 over the last quarter. Company insiders own 9.50% of the company's stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. CWM LLC lifted its position in shares of Arcutis Biotherapeutics by 6,740.0% in the 2nd quarter. CWM LLC now owns 4,104 shares of the company's stock worth $38,000 after purchasing an additional 4,044 shares during the period. Ameritas Investment Partners Inc. increased its holdings 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 valued at $78,000 after acquiring an additional 2,800 shares during the period. Algert Global LLC purchased a new position in shares of Arcutis Biotherapeutics in the 2nd quarter valued at $97,000. Creative Planning bought a new position in shares of Arcutis Biotherapeutics in the 3rd quarter worth $127,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank purchased a new stake in shares of Arcutis Biotherapeutics during the 2nd quarter worth $174,000.

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.