Arcutis Biotherapeutics (NASDAQ:ARQT) Shares Up 4.8% – What’s Next?

Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT) shares shot up 4.8% during mid-day trading on Friday . The company traded as high as $12.88 and last traded at $12.84. 509,992 shares were traded during trading, a decline of 84% from the average session volume of 3,126,030 shares. The stock had previously closed at $12.25.

Analyst Ratings Changes

A number of brokerages have recently issued reports on ARQT. Needham & Company LLC reiterated a “buy” rating and set a $18.00 price target on shares of Arcutis Biotherapeutics in a research report on Thursday, November 7th. Jefferies Financial Group began coverage on Arcutis Biotherapeutics in a research report on Wednesday, August 28th. They set a “buy” rating and a $15.00 price target for the company.

Arcutis Biotherapeutics Trading Up 3.6 %

The company has a market capitalization of $1.49 billion, a PE ratio of -7.09 and a beta of 1.32. The company has a current ratio of 2.46, a quick ratio of 2.38 and a debt-to-equity ratio of 0.67. The stock has a fifty day moving average of $10.30 and a two-hundred day moving average of $9.79.

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

Insiders Place Their Bets

In other Arcutis Biotherapeutics news, CFO David Joseph Topper sold 11,626 shares of Arcutis Biotherapeutics stock in a transaction that occurred on Tuesday, September 24th. The stock was sold at an average price of $9.48, for a total value of $110,214.48. Following the transaction, the chief financial officer now directly owns 158,374 shares of the company’s stock, valued at $1,501,385.52. The trade was a 6.84 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Howard G. Welgus sold 10,000 shares of the business’s stock in a transaction that occurred on Monday, December 2nd. The shares were sold at an average price of $12.51, for a total value of $125,100.00. Following the transaction, the director now directly owns 161,944 shares in the company, valued at $2,025,919.44. This trade represents a 5.82 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 76,951 shares of company stock valued at $770,144 in the last ninety days. Company insiders own 9.50% of the company’s stock.

Hedge Funds Weigh In On Arcutis Biotherapeutics

Several hedge funds have recently made changes to their positions in the business. Jennison Associates LLC increased its stake in shares of Arcutis Biotherapeutics by 0.8% during the third quarter. Jennison Associates LLC now owns 11,663,497 shares of the company’s stock valued at $108,471,000 after buying an additional 91,803 shares during the period. Rubric Capital Management LP increased its stake 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 buying an additional 1,150,000 shares during the period. Suvretta Capital Management LLC increased its stake in shares of Arcutis Biotherapeutics by 7.2% during 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. State Street Corp increased its stake in shares of Arcutis Biotherapeutics by 9.9% during the third quarter. State Street Corp now owns 5,641,631 shares of the company’s stock valued at $52,467,000 after buying an additional 506,788 shares during the period. Finally, Geode Capital Management LLC boosted its position in shares of Arcutis Biotherapeutics by 2.0% during the third quarter. Geode Capital Management LLC now owns 2,470,138 shares of the company’s stock valued at $22,977,000 after purchasing an additional 48,868 shares in 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.