Arcutis Biotherapeutics (NASDAQ:ARQT) Trading 4.7% Higher – What’s Next?

Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT)’s share price shot up 4.7% during trading on Tuesday . The company traded as high as $13.38 and last traded at $13.54. 264,459 shares changed hands during trading, a decline of 89% from the average session volume of 2,399,584 shares. The stock had previously closed at $12.94.

Wall Street Analysts Forecast Growth

ARQT has been the topic of a number of analyst reports. Mizuho increased their price target on shares of Arcutis Biotherapeutics from $20.00 to $21.00 and gave the company an “outperform” rating in a research report on Wednesday, February 26th. Needham & Company LLC reissued a “buy” rating and issued a $20.00 price target on shares of Arcutis Biotherapeutics in a report on Wednesday, April 9th. HC Wainwright reaffirmed a “buy” rating and issued a $19.00 price objective on shares of Arcutis Biotherapeutics in a research report on Thursday, April 3rd. The Goldman Sachs Group lifted their target price on Arcutis Biotherapeutics from $13.00 to $15.00 and gave the company a “neutral” rating in a research report on Thursday, February 27th. Finally, Jefferies Financial Group raised their price objective on Arcutis Biotherapeutics from $16.00 to $19.00 and gave the company a “buy” rating in a report on Tuesday, March 11th. One equities research analyst has rated the stock with a hold rating and five have issued a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $18.80.

Arcutis Biotherapeutics Stock Up 1.0 %

The company has a quick ratio of 2.38, a current ratio of 2.46 and a debt-to-equity ratio of 0.67. The firm has a 50 day moving average of $14.23 and a 200 day moving average of $12.65. The firm has a market cap of $1.55 billion, a price-to-earnings ratio of -7.30 and a beta of 1.67.

Arcutis Biotherapeutics (NASDAQ:ARQT) last announced its quarterly earnings data on Tuesday, February 25th. The company reported ($0.09) EPS for the quarter, beating analysts’ consensus estimates of ($0.28) by $0.19. Arcutis Biotherapeutics had a negative return on equity of 119.11% and a negative net margin of 140.97%. The firm had revenue of $71.36 million during the quarter, compared to analysts’ expectations of $60.52 million. As a group, sell-side analysts predict that Arcutis Biotherapeutics, Inc. will post -1.33 earnings per share for the current year.

Insider Buying and Selling

In related news, Director Howard G. Welgus sold 10,000 shares of the company’s stock in a transaction that occurred on Monday, February 3rd. The stock was sold at an average price of $12.71, for a total value of $127,100.00. Following the transaction, the director now owns 141,944 shares in the company, valued at approximately $1,804,108.24. This represents a 6.58 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Todd Franklin Watanabe sold 1,500 shares of the company’s stock in a transaction on Monday, March 24th. The shares were sold at an average price of $17.52, for a total value of $26,280.00. Following the transaction, the insider now directly owns 927,414 shares in the company, valued at $16,248,293.28. This represents a 0.16 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 46,099 shares of company stock worth $631,256. 9.50% of the stock is owned by company insiders.

Institutional Trading of Arcutis Biotherapeutics

Several institutional investors and hedge funds have recently modified their holdings of ARQT. Point72 Asset Management L.P. boosted its stake in shares of Arcutis Biotherapeutics by 617.5% in the 4th quarter. Point72 Asset Management L.P. now owns 1,753,522 shares of the company’s stock valued at $24,427,000 after purchasing an additional 1,509,136 shares in the last quarter. Cercano Management LLC purchased a new stake in shares of Arcutis Biotherapeutics during the fourth quarter valued at approximately $17,487,000. Millennium Management LLC grew its holdings in shares of Arcutis Biotherapeutics by 101.3% in the fourth quarter. Millennium Management LLC now owns 2,310,163 shares of the company’s stock worth $32,181,000 after purchasing an additional 1,162,690 shares during the last quarter. Driehaus Capital Management LLC purchased a new position in shares of Arcutis Biotherapeutics in the fourth quarter worth $15,278,000. Finally, D. E. Shaw & Co. Inc. grew its holdings in Arcutis Biotherapeutics by 44.0% in the 4th quarter. D. E. Shaw & Co. Inc. now owns 2,513,577 shares of the company’s stock worth $35,014,000 after acquiring an additional 768,553 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.