Arcutis Biotherapeutics (NASDAQ:ARQT) Trading Down 8.5% – Here’s What Happened

Shares of Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT) were down 8.5% during trading on Friday . The company traded as low as $13.82 and last traded at $13.97. Approximately 518,434 shares changed hands during trading, a decline of 71% from the average daily volume of 1,764,984 shares. The stock had previously closed at $15.27.

Analyst Upgrades and Downgrades

ARQT has been the topic of several analyst reports. Mizuho lifted their target price on shares of Arcutis Biotherapeutics from $19.00 to $20.00 and gave the stock an “outperform” rating in a research report on Tuesday, January 7th. HC Wainwright started coverage on shares of Arcutis Biotherapeutics in a research note on Monday, December 30th. They set a “buy” rating and a $19.00 target price on the stock. Finally, Needham & Company LLC reaffirmed a “buy” rating and issued a $18.00 target price on shares of Arcutis Biotherapeutics in a research report on Thursday, November 7th. One research analyst has rated the stock with a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $16.60.

Arcutis Biotherapeutics Price Performance

The stock has a market capitalization of $1.62 billion, a PE 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. The stock’s 50-day moving average is $12.50 and its 200 day moving average is $10.67.

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

Insider Transactions at Arcutis Biotherapeutics

In other news, insider Todd Franklin Watanabe sold 15,000 shares of the firm’s stock in a transaction on Friday, December 20th. The shares were sold at an average price of $15.17, for a total transaction of $227,550.00. Following the transaction, the insider now owns 823,430 shares in the company, valued at approximately $12,491,433.10. This trade represents a 1.79 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Patrick Burnett sold 16,023 shares of Arcutis Biotherapeutics stock in a transaction on Friday, November 22nd. The shares were sold at an average price of $10.14, for a total transaction of $162,473.22. Following the completion of the sale, the insider now directly owns 128,669 shares of the company’s stock, valued at approximately $1,304,703.66. The trade was a 11.07 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 78,291 shares of company stock valued at $927,966 in the last three months. Corporate insiders own 9.50% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the stock. Victory Capital Management Inc. boosted its position in Arcutis Biotherapeutics by 9.9% during the third quarter. Victory Capital Management Inc. now owns 12,843 shares of the company’s stock worth $119,000 after purchasing an additional 1,155 shares during the period. Point72 DIFC Ltd bought a new stake in shares of Arcutis Biotherapeutics during the 3rd quarter worth $25,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its stake in Arcutis Biotherapeutics by 1.1% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 276,691 shares of the company’s stock valued at $2,573,000 after buying an additional 2,912 shares during the last quarter. Dark Forest Capital Management LP raised its holdings in Arcutis Biotherapeutics by 29.9% in the 2nd quarter. Dark Forest Capital Management LP now owns 27,612 shares of the company’s stock worth $257,000 after acquiring an additional 6,362 shares during the period. Finally, Charles Schwab Investment Management Inc. lifted its position in Arcutis Biotherapeutics by 1.0% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 859,846 shares of the company’s stock worth $7,997,000 after acquiring an additional 8,522 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.