Arcutis Biotherapeutics (NASDAQ:ARQT) Shares Down 6.2%

Shares of Arcutis Biotherapeutics, Inc. (NASDAQ:ARQTGet Free Report) dropped 6.2% during mid-day trading on Monday . The stock traded as low as $9.16 and last traded at $9.30. Approximately 1,035,752 shares traded hands during mid-day trading, a decline of 80% from the average daily volume of 5,107,533 shares. The stock had previously closed at $9.91.

Analysts Set New Price Targets

Several research analysts have recently weighed in on the stock. The Goldman Sachs Group lifted their price target on shares of Arcutis Biotherapeutics from $6.00 to $11.00 and gave the stock a “neutral” rating in a research note on Wednesday, February 28th. Needham & Company LLC lifted their target price on shares of Arcutis Biotherapeutics from $8.00 to $16.00 and gave the company a “buy” rating in a research note on Wednesday, February 28th. Finally, Mizuho restated a “buy” rating and set a $16.00 target price (up previously from $8.00) on shares of Arcutis Biotherapeutics in a research note on Friday, February 23rd. Two analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $26.56.

Read Our Latest Analysis on ARQT

Arcutis Biotherapeutics Stock Performance

The business’s fifty day moving average price is $8.76 and its two-hundred day moving average price is $5.17. The company has a quick ratio of 6.80, a current ratio of 7.08 and a debt-to-equity ratio of 2.28.

Arcutis Biotherapeutics (NASDAQ:ARQTGet Free Report) last released its quarterly earnings results on Tuesday, February 27th. The company reported ($0.72) EPS for the quarter, missing analysts’ consensus estimates of ($0.64) by ($0.08). Arcutis Biotherapeutics had a negative return on equity of 294.85% and a negative net margin of 439.79%. The firm had revenue of $13.53 million for the quarter, compared to analysts’ expectations of $11.78 million. During the same period in the prior year, the firm posted ($1.18) earnings per share. On average, equities analysts forecast that Arcutis Biotherapeutics, Inc. will post -2.49 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, insider Masaru Matsuda sold 3,760 shares of Arcutis Biotherapeutics stock in a transaction dated Monday, March 4th. The shares were sold at an average price of $11.12, for a total transaction of $41,811.20. Following the completion of the transaction, the insider now directly owns 190,424 shares of the company’s stock, valued at approximately $2,117,514.88. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. 20.70% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Arcutis Biotherapeutics

Several large investors have recently added to or reduced their stakes in the stock. Jennison Associates LLC boosted its position in Arcutis Biotherapeutics by 104.6% in the 4th quarter. Jennison Associates LLC now owns 9,066,082 shares of the company’s stock valued at $29,283,000 after buying an additional 4,633,907 shares during the period. Frazier Life Sciences Management L.P. boosted its position in Arcutis Biotherapeutics by 0.9% in the 4th quarter. Frazier Life Sciences Management L.P. now owns 8,764,232 shares of the company’s stock valued at $28,308,000 after buying an additional 80,000 shares during the period. Rubric Capital Management LP boosted its position in Arcutis Biotherapeutics by 32.0% in the 4th quarter. Rubric Capital Management LP now owns 6,644,530 shares of the company’s stock valued at $21,462,000 after buying an additional 1,610,000 shares during the period. State Street Corp lifted its position in shares of Arcutis Biotherapeutics by 44.6% in the 2nd quarter. State Street Corp now owns 5,226,009 shares of the company’s stock worth $49,804,000 after purchasing an additional 1,611,228 shares during the period. Finally, BlackRock Inc. lifted its position in shares of Arcutis Biotherapeutics by 11.0% in the 3rd quarter. BlackRock Inc. now owns 5,081,744 shares of the company’s stock worth $97,110,000 after purchasing an additional 503,591 shares during the period.

About Arcutis Biotherapeutics

(Get Free Report)

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.

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