Arcutis Biotherapeutics (NASDAQ:ARQT) Sets New 1-Year High – Here’s What Happened

Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT)’s share price hit a new 52-week high during trading on Thursday . The stock traded as high as $31.39 and last traded at $30.9760, with a volume of 1072920 shares. The stock had previously closed at $29.96.

Wall Street Analysts Forecast Growth

ARQT has been the topic of several recent research reports. HC Wainwright restated a “buy” rating and issued a $30.00 price target on shares of Arcutis Biotherapeutics in a research report on Wednesday, October 29th. Needham & Company LLC lifted their target price on Arcutis Biotherapeutics from $22.00 to $30.00 and gave the company a “buy” rating in a research note on Tuesday, October 28th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Arcutis Biotherapeutics in a report on Monday. Mizuho raised their price target on shares of Arcutis Biotherapeutics from $32.00 to $37.00 and gave the stock an “outperform” rating in a report on Friday, November 28th. Finally, The Goldman Sachs Group boosted their price objective on shares of Arcutis Biotherapeutics from $19.00 to $29.00 and gave the company a “neutral” rating in a research report on Thursday, October 30th. One equities research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, one has given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, Arcutis Biotherapeutics has an average rating of “Moderate Buy” and an average price target of $29.00.

Arcutis Biotherapeutics Trading Up 0.1%

The firm has a market capitalization of $3.82 billion, a price-to-earnings ratio of -86.67 and a beta of 1.69. The company has a current ratio of 3.50, a quick ratio of 3.28 and a debt-to-equity ratio of 0.68. The company has a fifty day moving average price of $24.25 and a 200-day moving average price of $18.25.

Arcutis Biotherapeutics (NASDAQ:ARQT) last released its quarterly earnings data on Tuesday, October 28th. The company reported $0.06 EPS for the quarter, topping analysts’ consensus estimates of ($0.10) by $0.16. The firm had revenue of $99.22 million for the quarter, compared to the consensus estimate of $86.69 million. Arcutis Biotherapeutics had a negative return on equity of 29.69% and a negative net margin of 13.94%. On average, equities research analysts predict that Arcutis Biotherapeutics, Inc. will post -1.33 EPS for the current year.

Insider Activity at Arcutis Biotherapeutics

In other Arcutis Biotherapeutics news, Director Sue-Jean Lin sold 25,272 shares of the stock in a transaction on Monday, November 24th. The shares were sold at an average price of $30.78, for a total transaction of $777,872.16. Following the transaction, the director directly owned 26,735 shares of the company’s stock, valued at $822,903.30. This represents a 48.59% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Larry Todd Edwards sold 29,131 shares of the business’s stock in a transaction dated Thursday, November 6th. The stock was sold at an average price of $25.16, for a total value of $732,935.96. Following the completion of the sale, the insider directly owned 150,193 shares of the company’s stock, valued at $3,778,855.88. This represents a 16.24% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 337,858 shares of company stock worth $8,482,870 over the last quarter. 9.40% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the stock. Jennison Associates LLC boosted its position in Arcutis Biotherapeutics by 10.3% during the third quarter. Jennison Associates LLC now owns 12,254,119 shares of the company’s stock worth $230,990,000 after purchasing an additional 1,144,714 shares during the period. Frazier Life Sciences Management L.P. lifted its stake in shares of Arcutis Biotherapeutics by 12.4% in the second quarter. Frazier Life Sciences Management L.P. now owns 9,874,511 shares of the company’s stock worth $138,441,000 after buying an additional 1,089,227 shares during the last quarter. Vanguard Group Inc. boosted its holdings in shares of Arcutis Biotherapeutics by 1.4% during the 3rd quarter. Vanguard Group Inc. now owns 7,146,090 shares of the company’s stock worth $134,704,000 after buying an additional 96,991 shares during the period. Polar Capital Holdings Plc grew its stake in Arcutis Biotherapeutics by 5.8% in the 3rd quarter. Polar Capital Holdings Plc now owns 5,298,754 shares of the company’s stock valued at $99,882,000 after buying an additional 292,279 shares during the last quarter. Finally, State Street Corp grew its stake in Arcutis Biotherapeutics by 1.2% in the 2nd quarter. State Street Corp now owns 4,526,937 shares of the company’s stock valued at $63,468,000 after buying an additional 52,734 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.