Arcutis Biotherapeutics (NASDAQ:ARQT) Hits New 1-Year High - Still a Buy?

Key Points

• Arcutis Biotherapeutics' stock reached a new 52-week high of $21.41, with a trading volume of 369,296 shares on Wednesday.
• Analysts have mixed ratings on the stock, with a consensus of "Moderate Buy" and an average price target of $19.80, despite a recent "sell" rating from Weiss Ratings.
• The company reported earnings of $0.13 per share in its latest quarterly report, exceeding expectations and generating revenue of $81.5 million, which was also above analyst estimates.

Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT - Get Free Report)'s share price hit a new 52-week high during trading on Wednesday . The company traded as high as $21.31 and last traded at $21.41, with a volume of 369296 shares changing hands. The stock had previously closed at $20.57.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on ARQT shares. Weiss Ratings restated a "sell (d-)" rating on shares of Arcutis Biotherapeutics in a report on Saturday, September 27th. Cowen restated a "buy" rating on shares of Arcutis Biotherapeutics in a research note on Thursday, August 7th. Needham & Company LLC raised their price target on Arcutis Biotherapeutics from $20.00 to $22.00 and gave the stock a "buy" rating in a research note on Thursday, August 7th. The Goldman Sachs Group started coverage on Arcutis Biotherapeutics in a research note on Friday, July 25th. They set a "neutral" rating and a $18.00 price target on the stock. Finally, Wall Street Zen upgraded Arcutis Biotherapeutics from a "hold" rating to a "buy" rating in a research note on Saturday, August 9th. Six research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $19.80.

Arcutis Biotherapeutics Stock Performance

The stock has a 50-day simple moving average of $16.65 and a 200-day simple moving average of $15.11. The company has a debt-to-equity ratio of 0.77, a current ratio of 3.20 and a quick ratio of 3.04. The stock has a market cap of $2.57 billion, a PE ratio of -28.55 and a beta of 2.06.

Arcutis Biotherapeutics (NASDAQ:ARQT - Get Free Report) last issued its quarterly earnings data on Wednesday, August 6th. The company reported ($0.13) earnings per share for the quarter, beating analysts' consensus estimates of ($0.18) by $0.05. Arcutis Biotherapeutics had a negative return on equity of 62.62% and a negative net margin of 35.40%.The firm had revenue of $81.50 million during the quarter, compared to analyst estimates of $72.70 million. Equities analysts predict that Arcutis Biotherapeutics, Inc. will post -1.33 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, insider Patrick Burnett sold 23,000 shares of the firm's stock in a transaction on Thursday, July 10th. The stock was sold at an average price of $15.05, for a total transaction of $346,150.00. Following the completion of the sale, the insider directly owned 115,468 shares of the company's stock, valued at $1,737,793.40. This trade represents a 16.61% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Howard G. Welgus sold 10,000 shares of the stock in a transaction on Tuesday, September 2nd. The shares were sold at an average price of $15.64, for a total value of $156,400.00. Following the completion of the sale, the director owned 100,206 shares of the company's stock, valued at $1,567,221.84. The trade was a 9.07% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 183,136 shares of company stock valued at $3,072,990 over the last three months. 9.40% of the stock is owned by company insiders.

Hedge Funds Weigh In On Arcutis Biotherapeutics

Several institutional investors have recently bought and sold shares of the stock. Paradigm Biocapital Advisors LP bought a new position in Arcutis Biotherapeutics in the 1st quarter worth approximately $22,918,000. Frazier Life Sciences Management L.P. grew its holdings in Arcutis Biotherapeutics by 12.4% during the 2nd quarter. Frazier Life Sciences Management L.P. now owns 9,874,511 shares of the company's stock worth $138,441,000 after acquiring an additional 1,089,227 shares during the period. Nuveen LLC acquired a new stake in Arcutis Biotherapeutics during the 1st quarter worth $12,759,000. Bank of America Corp DE grew its holdings in Arcutis Biotherapeutics by 133.5% during the 2nd quarter. Bank of America Corp DE now owns 1,202,513 shares of the company's stock worth $16,859,000 after acquiring an additional 687,562 shares during the period. Finally, Jupiter Asset Management Ltd. acquired a new stake in Arcutis Biotherapeutics during the 2nd quarter worth $5,787,000.

About Arcutis Biotherapeutics

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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