Arcutis Biotherapeutics (NASDAQ:ARQT) Hits New 12-Month High - Here's Why

Key Points

• Arcutis Biotherapeutics shares reached a new 52-week high of $17.85, reflecting strong trading volume of 974,038 shares.
• Wall Street analysts are optimistic about Arcutis, with the company receiving multiple "buy" ratings and an average target price of $19.80.
• The company reported better-than-expected quarterly earnings with revenues of $81.5 million, surpassing estimates of $72.7 million, and an EPS of ($0.13).

Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT - Get Free Report) shares hit a new 52-week high on Tuesday . The company traded as high as $17.85 and last traded at $17.83, with a volume of 974038 shares trading hands. The stock had previously closed at $17.33.

Wall Street Analysts Forecast Growth

ARQT has been the topic of a number of research analyst reports. Cowen reiterated a "buy" rating on shares of Arcutis Biotherapeutics in a report on Thursday, August 7th. Wall Street Zen upgraded shares of Arcutis Biotherapeutics from a "hold" rating to a "buy" rating in a report on Saturday, August 9th. The Goldman Sachs Group initiated coverage on shares of Arcutis Biotherapeutics in a report on Friday, July 25th. They issued a "neutral" rating and a $18.00 price target on the stock. Finally, Needham & Company LLC lifted their price target on shares of Arcutis Biotherapeutics from $20.00 to $22.00 and gave the company a "buy" rating in a report on Thursday, August 7th. Six investment analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company's stock. According to data from MarketBeat.com, Arcutis Biotherapeutics currently has an average rating of "Moderate Buy" and an average target price of $19.80.

Arcutis Biotherapeutics Price Performance

The company has a debt-to-equity ratio of 0.77, a quick ratio of 3.04 and a current ratio of 3.20. The stock has a market cap of $2.14 billion, a price-to-earnings ratio of -23.81 and a beta of 1.93. The business's fifty day simple moving average is $15.16 and its 200 day simple moving average is $14.58.

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

Insider Activity at Arcutis Biotherapeutics

In other news, insider Todd Watanabe sold 11,547 shares of the business's stock in a transaction dated Monday, August 4th. The shares were sold at an average price of $14.33, for a total value of $165,468.51. Following the completion of the sale, the insider owned 901,569 shares of the company's stock, valued at approximately $12,919,483.77. The trade was a 1.26% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Patrick Burnett sold 2,438 shares of the business's stock in a transaction dated Thursday, August 21st. The stock was sold at an average price of $15.57, for a total transaction of $37,959.66. Following the completion of the sale, the insider directly owned 104,811 shares of the company's stock, valued at $1,631,907.27. The trade was a 2.27% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 123,642 shares of company stock worth $1,866,861 over the last quarter. Company insiders own 9.40% of the company's stock.

Institutional Investors Weigh In On Arcutis Biotherapeutics

Several hedge funds and other institutional investors have recently modified their holdings of ARQT. Point72 Asset Management L.P. increased its position 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 worth $24,427,000 after purchasing an additional 1,509,136 shares during the last quarter. Paradigm Biocapital Advisors LP bought a new stake in shares of Arcutis Biotherapeutics in the 1st quarter worth about $22,918,000. Millennium Management LLC increased its position in shares of Arcutis Biotherapeutics by 101.3% in the 4th 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. Frazier Life Sciences Management L.P. grew its position in shares of 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 valued at $138,441,000 after buying an additional 1,089,227 shares during the last quarter. Finally, Nuveen LLC bought a new stake in shares of Arcutis Biotherapeutics during the 1st quarter valued at about $12,759,000.

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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