Arcutis Biotherapeutics (NASDAQ:ARQT) Sets New 1-Year 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)'s stock price hit a new 52-week high during mid-day trading 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.

Analyst Upgrades and Downgrades

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

Arcutis Biotherapeutics Trading Down 2.3%

The company has a quick ratio of 3.04, a current ratio of 3.20 and a debt-to-equity ratio of 0.77. The firm has a 50 day moving average of $15.47 and a 200 day moving average of $14.71. The firm has a market cap of $2.07 billion, a PE ratio of -23.05 and a beta of 1.93.

Arcutis Biotherapeutics (NASDAQ:ARQT - Get Free Report) last posted its earnings results on Wednesday, August 6th. The company reported ($0.13) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.18) by $0.05. The firm had revenue of $81.50 million for the quarter, compared to the consensus estimate of $72.70 million. Arcutis Biotherapeutics had a negative return on equity of 62.62% and a negative net margin of 35.40%. Equities analysts anticipate that Arcutis Biotherapeutics, Inc. will post -1.33 earnings per share for the current year.

Insider Transactions at Arcutis Biotherapeutics

In related news, insider Patrick Burnett sold 23,000 shares of the stock in a transaction on Thursday, July 10th. The stock was sold at an average price of $15.05, for a total value of $346,150.00. Following the transaction, the insider owned 115,468 shares of the company's stock, valued at $1,737,793.40. This represents a 16.61% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Masaru Matsuda sold 36,130 shares of the stock in a transaction on Thursday, September 4th. The shares were sold at an average price of $16.16, for a total value of $583,860.80. Following the completion of the transaction, the insider directly owned 161,234 shares in the company, valued at approximately $2,605,541.44. This represents a 18.31% decrease in their position. The disclosure for this sale can be found here. Insiders sold 133,771 shares of company stock worth $2,044,513 in the last three months. Insiders own 9.40% of the company's stock.

Institutional Trading of Arcutis Biotherapeutics

Large investors have recently modified their holdings of the business. Squarepoint Ops LLC lifted its holdings in Arcutis Biotherapeutics by 169.2% in the second quarter. Squarepoint Ops LLC now owns 167,814 shares of the company's stock worth $2,353,000 after buying an additional 105,487 shares during the period. CANADA LIFE ASSURANCE Co lifted its holdings in shares of Arcutis Biotherapeutics by 101.5% during the second quarter. CANADA LIFE ASSURANCE Co now owns 25,829 shares of the company's stock valued at $363,000 after purchasing an additional 13,013 shares during the last quarter. Tower Research Capital LLC TRC lifted its holdings in shares of Arcutis Biotherapeutics by 278.6% during the second quarter. Tower Research Capital LLC TRC now owns 12,414 shares of the company's stock valued at $174,000 after purchasing an additional 9,135 shares during the last quarter. E Fund Management Co. Ltd. lifted its holdings in shares of Arcutis Biotherapeutics by 14.7% during the second quarter. E Fund Management Co. Ltd. now owns 17,184 shares of the company's stock valued at $241,000 after purchasing an additional 2,197 shares during the last quarter. Finally, Oxford Asset Management LLP lifted its holdings in shares of Arcutis Biotherapeutics by 9.1% during the second quarter. Oxford Asset Management LLP now owns 23,271 shares of the company's stock valued at $326,000 after purchasing an additional 1,947 shares during the last quarter.

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.