Arcutis Biotherapeutics (NASDAQ:ARQT) Stock Price Down 4.2% - Here's What Happened

Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT - Get Free Report) shares were down 4.2% on Friday . The stock traded as low as $13.77 and last traded at $13.80. Approximately 366,698 shares were traded during trading, a decline of 84% from the average daily volume of 2,247,335 shares. The stock had previously closed at $14.40.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on ARQT shares. Needham & Company LLC reissued a "buy" rating and issued a $20.00 price target on shares of Arcutis Biotherapeutics in a report on Friday, May 23rd. HC Wainwright reaffirmed a "buy" rating and issued a $19.00 price target on shares of Arcutis Biotherapeutics in a report on Thursday, April 3rd. Guggenheim reissued a "buy" rating on shares of Arcutis Biotherapeutics in a research note on Thursday, April 3rd. Finally, Jefferies Financial Group upped their target price on Arcutis Biotherapeutics from $16.00 to $19.00 and gave the stock a "buy" rating in a research note on Tuesday, March 11th. One equities research analyst has rated the stock with a hold rating and five have given a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $18.80.

Arcutis Biotherapeutics Stock Up 2.0%

The stock has a 50-day simple moving average of $14.00 and a two-hundred day simple moving average of $14.05. The company has a quick ratio of 3.37, a current ratio of 3.55 and a debt-to-equity ratio of 0.75. The firm has a market cap of $1.67 billion, a PE ratio of -13.48 and a beta of 1.77.

Arcutis Biotherapeutics (NASDAQ:ARQT - Get Free Report) last released its earnings results on Tuesday, May 6th. The company reported ($0.20) earnings per share for the quarter, topping analysts' consensus estimates of ($0.21) by $0.01. Arcutis Biotherapeutics had a negative return on equity of 80.66% and a negative net margin of 60.95%. The company had revenue of $65.85 million during the quarter, compared to the consensus estimate of $64.80 million. Analysts expect that Arcutis Biotherapeutics, Inc. will post -1.33 earnings per share for the current year.

Insider Buying and Selling

In related news, Director Howard G. Welgus sold 10,139 shares of Arcutis Biotherapeutics stock in a transaction on Wednesday, June 18th. The shares were sold at an average price of $13.37, for a total value of $135,558.43. Following the transaction, the director owned 109,414 shares in the company, valued at $1,462,865.18. This trade represents a 8.48% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Larry Todd Edwards sold 7,451 shares of the firm's stock in a transaction dated Monday, May 19th. The shares were sold at an average price of $14.07, for a total value of $104,835.57. Following the transaction, the insider directly owned 183,104 shares in the company, valued at $2,576,273.28. This trade represents a 3.91% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have bought 7,434 shares of company stock worth $99,277 and have sold 28,291 shares worth $394,261. Company insiders own 9.40% of the company's stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the company. American Century Companies Inc. boosted its position in Arcutis Biotherapeutics by 11.4% during the 4th quarter. American Century Companies Inc. now owns 1,631,226 shares of the company's stock valued at $22,723,000 after buying an additional 166,915 shares during the period. BNP Paribas Financial Markets bought a new position in shares of Arcutis Biotherapeutics during the fourth quarter valued at about $1,112,000. Wells Fargo & Company MN boosted its holdings in shares of Arcutis Biotherapeutics by 46.6% during the fourth quarter. Wells Fargo & Company MN now owns 52,455 shares of the company's stock worth $731,000 after purchasing an additional 16,682 shares during the period. KLP Kapitalforvaltning AS purchased a new stake in shares of Arcutis Biotherapeutics during the fourth quarter worth about $337,000. Finally, Charles Schwab Investment Management Inc. grew its stake in shares of Arcutis Biotherapeutics by 2.2% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 878,804 shares of the company's stock worth $12,242,000 after purchasing an additional 18,958 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.