Arcutis Biotherapeutics (NASDAQ:ARQT) Shares Down 6.4% - Here's What Happened

Shares of Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT - Get Free Report) fell 6.4% during mid-day trading on Friday . The company traded as low as $14.59 and last traded at $14.49. 995,712 shares changed hands during trading, a decline of 54% from the average session volume of 2,146,846 shares. The stock had previously closed at $15.48.

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on ARQT. Guggenheim reiterated a "buy" rating on shares of Arcutis Biotherapeutics in a research report on Thursday, April 3rd. Needham & Company LLC reiterated a "buy" rating and set a $20.00 price target on shares of Arcutis Biotherapeutics in a research report on Friday, May 23rd. Finally, HC Wainwright restated a "buy" rating and set a $19.00 price objective on shares of Arcutis Biotherapeutics in a research report on Thursday, April 3rd. One investment analyst has rated the stock with a hold rating and five have given a buy rating to the company's stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $18.80.

Arcutis Biotherapeutics Price Performance

The company has a fifty day simple moving average of $14.01 and a two-hundred day simple moving average of $14.07. The company has a debt-to-equity ratio of 0.75, a quick ratio of 3.37 and a current ratio of 3.55. The company has a market capitalization of $1.75 billion, a price-to-earnings ratio of -14.11 and a beta of 1.77.

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

Insider Activity at Arcutis Biotherapeutics

In other news, insider Masaru Matsuda sold 5,030 shares of the business's stock in a transaction on Friday, May 2nd. The shares were sold at an average price of $15.20, for a total transaction of $76,456.00. Following the completion of the sale, the insider directly owned 204,399 shares of the company's stock, valued at $3,106,864.80. The trade was a 2.40% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Patrick Burnett sold 5,750 shares of the company's stock in a transaction on Monday, July 14th. The stock was sold at an average price of $15.07, for a total transaction of $86,652.50. Following the sale, the insider directly owned 115,468 shares of the company's stock, valued at approximately $1,740,102.76. This trade represents a 4.74% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders bought 7,434 shares of company stock worth $99,277 and sold 57,041 shares worth $827,063. 9.40% of the stock is currently owned by corporate insiders.

Institutional Trading of Arcutis Biotherapeutics

Institutional investors have recently added to or reduced their stakes in the business. GF Fund Management CO. LTD. purchased a new stake in Arcutis Biotherapeutics during the 4th quarter worth $34,000. Amalgamated Bank boosted its position in Arcutis Biotherapeutics by 39.4% in the 1st quarter. Amalgamated Bank now owns 3,723 shares of the company's stock valued at $58,000 after buying an additional 1,053 shares during the last quarter. KBC Group NV purchased a new position in Arcutis Biotherapeutics in the 1st quarter valued at about $84,000. Nkcfo LLC purchased a new position in Arcutis Biotherapeutics in the 1st quarter valued at about $109,000. Finally, Allostery Investments LP purchased a new position in Arcutis Biotherapeutics in the 1st quarter valued at about $117,000.

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.

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