Arcutis Biotherapeutics (NASDAQ:ARQT) Trading 4.5% Higher - Here's What Happened

Key Points

• Arcutis Biotherapeutics' stock price increased by 4.5% during mid-day trading, reaching a last traded price of $17.73, although trading volume significantly declined by 96% compared to its average.
• Multiple analysts have rated the stock positively, with six out of seven giving it a "Buy" rating and an average target price of $19.80.
• The company reported positive quarterly earnings, with an earnings per share of ($0.13), surpassing expectations, and total revenue of $81.50 million for the quarter.

Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT - Get Free Report) rose 4.5% on Wednesday . The company traded as high as $17.54 and last traded at $17.73. Approximately 84,782 shares traded hands during mid-day trading, a decline of 96% from the average daily volume of 2,070,208 shares. The stock had previously closed at $16.97.

Analyst Ratings Changes

Several equities analysts recently issued reports on the company. 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 report on Thursday, August 7th. Cowen restated a "buy" rating on shares of Arcutis Biotherapeutics in a research report on Thursday, August 7th. The Goldman Sachs Group assumed coverage on Arcutis Biotherapeutics in a research report 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 report on Saturday, August 9th. Six research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company's stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $19.80.

Arcutis Biotherapeutics Trading Down 1.9%

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 company has a market cap of $2.08 billion, a P/E ratio of -23.17 and a beta of 1.93. The stock has a 50-day moving average of $15.76 and a two-hundred day moving average of $14.84.

Arcutis Biotherapeutics (NASDAQ:ARQT - Get Free Report) last posted 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 company had revenue of $81.50 million during the quarter, compared to analyst estimates of $72.70 million. On average, equities research analysts predict that Arcutis Biotherapeutics, Inc. will post -1.33 earnings per share for the current year.

Insiders Place Their Bets

In other Arcutis Biotherapeutics news, insider Patrick Burnett sold 2,438 shares of Arcutis Biotherapeutics stock in a transaction on Thursday, August 21st. The stock was sold at an average price of $15.57, for a total value of $37,959.66. Following the completion of the sale, the insider owned 104,811 shares of the company's stock, valued at approximately $1,631,907.27. This trade represents a 2.27% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Howard G. Welgus sold 10,000 shares of Arcutis Biotherapeutics stock in a transaction on Tuesday, September 2nd. The stock was sold at an average price of $15.64, for a total value of $156,400.00. Following the completion of the sale, the director directly owned 100,206 shares of the company's stock, valued at approximately $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 123,632 shares of company stock worth $1,908,955 in the last 90 days. 9.40% of the stock is currently owned by company insiders.

Institutional Trading of Arcutis Biotherapeutics

Several large investors have recently modified their holdings of ARQT. GF Fund Management CO. LTD. purchased a new position in Arcutis Biotherapeutics during the fourth quarter valued at $34,000. Amalgamated Bank increased its holdings in shares of Arcutis Biotherapeutics by 39.4% in the first quarter. Amalgamated Bank now owns 3,723 shares of the company's stock worth $58,000 after purchasing an additional 1,053 shares during the last quarter. KBC Group NV bought a new stake in shares of Arcutis Biotherapeutics in the first quarter worth about $84,000. Nkcfo LLC bought a new stake in Arcutis Biotherapeutics during the first quarter worth approximately $109,000. Finally, Allostery Investments LP bought a new stake in Arcutis Biotherapeutics during the first quarter worth approximately $117,000.

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.