Arcutis Biotherapeutics (NASDAQ:ARQT) Shares Up 4.5% - Time to Buy?

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)'s share price traded up 4.5% during trading on Wednesday . The stock traded as high as $17.54 and last traded at $17.73. 84,782 shares changed hands during trading, a decline of 96% from the average session volume of 2,070,208 shares. The stock had previously closed at $16.97.

Wall Street Analyst Weigh In

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

Arcutis Biotherapeutics Price Performance

The company has a debt-to-equity ratio of 0.77, a current ratio of 3.20 and a quick ratio of 3.04. The firm has a 50-day moving average of $15.76 and a 200-day moving average of $14.84. The stock has a market cap of $2.08 billion, a PE ratio of -23.17 and a beta of 1.93.

Arcutis Biotherapeutics (NASDAQ:ARQT - Get Free Report) last released 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. Arcutis Biotherapeutics had a negative return on equity of 62.62% and a negative net margin of 35.40%.The firm had revenue of $81.50 million during the quarter, compared to analysts' expectations of $72.70 million. Research analysts predict that Arcutis Biotherapeutics, Inc. will post -1.33 EPS for the current year.

Insiders Place Their Bets

In other Arcutis Biotherapeutics news, insider Masaru Matsuda sold 36,130 shares of the firm's stock in a transaction that occurred on Thursday, September 4th. The stock was sold at an average price of $16.16, for a total transaction of $583,860.80. Following the completion of the transaction, the insider owned 161,234 shares in the company, valued at $2,605,541.44. This trade represents a 18.31% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, insider Patrick Burnett sold 2,438 shares of the firm's stock in a transaction that occurred on Thursday, August 21st. The shares were sold at an average price of $15.57, for a total value of $37,959.66. Following the transaction, the insider owned 104,811 shares of the company's stock, valued at $1,631,907.27. This represents a 2.27% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 123,632 shares of company stock worth $1,908,955. Company insiders own 9.40% of the company's stock.

Hedge Funds Weigh In On Arcutis Biotherapeutics

Institutional investors have recently added to or reduced their stakes in the company. Amalgamated Bank grew its holdings in Arcutis Biotherapeutics by 39.4% during 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 in the last quarter. New York State Common Retirement Fund boosted its holdings in shares of Arcutis Biotherapeutics by 93.4% in the 1st quarter. New York State Common Retirement Fund now owns 48,670 shares of the company's stock worth $761,000 after purchasing an additional 23,503 shares during the period. Invst LLC purchased a new position in shares of Arcutis Biotherapeutics in the 1st quarter worth approximately $323,000. Ieq Capital LLC purchased a new position in shares of Arcutis Biotherapeutics in the 1st quarter worth approximately $345,000. Finally, Fred Alger Management LLC purchased a new position in shares of Arcutis Biotherapeutics in the 1st quarter worth approximately $568,000.

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.