Arcutis Biotherapeutics (NASDAQ:ARQT) Releases Quarterly Earnings Results, Misses Estimates By $0.12 EPS

Key Points

• Arcutis Biotherapeutics reported EPS of $0.06, missing the $0.18 consensus estimate by $0.12; quarterly revenue of $143.92 million slightly exceeded expectations of $142.59 million.
• Shares rose $2.05 to $34.05 during Wednesday trading, with volume above its average.
• Analysts maintain a “Moderate Buy” consensus, with an average price target of $39.12; eight analysts rate the stock Buy and two rate it Hold.

Arcutis Biotherapeutics (NASDAQ:ARQT - Get Free Report) released its quarterly earnings results on Wednesday. The company reported $0.06 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.18 by ($0.12), FiscalAI reports. The firm had revenue of $143.92 million during the quarter, compared to analysts' expectations of $142.59 million. Arcutis Biotherapeutics had a return on equity of 15.05% and a net margin of 6.15%.

Arcutis Biotherapeutics Price Performance

Shares of ARQT traded up $2.05 during trading hours on Wednesday, reaching $34.05. 2,567,053 shares of the stock traded hands, compared to its average volume of 1,832,930. The company has a market cap of $4.28 billion, a P/E ratio of 162.15 and a beta of 1.66. The company has a current ratio of 2.92, a quick ratio of 2.67 and a debt-to-equity ratio of 0.46. The company's 50-day moving average price is $26.93 and its two-hundred day moving average price is $25.33. Arcutis Biotherapeutics has a 52-week low of $19.30 and a 52-week high of $34.80.

Insiders Place Their Bets

In related news, Director Terrie Curran sold 38,200 shares of Arcutis Biotherapeutics stock in a transaction that occurred on Thursday, August 27th. The stock was sold at an average price of $25.03, for a total transaction of $956,146.00. Following the sale, the director owned 23,526 shares of the company's stock, valued at approximately $588,855.78. This trade represents a 61.89% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Masaru Matsuda sold 3,674 shares of the business's stock in a transaction that occurred on Wednesday, September 16th. The stock was sold at an average price of $25.00, for a total value of $91,850.00. Following the completion of the transaction, the insider directly owned 112,508 shares in the company, valued at approximately $2,812,700. This represents a 3.16% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 77,393 shares of company stock valued at $1,971,944 in the last ninety days. Insiders own 9.40% of the company's stock.

Wall Street Analysts Forecast Growth

ARQT has been the topic of several research reports. Morgan Stanley raised their target price on Arcutis Biotherapeutics from $34.00 to $38.00 and gave the stock an "overweight" rating in a research report on Thursday, August 6th. Guggenheim upped their price target on shares of Arcutis Biotherapeutics from $38.00 to $44.00 and gave the company a "buy" rating in a research report on Monday, October 19th. Jefferies Financial Group reiterated a "buy" rating and issued a $39.00 price objective on shares of Arcutis Biotherapeutics in a research note on Thursday, October 8th. Wall Street Zen downgraded shares of Arcutis Biotherapeutics from a "strong-buy" rating to a "buy" rating in a report on Saturday, October 10th. Finally, Needham & Company LLC boosted their target price on shares of Arcutis Biotherapeutics from $36.00 to $40.00 and gave the company a "buy" rating in a research report on Thursday, August 6th. Eight research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $39.12.

Arcutis Biotherapeutics Company Profile

Arcutis Biotherapeutics, Inc is a commercial-stage biopharmaceutical company focused on developing and delivering treatments for dermatologic conditions. The company's portfolio is centered on therapies designed to address inflammatory skin diseases, with an emphasis on nonsteroidal topical medicines that may help patients manage chronic conditions.

Arcutis's lead product is ZORYVE (roflumilast), a topical phosphodiesterase-4 inhibitor. ZORYVE has received U.S. Food and Drug Administration approvals for multiple dermatological uses, including plaque psoriasis, seborrheic dermatitis and atopic dermatitis, in different cream and foam formulations.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.