Arcutis Biotherapeutics, Inc. $ARQT Shares Bought by MYDA Advisors LLC

Key Points

• MYDA Advisors LLC increased its stake in Arcutis Biotherapeutics by 45.0%, owning 290,000 shares after purchasing an additional 90,000 shares in the first quarter.
• Insiders at Arcutis Biotherapeutics have been active, with transactions showing a net sale of 77,512 shares valued at $1,126,600, while also acquiring 4,914 shares worth $64,853 within the last ninety days.
• Research analysts have recently upgraded the stock's rating, with a current consensus of "Moderate Buy" and an average price target of $19.80.

MYDA Advisors LLC boosted its stake in Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT - Free Report) by 45.0% during the first quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 290,000 shares of the company's stock after buying an additional 90,000 shares during the quarter. Arcutis Biotherapeutics makes up about 0.8% of MYDA Advisors LLC's holdings, making the stock its 21st biggest position. MYDA Advisors LLC owned about 0.24% of Arcutis Biotherapeutics worth $4,536,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also recently bought and sold shares of ARQT. Wells Fargo & Company MN lifted its stake in Arcutis Biotherapeutics by 46.6% in the 4th quarter. Wells Fargo & Company MN now owns 52,455 shares of the company's stock valued at $731,000 after buying an additional 16,682 shares in the last quarter. First Trust Advisors LP purchased a new position in shares of Arcutis Biotherapeutics during the 4th quarter worth $3,665,000. MetLife Investment Management LLC lifted its stake in shares of Arcutis Biotherapeutics by 6.2% during the 4th quarter. MetLife Investment Management LLC now owns 65,471 shares of the company's stock worth $912,000 after purchasing an additional 3,813 shares during the period. Tower Research Capital LLC TRC lifted its stake in shares of Arcutis Biotherapeutics by 62.8% during the 4th quarter. Tower Research Capital LLC TRC now owns 14,231 shares of the company's stock worth $198,000 after purchasing an additional 5,488 shares during the period. Finally, Hsbc Holdings PLC lifted its stake in shares of Arcutis Biotherapeutics by 36.8% during the 4th quarter. Hsbc Holdings PLC now owns 17,551 shares of the company's stock worth $248,000 after purchasing an additional 4,719 shares during the period.

Arcutis Biotherapeutics Stock Down 1.2%

NASDAQ ARQT traded down $0.19 during trading hours on Tuesday, hitting $15.33. The company had a trading volume of 551,714 shares, compared to its average volume of 2,087,223. Arcutis Biotherapeutics, Inc. has a fifty-two week low of $8.03 and a fifty-two week high of $17.75. The company has a market capitalization of $1.84 billion, a price-to-earnings ratio of -20.48 and a beta of 1.93. 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's 50 day moving average is $14.94 and its 200 day moving average is $14.46.

Arcutis Biotherapeutics (NASDAQ:ARQT - Get Free Report) last announced its quarterly earnings results on Wednesday, August 6th. The company reported ($0.13) earnings per share (EPS) for the quarter, beating 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 the consensus estimate of $72.70 million. Sell-side analysts anticipate that Arcutis Biotherapeutics, Inc. will post -1.33 earnings per share for the current fiscal year.

Analysts Set New Price Targets

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

Insider Buying and Selling

In other Arcutis Biotherapeutics news, insider Masaru Matsuda sold 6,330 shares of the company's stock in a transaction dated Monday, August 4th. The shares were sold at an average price of $14.33, for a total value of $90,708.90. Following the completion of the transaction, the insider directly owned 197,364 shares of the company's stock, valued at $2,828,226.12. This represents a 3.11% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Patrick Burnett sold 2,438 shares of the firm's stock in a transaction dated Thursday, August 21st. The shares were sold at an average price of $15.57, for a total value of $37,959.66. Following the sale, 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 ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have bought 4,914 shares of company stock valued at $64,853 and have sold 77,512 shares valued at $1,126,600. Corporate insiders own 9.40% of the company's stock.

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.