Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT - Get Free Report) shares fell 6.2% during mid-day trading on Monday . The stock traded as low as $9.16 and last traded at $9.30. 1,035,752 shares changed hands during trading, a decline of 80% from the average session volume of 5,107,533 shares. The stock had previously closed at $9.91.
Analysts Set New Price Targets
A number of research firms have weighed in on ARQT. Needham & Company LLC lifted their price objective on Arcutis Biotherapeutics from $8.00 to $16.00 and gave the company a "buy" rating in a report on Wednesday, February 28th. Mizuho reaffirmed a "buy" rating and set a $16.00 price objective (up previously from $8.00) on shares of Arcutis Biotherapeutics in a report on Friday, February 23rd. Finally, The Goldman Sachs Group upped their price objective on Arcutis Biotherapeutics from $6.00 to $11.00 and gave the stock a "neutral" rating in a report on Wednesday, February 28th. Two analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $26.56.
Check Out Our Latest Analysis on ARQT
Arcutis Biotherapeutics Stock Performance
The stock's 50 day moving average price is $8.53 and its 200 day moving average price is $5.13. The company has a current ratio of 7.08, a quick ratio of 6.80 and a debt-to-equity ratio of 2.28. The company has a market capitalization of $937.12 million, a price-to-earnings ratio of -2.40 and a beta of 1.14.
Arcutis Biotherapeutics (NASDAQ:ARQT - Get Free Report) last posted its quarterly earnings data on Tuesday, February 27th. The company reported ($0.72) EPS for the quarter, missing analysts' consensus estimates of ($0.64) by ($0.08). Arcutis Biotherapeutics had a negative return on equity of 294.85% and a negative net margin of 439.79%. The business had revenue of $13.53 million for the quarter, compared to analyst estimates of $11.78 million. During the same quarter in the prior year, the company earned ($1.18) earnings per share. Analysts expect that Arcutis Biotherapeutics, Inc. will post -2.49 earnings per share for the current year.
Insider Transactions at Arcutis Biotherapeutics
In related news, insider Masaru Matsuda sold 3,760 shares of the firm's stock in a transaction dated Monday, March 4th. The shares were sold at an average price of $11.12, for a total value of $41,811.20. Following the completion of the sale, the insider now directly owns 190,424 shares in the company, valued at approximately $2,117,514.88. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 20.70% of the company's stock.
Institutional Investors Weigh In On Arcutis Biotherapeutics
Several hedge funds have recently bought and sold shares of ARQT. Swiss National Bank lifted its stake in Arcutis Biotherapeutics by 7.8% in the 1st quarter. Swiss National Bank now owns 59,500 shares of the company's stock valued at $1,146,000 after purchasing an additional 4,300 shares during the last quarter. JPMorgan Chase & Co. raised its holdings in Arcutis Biotherapeutics by 20.8% in the 1st quarter. JPMorgan Chase & Co. now owns 27,022 shares of the company's stock valued at $520,000 after acquiring an additional 4,646 shares during the period. MetLife Investment Management LLC raised its holdings in Arcutis Biotherapeutics by 58.5% in the 1st quarter. MetLife Investment Management LLC now owns 16,718 shares of the company's stock valued at $322,000 after acquiring an additional 6,170 shares during the period. Dimensional Fund Advisors LP raised its holdings in Arcutis Biotherapeutics by 83.5% in the 1st quarter. Dimensional Fund Advisors LP now owns 227,383 shares of the company's stock valued at $4,378,000 after acquiring an additional 103,477 shares during the period. Finally, Vanguard Group Inc. raised its holdings in Arcutis Biotherapeutics by 1.1% in the 1st quarter. Vanguard Group Inc. now owns 1,531,098 shares of the company's stock valued at $29,489,000 after acquiring an additional 16,770 shares during the period.
About Arcutis Biotherapeutics
(
Get Free Report)
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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