Arcutis Biotherapeutics (NASDAQ:ARQT) Shares Down 6.7%

Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT - Get Free Report) shares dropped 6.7% during mid-day trading on Friday . The stock traded as low as $8.01 and last traded at $8.02. Approximately 827,848 shares traded hands during trading, a decline of 81% from the average daily volume of 4,436,288 shares. The stock had previously closed at $8.60.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on the stock. Needham & Company LLC reissued a "buy" rating and issued a $16.00 target price on shares of Arcutis Biotherapeutics in a report on Friday, April 12th. Mizuho restated a "buy" rating and set a $16.00 target price (up from $8.00) on shares of Arcutis Biotherapeutics in a research report on Friday, February 23rd. Finally, The Goldman Sachs Group lifted their price target on Arcutis Biotherapeutics from $6.00 to $11.00 and gave the stock a "neutral" rating in a research report on Wednesday, February 28th. Two equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company's stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $26.56.

Arcutis Biotherapeutics Stock Down 7.0 %

The firm has a market cap of $924.24 million, a PE ratio of -2.04 and a beta of 1.18. The company has a 50-day simple moving average of $10.07 and a 200-day simple moving average of $5.93. The company has a debt-to-equity ratio of 2.28, a current ratio of 7.08 and a quick ratio of 6.80.

Arcutis Biotherapeutics (NASDAQ:ARQT - Get Free Report) last announced its quarterly earnings data on Tuesday, February 27th. The company reported ($0.72) EPS for the quarter, missing the consensus estimate of ($0.64) by ($0.08). The business had revenue of $13.53 million during the quarter, compared to the consensus estimate of $11.78 million. Arcutis Biotherapeutics had a negative net margin of 439.79% and a negative return on equity of 294.85%. During the same period last year, the company earned ($1.18) EPS. Analysts expect that Arcutis Biotherapeutics, Inc. will post -2.21 earnings per share for the current fiscal year.

Insider Activity at Arcutis Biotherapeutics

In other news, insider Masaru Matsuda sold 3,760 shares of the firm's stock in a transaction that occurred on Monday, March 4th. The shares were sold at an average price of $11.12, for a total transaction of $41,811.20. Following the transaction, the insider now directly owns 190,424 shares of the company's stock, valued at $2,117,514.88. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. 20.70% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Arcutis Biotherapeutics

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. DekaBank Deutsche Girozentrale purchased a new stake in Arcutis Biotherapeutics during the fourth quarter worth $462,000. Fox Run Management L.L.C. acquired a new position in Arcutis Biotherapeutics in the third quarter valued at approximately $60,000. China Universal Asset Management Co. Ltd. boosted its stake in shares of Arcutis Biotherapeutics by 586.8% during the 4th quarter. China Universal Asset Management Co. Ltd. now owns 10,920 shares of the company's stock worth $35,000 after acquiring an additional 9,330 shares in the last quarter. Trexquant Investment LP acquired a new position in shares of Arcutis Biotherapeutics during the 3rd quarter worth approximately $311,000. Finally, Federated Hermes Inc. grew its position in shares of Arcutis Biotherapeutics by 769.1% in the fourth quarter. Federated Hermes Inc. now owns 521,469 shares of the company's stock valued at $1,684,000 after purchasing an additional 461,469 shares during the period.

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.

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