Arcutis Biotherapeutics (NASDAQ:ARQT) Reaches New 1-Year High - Here's What Happened

Key Points

• Arcutis Biotherapeutics shares hit a 52-week high of $33.52, up 6.4% on the day from a previous close of $32.00.
• Analysts maintain a “Moderate Buy” consensus, with a $39.12 average price target; eight analysts rate the stock Buy and two rate it Hold.
• Quarterly revenue of $143.92 million exceeded forecasts, but earnings per share of $0.06 fell short of the $0.18 consensus estimate.

Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT - Get Free Report)'s share price hit a new 52-week high during mid-day trading on Wednesday. The company traded as high as $33.52 and last traded at $33.4610, with a volume of 638,876 shares changing hands. The stock had previously closed at $32.00.

Wall Street Analyst Weigh In

ARQT has been the subject of a number of recent research reports. Jefferies Financial Group reissued a "buy" rating and set a $39.00 price objective on shares of Arcutis Biotherapeutics in a research note on Thursday, October 8th. Morgan Stanley upped their price objective on Arcutis Biotherapeutics from $34.00 to $38.00 and gave the stock an "overweight" rating in a report on Thursday, August 6th. Cantor Fitzgerald started coverage on Arcutis Biotherapeutics in a research report on Thursday, October 15th. They set an "overweight" rating and a $48.00 price target for the company. Wall Street Zen downgraded Arcutis Biotherapeutics from a "strong-buy" rating to a "buy" rating in a report on Saturday, October 10th. Finally, Weiss Ratings raised Arcutis Biotherapeutics from a "hold (c-)" rating to a "hold (c)" rating in a research note on Thursday, October 29th. Eight research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $39.12.

Arcutis Biotherapeutics Trading Up 6.4%

The stock has a market capitalization of $4.28 billion, a PE 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 business's 50-day moving average is $26.93 and its two-hundred day moving average is $25.33.

Arcutis Biotherapeutics (NASDAQ:ARQT - Get Free Report) last issued its earnings results on Wednesday, November 4th. The company reported $0.06 earnings per share for the quarter, missing the consensus estimate of $0.18 by ($0.12). Arcutis Biotherapeutics had a return on equity of 15.05% and a net margin of 6.15%. The company had revenue of $143.92 million during the quarter, compared to analysts' expectations of $142.59 million. On average, analysts predict that Arcutis Biotherapeutics, Inc. will post 0.43 earnings per share for the current year.

Insider Buying and Selling

In related news, 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 transaction of $91,850.00. Following the transaction, the insider directly owned 112,508 shares of the company's stock, valued at approximately $2,812,700. The trade was a 3.16% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Patrick Burnett sold 6,700 shares of the company's stock in a transaction that occurred on Wednesday, August 12th. The stock was sold at an average price of $26.08, for a total value of $174,736.00. Following the completion of the transaction, the insider owned 119,289 shares of the company's stock, valued at approximately $3,111,057.12. This represents a 5.32% decrease in their position. The SEC filing for this sale provides additional information. In the last 90 days, insiders have sold 77,393 shares of company stock valued at $1,971,944. Corporate insiders own 9.40% of the company's stock.

Hedge Funds Weigh In On Arcutis Biotherapeutics

Several institutional investors have recently made changes to their positions in the stock. Pinnacle Wealth Planning Services Inc. bought a new stake in shares of Arcutis Biotherapeutics in the 3rd quarter worth $36,000. Nykredit A S bought a new position in Arcutis Biotherapeutics during the second quarter valued at about $63,000. Integrated Wealth Concepts LLC bought a new position in Arcutis Biotherapeutics during the second quarter valued at about $84,000. Sterling Capital Management LLC grew its holdings in Arcutis Biotherapeutics by 839.3% during the third quarter. Sterling Capital Management LLC now owns 3,776 shares of the company's stock worth $100,000 after acquiring an additional 3,374 shares during the period. Finally, KBC Group NV grew its holdings in Arcutis Biotherapeutics by 43.2% during the first quarter. KBC Group NV now owns 4,376 shares of the company's stock worth $103,000 after acquiring an additional 1,321 shares during the period.

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.

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