Arcutis Biotherapeutics (NASDAQ:ARQT) Trading Down 8.5% – Here’s What Happened

Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT)’s stock price traded down 8.5% on Friday . The stock traded as low as $13.82 and last traded at $13.97. 518,434 shares traded hands during trading, a decline of 71% from the average session volume of 1,764,984 shares. The stock had previously closed at $15.27.

Wall Street Analyst Weigh In

A number of research firms have issued reports on ARQT. Mizuho raised their target price on shares of Arcutis Biotherapeutics from $19.00 to $20.00 and gave the company an “outperform” rating in a research note on Tuesday. Needham & Company LLC reaffirmed a “buy” rating and set a $18.00 target price on shares of Arcutis Biotherapeutics in a report on Thursday, November 7th. Finally, HC Wainwright started coverage on Arcutis Biotherapeutics in a research note on Monday, December 30th. They issued a “buy” rating and a $19.00 price target on the stock. One analyst has rated the stock with a hold rating and four have issued a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $16.60.

Arcutis Biotherapeutics Price Performance

The company’s 50 day simple moving average is $12.40 and its 200 day simple moving average is $10.63. The company has a debt-to-equity ratio of 0.67, a current ratio of 2.46 and a quick ratio of 2.38. The stock has a market cap of $1.63 billion, a P/E ratio of -7.80 and a beta of 1.30.

Arcutis Biotherapeutics (NASDAQ:ARQT) last released its quarterly earnings data on Wednesday, November 6th. The company reported ($0.33) EPS for the quarter, beating analysts’ consensus estimates of ($0.42) by $0.09. Arcutis Biotherapeutics had a negative net margin of 140.97% and a negative return on equity of 119.11%. The business had revenue of $44.76 million during the quarter, compared to analysts’ expectations of $38.05 million. As a group, equities analysts forecast that Arcutis Biotherapeutics, Inc. will post -1.34 earnings per share for the current year.

Insider Activity at Arcutis Biotherapeutics

In other Arcutis Biotherapeutics news, insider Masaru Matsuda sold 5,015 shares of the company’s stock in a transaction that occurred on Monday, November 4th. The stock was sold at an average price of $8.68, for a total transaction of $43,530.20. Following the completion of the transaction, the insider now owns 178,273 shares of the company’s stock, valued at $1,547,409.64. This represents a 2.74 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Howard G. Welgus sold 10,000 shares of Arcutis Biotherapeutics stock in a transaction that occurred on Friday, November 1st. The shares were sold at an average price of $8.65, for a total transaction of $86,500.00. Following the completion of the sale, the director now owns 171,944 shares in the company, valued at $1,487,315.60. This trade represents a 5.50 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 78,291 shares of company stock worth $927,966. 9.50% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the business. Rubric Capital Management LP increased its position in shares of Arcutis Biotherapeutics by 30.7% during the 2nd quarter. Rubric Capital Management LP now owns 9,816,672 shares of the company’s stock worth $91,295,000 after purchasing an additional 2,306,672 shares during the last quarter. Perceptive Advisors LLC grew its stake in shares of Arcutis Biotherapeutics by 107.8% in the second quarter. Perceptive Advisors LLC now owns 1,558,500 shares of the company’s stock valued at $14,494,000 after buying an additional 808,500 shares in the last quarter. Suvretta Capital Management LLC increased its holdings in Arcutis Biotherapeutics by 7.2% during the third quarter. Suvretta Capital Management LLC now owns 10,721,511 shares of the company’s stock worth $99,710,000 after buying an additional 717,019 shares during the last quarter. State Street Corp raised its position in Arcutis Biotherapeutics by 9.9% during the third quarter. State Street Corp now owns 5,641,631 shares of the company’s stock worth $52,467,000 after acquiring an additional 506,788 shares in the last quarter. Finally, abrdn plc lifted its stake in Arcutis Biotherapeutics by 223.8% in the third quarter. abrdn plc now owns 482,074 shares of the company’s stock valued at $4,483,000 after acquiring an additional 333,200 shares during the last quarter.

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.