Arcutis Biotherapeutics (NASDAQ:ARQT) Trading Down 6.7%

Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT) traded down 6.7% on Friday . The stock traded as low as $8.01 and last traded at $8.02. 827,848 shares were traded during trading, a decline of 81% from the average session volume of 4,436,288 shares. The stock had previously closed at $8.60.

Analyst Ratings Changes

ARQT has been the topic of several analyst reports. Needham & Company LLC reiterated a “buy” rating and set a $16.00 target price on shares of Arcutis Biotherapeutics in a report on Friday, April 12th. The Goldman Sachs Group upped their target price on shares of Arcutis Biotherapeutics from $6.00 to $11.00 and gave the company a “neutral” rating in a research note on Wednesday, February 28th. Finally, Mizuho reaffirmed a “buy” rating and issued a $16.00 target price (up from $8.00) on shares of Arcutis Biotherapeutics in a research report on Friday, February 23rd. 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 has a consensus rating of “Moderate Buy” and a consensus price target of $26.56.

Arcutis Biotherapeutics Stock Performance

The stock has a fifty day moving average price of $10.07 and a 200 day moving average price of $5.93. 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 firm has a market cap of $924.24 million, a price-to-earnings ratio of -2.04 and a beta of 1.18.

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

Insider Buying and Selling at Arcutis Biotherapeutics

In other news, insider Masaru Matsuda sold 3,760 shares of Arcutis Biotherapeutics stock in a transaction that occurred on Monday, March 4th. The stock was sold at an average price of $11.12, for a total transaction of $41,811.20. Following the sale, the insider now owns 190,424 shares of the company’s stock, valued at approximately $2,117,514.88. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 20.70% of the company’s stock.

Institutional Trading of Arcutis Biotherapeutics

Institutional investors have recently made changes to their positions in the business. Bank of New York Mellon Corp grew its stake in shares of Arcutis Biotherapeutics by 12.9% in the 3rd quarter. Bank of New York Mellon Corp now owns 237,779 shares of the company’s stock valued at $1,263,000 after purchasing an additional 27,170 shares during the period. Jennison Associates LLC raised its stake in Arcutis Biotherapeutics by 3.2% during the third quarter. Jennison Associates LLC now owns 4,432,175 shares of the company’s stock worth $23,535,000 after acquiring an additional 138,209 shares in the last quarter. Jump Financial LLC bought a new position in shares of Arcutis Biotherapeutics during the third quarter valued at $108,000. Fox Run Management L.L.C. acquired a new stake in shares of Arcutis Biotherapeutics in the 3rd quarter valued at $60,000. Finally, Swiss National Bank grew its holdings in shares of Arcutis Biotherapeutics by 9.9% in the 3rd quarter. Swiss National Bank now owns 101,200 shares of the company’s stock worth $537,000 after purchasing an additional 9,100 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.