Arcutis Biotherapeutics (NASDAQ:ARQT) Trading Down 6.1% – Here’s Why

Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT) shares were down 6.1% during trading on Wednesday . The company traded as low as $12.30 and last traded at $12.35. Approximately 894,309 shares were traded during trading, a decline of 72% from the average daily volume of 3,139,227 shares. The stock had previously closed at $13.15.

Analyst Upgrades and Downgrades

A number of equities analysts recently issued reports on ARQT shares. Jefferies Financial Group initiated coverage on Arcutis Biotherapeutics in a report on Wednesday, August 28th. They set a “buy” rating and a $15.00 price objective for the company. Needham & Company LLC restated a “buy” rating and issued a $18.00 price target on shares of Arcutis Biotherapeutics in a report on Thursday, November 7th.

Arcutis Biotherapeutics Trading Up 3.6 %

The company has a quick ratio of 2.38, a current ratio of 2.46 and a debt-to-equity ratio of 0.67. The company has a market capitalization of $1.49 billion, a PE ratio of -7.31 and a beta of 1.32. The stock’s 50 day moving average is $10.24 and its two-hundred day moving average is $9.76.

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

Insider Transactions at Arcutis Biotherapeutics

In other news, CFO David Joseph Topper sold 11,626 shares of the company’s stock in a transaction dated Tuesday, September 24th. The shares were sold at an average price of $9.48, for a total transaction of $110,214.48. Following the transaction, the chief financial officer now owns 158,374 shares in the company, valued at $1,501,385.52. This represents a 6.84 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Terrie Curran sold 8,687 shares of Arcutis Biotherapeutics stock in a transaction that occurred on Monday, November 11th. The stock was sold at an average price of $10.85, for a total transaction of $94,253.95. Following the completion of the sale, the director now owns 10,139 shares of the company’s stock, valued at $110,008.15. This trade represents a 46.14 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 76,951 shares of company stock valued at $770,144 in the last 90 days. Insiders own 9.50% of the company’s stock.

Hedge Funds Weigh In On Arcutis Biotherapeutics

Several hedge funds have recently made changes to their positions in the company. Point72 DIFC Ltd purchased a new stake in Arcutis Biotherapeutics during the 3rd quarter valued at about $25,000. CWM LLC boosted its position in Arcutis Biotherapeutics by 6,740.0% in the second quarter. CWM LLC now owns 4,104 shares of the company’s stock valued at $38,000 after buying an additional 4,044 shares during the last quarter. Algert Global LLC purchased a new stake in Arcutis Biotherapeutics in the second quarter valued at approximately $97,000. Erste Asset Management GmbH acquired a new position in Arcutis Biotherapeutics in the 3rd quarter worth approximately $104,000. Finally, Victory Capital Management Inc. raised its position in Arcutis Biotherapeutics by 9.9% during the 3rd quarter. Victory Capital Management Inc. now owns 12,843 shares of the company’s stock worth $119,000 after buying an additional 1,155 shares during the last quarter.

Arcutis Biotherapeutics Company Profile

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.