Arcutis Biotherapeutics (NASDAQ:ARQT) Hits New 52-Week High – Here’s Why

Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT) shares hit a new 52-week high during mid-day trading on Tuesday . The stock traded as high as $17.70 and last traded at $16.42, with a volume of 8815556 shares changing hands. The stock had previously closed at $14.62.

Analysts Set New Price Targets

ARQT has been the subject of several recent analyst reports. HC Wainwright reaffirmed a “buy” rating and set a $19.00 price objective on shares of Arcutis Biotherapeutics in a research report on Wednesday, February 26th. Jefferies Financial Group lifted their price target on shares of Arcutis Biotherapeutics from $16.00 to $19.00 and gave the company a “buy” rating in a research note on Tuesday, March 11th. Mizuho increased their price objective on shares of Arcutis Biotherapeutics from $20.00 to $21.00 and gave the stock an “outperform” rating in a research report on Wednesday, February 26th. Guggenheim reaffirmed a “buy” rating on shares of Arcutis Biotherapeutics in a research report on Monday, February 24th. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $20.00 price target on shares of Arcutis Biotherapeutics in a report on Wednesday, February 26th. One equities research analyst has rated the stock with a hold rating and five have given a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $18.80.

Arcutis Biotherapeutics Stock Performance

The company has a current ratio of 2.46, a quick ratio of 2.38 and a debt-to-equity ratio of 0.67. The company’s 50-day moving average is $13.55 and its two-hundred day moving average is $11.89. The firm has a market cap of $1.95 billion, a P/E ratio of -9.17 and a beta of 1.48.

Arcutis Biotherapeutics (NASDAQ:ARQT) last announced its earnings results on Tuesday, February 25th. The company reported ($0.09) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.28) by $0.19. The company had revenue of $71.36 million for the quarter, compared to analysts’ expectations of $60.52 million. Arcutis Biotherapeutics had a negative return on equity of 119.11% and a negative net margin of 140.97%. As a group, equities analysts predict that Arcutis Biotherapeutics, Inc. will post -1.33 EPS for the current fiscal year.

Insider Transactions at Arcutis Biotherapeutics

In other news, insider Patrick Burnett sold 12,242 shares of the company’s stock in a transaction that occurred on Friday, March 14th. The stock was sold at an average price of $15.04, for a total value of $184,119.68. Following the completion of the transaction, the insider now directly owns 121,936 shares of the company’s stock, valued at $1,833,917.44. This represents a 9.12 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Howard G. Welgus sold 10,000 shares of the stock in a transaction that occurred on Thursday, January 2nd. The shares were sold at an average price of $14.67, for a total value of $146,700.00. Following the sale, the director now directly owns 151,944 shares of the company’s stock, valued at $2,229,018.48. The trade was a 6.17 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 70,090 shares of company stock worth $981,768 in the last quarter. 9.50% of the stock is currently owned by corporate 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 ARQT. Wealth Enhancement Advisory Services LLC purchased a new position in Arcutis Biotherapeutics in the fourth quarter valued at about $291,000. GF Fund Management CO. LTD. purchased a new position in Arcutis Biotherapeutics in the fourth quarter valued at approximately $34,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its holdings in Arcutis Biotherapeutics by 1.2% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 280,100 shares of the company’s stock valued at $3,902,000 after purchasing an additional 3,409 shares during the period. Voloridge Investment Management LLC raised its stake in shares of Arcutis Biotherapeutics by 126.5% in the fourth quarter. Voloridge Investment Management LLC now owns 290,938 shares of the company’s stock valued at $4,053,000 after buying an additional 162,495 shares during the period. Finally, Squarepoint Ops LLC lifted its position in shares of Arcutis Biotherapeutics by 67.2% during the 4th quarter. Squarepoint Ops LLC now owns 121,392 shares of the company’s stock valued at $1,691,000 after buying an additional 48,769 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.