Arcutis Biotherapeutics (NASDAQ:ARQT) Stock Price Down 9.4% – What’s Next?

Shares of Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT) traded down 9.4% during trading on Wednesday . The company traded as low as $13.37 and last traded at $13.46. 1,050,207 shares traded hands during mid-day trading, a decline of 66% from the average session volume of 3,124,868 shares. The stock had previously closed at $14.86.

Analysts Set New Price Targets

A number of analysts have recently commented on the stock. Needham & Company LLC reiterated a “buy” rating and issued a $18.00 price target on shares of Arcutis Biotherapeutics in a research note on Thursday, November 7th. Jefferies Financial Group assumed coverage on shares of Arcutis Biotherapeutics in a research note on Wednesday, August 28th. They issued a “buy” rating and a $15.00 price target for the company.

Arcutis Biotherapeutics Price Performance

The firm’s fifty day moving average price is $10.47 and its 200 day moving average price is $9.88. 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 stock has a market cap of $1.57 billion, a PE ratio of -7.49 and a beta of 1.32.

Arcutis Biotherapeutics (NASDAQ:ARQT) last released its earnings results on Wednesday, November 6th. The company reported ($0.33) EPS for the quarter, topping the consensus estimate 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 firm had revenue of $44.76 million for the quarter, compared to the consensus estimate of $38.05 million. As a group, equities analysts expect that Arcutis Biotherapeutics, Inc. will post -1.34 EPS for the current fiscal year.

Insider Buying and Selling at Arcutis Biotherapeutics

In other news, insider Masaru Matsuda sold 5,015 shares of the company’s stock in a transaction dated Monday, November 4th. The shares were sold at an average price of $8.68, for a total value of $43,530.20. Following the transaction, the insider now directly owns 178,273 shares in the company, valued at approximately $1,547,409.64. This represents a 2.74 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, SVP Larry Todd Edwards sold 3,725 shares of the company’s stock in a transaction dated Wednesday, October 2nd. The stock was sold at an average price of $10.01, for a total transaction of $37,287.25. Following the completion of the transaction, the senior vice president now owns 136,635 shares in the company, valued at approximately $1,367,716.35. The trade was a 2.65 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 76,951 shares of company stock worth $770,144 over the last quarter. Insiders own 9.50% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in ARQT. Suvretta Capital Management LLC lifted its stake in Arcutis Biotherapeutics by 7.2% in the third quarter. Suvretta Capital Management LLC now owns 10,721,511 shares of the company’s stock worth $99,710,000 after acquiring an additional 717,019 shares during the period. GSA Capital Partners LLP lifted its stake in Arcutis Biotherapeutics by 730.0% in the third quarter. GSA Capital Partners LLP now owns 237,174 shares of the company’s stock worth $2,206,000 after acquiring an additional 208,599 shares during the period. Rubric Capital Management LP lifted its stake in Arcutis Biotherapeutics by 11.7% in the third quarter. Rubric Capital Management LP now owns 10,966,672 shares of the company’s stock worth $101,990,000 after acquiring an additional 1,150,000 shares during the period. Wesbanco Bank Inc. purchased a new stake in Arcutis Biotherapeutics in the third quarter worth about $955,000. Finally, AMI Asset Management Corp lifted its stake in Arcutis Biotherapeutics by 36.2% in the third quarter. AMI Asset Management Corp now owns 223,681 shares of the company’s stock worth $2,080,000 after acquiring an additional 59,487 shares during the period.

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.