Arcutis Biotherapeutics (NASDAQ:ARQT) Stock Price Down 4.7% – Here’s Why

Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT) shares dropped 4.7% during mid-day trading on Tuesday . The stock traded as low as $29.33 and last traded at $29.5780. Approximately 1,173,722 shares were traded during mid-day trading, a decline of 45% from the average daily volume of 2,152,667 shares. The stock had previously closed at $31.03.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on ARQT. Wall Street Zen downgraded Arcutis Biotherapeutics from a “strong-buy” rating to a “buy” rating in a research report on Saturday, December 6th. Zacks Research raised shares of Arcutis Biotherapeutics from a “hold” rating to a “strong-buy” rating in a report on Wednesday, October 29th. HC Wainwright reiterated a “buy” rating and set a $30.00 price target on shares of Arcutis Biotherapeutics in a report on Wednesday, October 29th. Weiss Ratings reissued a “sell (d-)” rating on shares of Arcutis Biotherapeutics in a research report on Monday. Finally, Needham & Company LLC lifted their price objective on shares of Arcutis Biotherapeutics from $22.00 to $30.00 and gave the stock a “buy” rating in a research report on Tuesday, October 28th. One equities research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, one has given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $29.00.

Arcutis Biotherapeutics Stock Down 1.0%

The firm’s 50-day moving average price is $25.08 and its two-hundred day moving average price is $18.69. The company has a debt-to-equity ratio of 0.68, a quick ratio of 3.28 and a current ratio of 3.50. The firm has a market cap of $3.61 billion, a PE ratio of -81.86 and a beta of 1.69.

Arcutis Biotherapeutics (NASDAQ:ARQT) last posted its earnings results on Tuesday, October 28th. The company reported $0.06 EPS for the quarter, beating analysts’ consensus estimates of ($0.10) by $0.16. Arcutis Biotherapeutics had a negative net margin of 13.94% and a negative return on equity of 29.69%. The firm had revenue of $99.22 million for the quarter, compared to the consensus estimate of $86.69 million. As a group, equities research analysts expect that Arcutis Biotherapeutics, Inc. will post -1.33 EPS for the current fiscal year.

Insider Buying and Selling at Arcutis Biotherapeutics

In other news, Director Sue-Jean Lin sold 25,272 shares of the business’s stock in a transaction dated Monday, November 24th. The stock was sold at an average price of $30.78, for a total value of $777,872.16. Following the completion of the sale, the director directly owned 26,735 shares of the company’s stock, valued at approximately $822,903.30. The trade was a 48.59% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Todd Watanabe sold 48,945 shares of the firm’s stock in a transaction that occurred on Monday, November 24th. The stock was sold at an average price of $30.36, for a total value of $1,485,970.20. Following the transaction, the insider owned 740,537 shares in the company, valued at $22,482,703.32. This represents a 6.20% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders have sold 327,729 shares of company stock valued at $8,305,217. 9.40% of the stock is owned by insiders.

Hedge Funds Weigh In On Arcutis Biotherapeutics

Institutional investors have recently modified their holdings of the business. Johnson Investment Counsel Inc. acquired a new stake in Arcutis Biotherapeutics during the 3rd quarter worth $30,000. Allostery Investments LP purchased a new stake in shares of Arcutis Biotherapeutics in the first quarter valued at about $117,000. PNC Financial Services Group Inc. raised its holdings in shares of Arcutis Biotherapeutics by 10.2% in the second quarter. PNC Financial Services Group Inc. now owns 8,828 shares of the company’s stock valued at $124,000 after buying an additional 820 shares during the last quarter. Jones Financial Companies Lllp boosted its stake in shares of Arcutis Biotherapeutics by 1,291.1% during the third quarter. Jones Financial Companies Lllp now owns 7,067 shares of the company’s stock worth $124,000 after buying an additional 6,559 shares during the period. Finally, Atlas Wealth LLC purchased a new position in shares of Arcutis Biotherapeutics during the second quarter worth about $138,000.

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.