Arcutis Biotherapeutics (NASDAQ:ARQT) Releases Earnings Results, Beats Expectations By $998.98 EPS

Arcutis Biotherapeutics (NASDAQ:ARQT) issued its quarterly earnings data on Wednesday. The company reported $999.00 earnings per share for the quarter, beating the consensus estimate of $0.02 by $998.98, Zacks reports. Arcutis Biotherapeutics had a negative net margin of 13.94% and a negative return on equity of 29.69%.

Arcutis Biotherapeutics Price Performance

Arcutis Biotherapeutics stock traded up $0.08 during midday trading on Wednesday, hitting $27.06. The company’s stock had a trading volume of 818,748 shares, compared to its average volume of 1,367,675. Arcutis Biotherapeutics has a 12 month low of $11.86 and a 12 month high of $31.77. The company has a quick ratio of 3.28, a current ratio of 3.50 and a debt-to-equity ratio of 0.68. The company has a market capitalization of $3.32 billion, a PE ratio of -75.18 and a beta of 1.70. The stock’s 50-day moving average price is $27.27 and its 200-day moving average price is $23.65.

Analyst Upgrades and Downgrades

ARQT has been the topic of several analyst reports. Wall Street Zen cut Arcutis Biotherapeutics from a “strong-buy” rating to a “buy” rating in a research report on Saturday, February 14th. HC Wainwright restated a “buy” rating and set a $30.00 price objective on shares of Arcutis Biotherapeutics in a research note on Wednesday, October 29th. The Goldman Sachs Group upped their price objective on shares of Arcutis Biotherapeutics from $19.00 to $29.00 and gave the stock a “neutral” rating in a report on Thursday, October 30th. Weiss Ratings reissued a “sell (d-)” rating on shares of Arcutis Biotherapeutics in a research note on Monday, December 29th. Finally, Mizuho upped their price target on shares of Arcutis Biotherapeutics from $32.00 to $37.00 and gave the stock an “outperform” rating in a research note on Friday, November 28th. Six research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $29.20.

Insider Buying and Selling

In related news, insider Patrick Burnett sold 11,500 shares of the business’s stock in a transaction that occurred on Monday, December 15th. The shares were sold at an average price of $28.94, for a total value of $332,810.00. Following the sale, the insider directly owned 98,307 shares in the company, valued at $2,845,004.58. The trade was a 10.47% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Todd Watanabe sold 19,833 shares of the firm’s stock in a transaction that occurred on Monday, February 2nd. The stock was sold at an average price of $25.50, for a total transaction of $505,741.50. Following the sale, the insider owned 721,306 shares of the company’s stock, valued at $18,393,303. The trade was a 2.68% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last three months, insiders have sold 124,656 shares of company stock worth $3,312,365. 9.40% of the stock is owned by insiders.

Institutional Investors Weigh In On Arcutis Biotherapeutics

Several hedge funds have recently bought and sold shares of ARQT. Entropy Technologies LP bought a new position in shares of Arcutis Biotherapeutics during the 3rd quarter valued at $214,000. Brooklyn Investment Group bought a new stake in Arcutis Biotherapeutics in the fourth quarter worth $239,000. E Fund Management Co. Ltd. increased its position in Arcutis Biotherapeutics by 14.7% during the second quarter. E Fund Management Co. Ltd. now owns 17,184 shares of the company’s stock worth $241,000 after buying an additional 2,197 shares during the last quarter. PharVision Advisers LLC acquired a new position in Arcutis Biotherapeutics during the third quarter worth $245,000. Finally, Mercer Global Advisors Inc. ADV bought a new position in Arcutis Biotherapeutics during the fourth quarter valued at about $255,000.

About Arcutis Biotherapeutics

Arcutis Biotherapeutics is a clinical-stage biopharmaceutical company focused on developing and commercializing innovative therapies for immuno-inflammatory skin diseases. The company’s research and development efforts center on targeted treatments that address the underlying biology of conditions such as plaque psoriasis, atopic dermatitis, seborrheic dermatitis and vitiligo. Arcutis employs a precision-medicine approach to deliver topical therapies designed to improve efficacy and tolerability compared with existing treatment options.

In August 2022, Arcutis received U.S.