Arcutis Biotherapeutics (NASDAQ:ARQT) Stock Price Down 6.9% After Analyst Downgrade

Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT) shares dropped 6.9% during mid-day trading on Monday after Mizuho lowered their price target on the stock from $37.00 to $35.00. Mizuho currently has an outperform rating on the stock. Arcutis Biotherapeutics traded as low as $25.02 and last traded at $25.1110. Approximately 486,601 shares changed hands during trading, a decline of 66% from the average daily volume of 1,429,953 shares. The stock had previously closed at $26.97.

A number of other equities research analysts also recently commented on ARQT. Wall Street Zen downgraded shares of Arcutis Biotherapeutics from a “strong-buy” rating to a “buy” rating in a research report on Saturday, February 14th. Guggenheim increased their target price on Arcutis Biotherapeutics from $34.00 to $35.00 and gave the company a “buy” rating in a report on Friday. Zacks Research cut Arcutis Biotherapeutics from a “strong-buy” rating to a “hold” rating in a research note on Monday, December 29th. TD Cowen upped their price objective on Arcutis Biotherapeutics from $30.00 to $35.00 and gave the stock a “buy” rating in a research report on Thursday. Finally, Needham & Company LLC increased their price objective on Arcutis Biotherapeutics from $31.00 to $36.00 and gave the company a “buy” rating in a report on Thursday. Six analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $31.86.

Insider Transactions at Arcutis Biotherapeutics

In other Arcutis Biotherapeutics news, Director Howard G. Welgus sold 10,000 shares of Arcutis Biotherapeutics stock in a transaction that occurred on Monday, February 2nd. The stock was sold at an average price of $25.05, for a total value of $250,500.00. Following the completion of the sale, the director directly owned 59,744 shares in the company, valued at approximately $1,496,587.20. The trade was a 14.34% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Patrick Burnett sold 11,500 shares of the firm’s stock in a transaction dated Monday, December 15th. The shares were sold at an average price of $28.94, for a total value of $332,810.00. Following the completion of the sale, the insider owned 98,307 shares of the company’s stock, valued at approximately $2,845,004.58. This represents a 10.47% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders sold 112,999 shares of company stock worth $2,960,174. Corporate insiders own 9.40% of the company’s stock.

Institutional Investors Weigh In On Arcutis Biotherapeutics

A number of hedge funds have recently modified their holdings of ARQT. Sit Investment Associates Inc. purchased a new stake in Arcutis Biotherapeutics during the fourth quarter valued at about $376,000. Invesco Ltd. grew its stake in Arcutis Biotherapeutics by 59.3% in the 4th quarter. Invesco Ltd. now owns 307,382 shares of the company’s stock valued at $8,926,000 after buying an additional 114,430 shares in the last quarter. Mercer Global Advisors Inc. ADV bought a new stake in Arcutis Biotherapeutics during the 4th quarter valued at $255,000. Mackenzie Financial Corp bought a new position in shares of Arcutis Biotherapeutics in the fourth quarter worth $1,374,000. Finally, NewEdge Advisors LLC grew its position in shares of Arcutis Biotherapeutics by 209.0% in the fourth quarter. NewEdge Advisors LLC now owns 1,545 shares of the company’s stock valued at $45,000 after purchasing an additional 1,045 shares in the last quarter.

Arcutis Biotherapeutics Stock Performance

The business has a 50 day moving average of $27.24 and a 200-day moving average of $23.92. The company has a debt-to-equity ratio of 0.57, a quick ratio of 2.99 and a current ratio of 3.17. The company has a market capitalization of $3.13 billion, a P/E ratio of -180.09 and a beta of 1.66.

Arcutis Biotherapeutics (NASDAQ:ARQT) last announced its quarterly earnings results on Wednesday, February 25th. The company reported $0.13 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.03 by $0.10. Arcutis Biotherapeutics had a negative net margin of 4.29% and a negative return on equity of 10.26%. The firm had revenue of $129.50 million for the quarter, compared to the consensus estimate of $110.79 million. On average, sell-side analysts predict that Arcutis Biotherapeutics, Inc. will post -1.33 EPS for the current fiscal year.

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.