Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT – Get Rating)'s share price shot up 3.5% on Thursday . The stock traded as high as $14.67 and last traded at $14.67. 8,711 shares traded hands during mid-day trading, a decline of 99% from the average session volume of 868,368 shares. The stock had previously closed at $14.17.
Wall Street Analyst Weigh In
Several brokerages have recently weighed in on ARQT. Jonestrading restated a "buy" rating and issued a $54.00 price objective on shares of Arcutis Biotherapeutics in a report on Thursday, September 22nd. Morgan Stanley upped their price objective on Arcutis Biotherapeutics from $49.00 to $51.00 and gave the company an "overweight" rating in a report on Tuesday, December 13th. Six investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company currently has an average rating of "Buy" and a consensus target price of $51.60.
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Arcutis Biotherapeutics Stock Up 6.3 %
The business has a 50-day moving average price of $16.18 and a 200-day moving average price of $19.55. The company has a market capitalization of $917.58 million, a price-to-earnings ratio of -2.41 and a beta of 0.49. The company has a quick ratio of 13.27, a current ratio of 13.39 and a debt-to-equity ratio of 0.73.
Arcutis Biotherapeutics (NASDAQ:ARQT – Get Rating) last announced its earnings results on Tuesday, November 8th. The company reported ($1.89) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($1.54) by ($0.35). The firm had revenue of $0.73 million during the quarter, compared to the consensus estimate of $1.01 million. As a group, equities analysts anticipate that Arcutis Biotherapeutics, Inc. will post -5.97 earnings per share for the current fiscal year.
Insider Activity at Arcutis Biotherapeutics
In related news, Director Howard G. Welgus sold 8,500 shares of the company's stock in a transaction on Tuesday, January 17th. The stock was sold at an average price of $13.72, for a total transaction of $116,620.00. Following the transaction, the director now directly owns 165,825 shares of the company's stock, valued at $2,275,119. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, Director Howard G. Welgus sold 8,500 shares of the company's stock in a transaction on Tuesday, January 17th. The stock was sold at an average price of $13.72, for a total transaction of $116,620.00. Following the transaction, the director now directly owns 165,825 shares of the company's stock, valued at $2,275,119. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Masaru Matsuda sold 1,720 shares of the company's stock in a transaction on Monday, November 21st. The shares were sold at an average price of $18.19, for a total value of $31,286.80. Following the transaction, the insider now directly owns 19,535 shares in the company, valued at $355,341.65. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 13,695 shares of company stock valued at $205,107. Company insiders own 23.00% of the company's stock.
Institutional Inflows and Outflows
Several hedge funds have recently bought and sold shares of ARQT. Swiss National Bank increased its position in Arcutis Biotherapeutics by 7.8% in the 1st quarter. Swiss National Bank now owns 59,500 shares of the company's stock worth $1,146,000 after purchasing an additional 4,300 shares during the last quarter. JPMorgan Chase & Co. boosted its stake in shares of Arcutis Biotherapeutics by 20.8% during the 1st quarter. JPMorgan Chase & Co. now owns 27,022 shares of the company's stock worth $520,000 after acquiring an additional 4,646 shares in the last quarter. MetLife Investment Management LLC boosted its stake in Arcutis Biotherapeutics by 58.5% during the 1st quarter. MetLife Investment Management LLC now owns 16,718 shares of the company's stock valued at $322,000 after purchasing an additional 6,170 shares during the period. Dimensional Fund Advisors LP boosted its stake in Arcutis Biotherapeutics by 83.5% during the 1st quarter. Dimensional Fund Advisors LP now owns 227,383 shares of the company's stock valued at $4,378,000 after purchasing an additional 103,477 shares during the period. Finally, Vanguard Group Inc. boosted its stake in Arcutis Biotherapeutics by 1.1% during the 1st quarter. Vanguard Group Inc. now owns 1,531,098 shares of the company's stock valued at $29,489,000 after purchasing an additional 16,770 shares during the period.
About Arcutis Biotherapeutics
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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.
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