Arcutis Biotherapeutics (NASDAQ:ARQT) Trading Down 3.2% – Time to Sell?

Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT)’s share price dropped 3.2% during trading on Tuesday . The company traded as low as $14.22 and last traded at $14.17. Approximately 473,837 shares changed hands during trading, a decline of 79% from the average daily volume of 2,295,918 shares. The stock had previously closed at $14.64.

Analyst Upgrades and Downgrades

ARQT has been the subject of a number of research reports. Needham & Company LLC reiterated a “buy” rating and set a $20.00 target price on shares of Arcutis Biotherapeutics in a research report on Wednesday, April 9th. HC Wainwright restated a “buy” rating and set a $19.00 price objective on shares of Arcutis Biotherapeutics in a research report on Thursday, April 3rd. Jefferies Financial Group boosted their target price on Arcutis Biotherapeutics from $16.00 to $19.00 and gave the company a “buy” rating in a research report on Tuesday, March 11th. Mizuho lifted their price objective on shares of Arcutis Biotherapeutics from $20.00 to $21.00 and gave the stock an “outperform” rating in a research note on Wednesday, February 26th. Finally, The Goldman Sachs Group raised their target price on shares of Arcutis Biotherapeutics from $13.00 to $15.00 and gave the stock a “neutral” rating in a report on Thursday, February 27th. One equities research analyst has rated the stock with a hold rating and five have issued a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $18.80.

Arcutis Biotherapeutics Stock Down 1.7%

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 $1.72 billion, a P/E ratio of -8.04 and a beta of 1.87. The company’s 50 day moving average price is $14.68 and its two-hundred day moving average price is $13.50.

Arcutis Biotherapeutics (NASDAQ:ARQT) last issued its earnings results on Tuesday, May 6th. The company reported ($0.20) earnings per share for the quarter, topping the consensus estimate of ($0.21) by $0.01. The business had revenue of $65.85 million during the quarter, compared to analysts’ expectations of $64.80 million. Arcutis Biotherapeutics had a negative return on equity of 119.11% and a negative net margin of 140.97%. As a group, research analysts expect that Arcutis Biotherapeutics, Inc. will post -1.33 earnings per share for the current year.

Insider Activity

In other Arcutis Biotherapeutics news, insider Todd Franklin Watanabe sold 1,500 shares of the company’s stock in a transaction on Monday, March 24th. The shares were sold at an average price of $17.52, for a total value of $26,280.00. Following the sale, the insider now directly owns 927,414 shares of the company’s stock, valued at approximately $16,248,293.28. This represents a 0.16% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Patrick Burnett sold 2,819 shares of the company’s stock in a transaction dated Monday, March 3rd. The stock was sold at an average price of $13.03, for a total transaction of $36,731.57. Following the completion of the transaction, the insider now owns 167,043 shares of the company’s stock, valued at approximately $2,176,570.29. This trade represents a 1.66% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 36,662 shares of company stock worth $527,326. Corporate insiders own 9.40% of the company’s stock.

Hedge Funds Weigh In On Arcutis Biotherapeutics

Several hedge funds and other institutional investors have recently modified their holdings of ARQT. Jennison Associates LLC raised its stake in shares of Arcutis Biotherapeutics by 5.8% in the fourth quarter. Jennison Associates LLC now owns 12,339,792 shares of the company’s stock valued at $171,893,000 after acquiring an additional 676,295 shares in the last quarter. Suvretta Capital Management LLC boosted its position in Arcutis Biotherapeutics by 6.3% during the fourth quarter. Suvretta Capital Management LLC now owns 11,399,138 shares of the company’s stock worth $158,790,000 after acquiring an additional 677,627 shares during the last quarter. Polar Capital Holdings Plc boosted its stake in Arcutis Biotherapeutics by 7.2% in the 4th quarter. Polar Capital Holdings Plc now owns 7,377,381 shares of the company’s stock worth $102,767,000 after buying an additional 493,009 shares during the last quarter. Vanguard Group Inc. boosted its holdings in shares of Arcutis Biotherapeutics by 5.9% in the 1st quarter. Vanguard Group Inc. now owns 6,818,078 shares of the company’s stock valued at $106,635,000 after purchasing an additional 377,363 shares during the last quarter. Finally, Gilder Gagnon Howe & Co. LLC grew its position in Arcutis Biotherapeutics by 9.8% during the fourth quarter. Gilder Gagnon Howe & Co. LLC now owns 3,902,991 shares of the company’s stock valued at $54,369,000 after acquiring an additional 349,153 shares during the period.

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.