Arcutis Biotherapeutics (NASDAQ:ARQT) Trading Down 7.3% – Here’s What Happened

Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT)’s stock price was down 7.3% during mid-day trading on Monday . The company traded as low as $25.90 and last traded at $26.1520. Approximately 880,870 shares changed hands during mid-day trading, a decline of 41% from the average daily volume of 1,496,458 shares. The stock had previously closed at $28.22.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on ARQT. Zacks Research lowered shares of Arcutis Biotherapeutics from a “strong-buy” rating to a “hold” rating in a report on Monday, December 29th. 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 report on Friday, November 28th. Wall Street Zen upgraded shares of Arcutis Biotherapeutics from a “buy” rating to a “strong-buy” rating in a report on Sunday, January 4th. Needham & Company LLC upped their price objective on Arcutis Biotherapeutics from $22.00 to $30.00 and gave the stock a “buy” rating in a report on Tuesday, October 28th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Arcutis Biotherapeutics in a research report on Monday, December 29th. Six analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $29.00.

Arcutis Biotherapeutics Trading Down 5.1%

The business has a 50 day moving average price of $28.27 and a 200-day moving average price of $21.01. The firm has a market cap of $3.28 billion, a price-to-earnings ratio of -74.39 and a beta of 1.71. The company has a quick ratio of 3.28, a current ratio of 3.50 and a debt-to-equity ratio of 0.68.

Arcutis Biotherapeutics (NASDAQ:ARQT) last announced its earnings results on Tuesday, October 28th. The company reported $0.06 earnings per share for the quarter, beating the consensus estimate 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 business had revenue of $99.22 million during the quarter, compared to the consensus estimate of $86.69 million. As a group, research analysts expect that Arcutis Biotherapeutics, Inc. will post -1.33 EPS for the current fiscal year.

Insider Activity at Arcutis Biotherapeutics

In other news, insider Masaru Matsuda sold 1,657 shares of the stock in a transaction that occurred on Monday, December 1st. The stock was sold at an average price of $30.23, for a total transaction of $50,091.11. Following the completion of the transaction, the insider directly owned 150,641 shares in the company, valued at approximately $4,553,877.43. This represents a 1.09% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, insider Todd Watanabe sold 48,945 shares of Arcutis Biotherapeutics stock in a transaction on Monday, November 24th. The stock was sold at an average price of $30.36, for a total transaction of $1,485,970.20. Following the completion of the sale, the insider owned 740,537 shares of the company’s stock, valued at approximately $22,482,703.32. This trade represents a 6.20% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders sold 293,912 shares of company stock valued at $7,885,305. 9.40% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Arcutis Biotherapeutics

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Silverleafe Capital Partners LLC lifted its position in shares of Arcutis Biotherapeutics by 278.8% during the fourth quarter. Silverleafe Capital Partners LLC now owns 62,994 shares of the company’s stock worth $1,829,000 after purchasing an additional 46,366 shares during the last quarter. SG Americas Securities LLC raised its stake in Arcutis Biotherapeutics by 102.3% during the fourth quarter. SG Americas Securities LLC now owns 35,229 shares of the company’s stock valued at $1,023,000 after buying an additional 17,814 shares in the last quarter. Wealth Enhancement Advisory Services LLC lifted its holdings in Arcutis Biotherapeutics by 15.6% during the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 16,432 shares of the company’s stock worth $480,000 after buying an additional 2,221 shares during the last quarter. Nordea Investment Management AB acquired a new position in shares of Arcutis Biotherapeutics in the 4th quarter worth approximately $5,850,000. Finally, Tudor Investment Corp ET AL bought a new stake in shares of Arcutis Biotherapeutics in the 3rd quarter valued at approximately $1,319,000.

Arcutis Biotherapeutics Company Profile

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.