Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT – Get Free Report) was up 6.1% during trading on Tuesday . The stock traded as high as $27.70 and last traded at $27.66. 1,808,224 shares traded hands during mid-day trading, an increase of 15% from the average session volume of 1,566,617 shares. The stock had previously closed at $26.07.
Wall Street Analysts Forecast Growth
A number of research firms have issued reports on ARQT. Needham & Company LLC reiterated a “buy” rating and issued a $36.00 target price on shares of Arcutis Biotherapeutics in a research note on Thursday, May 7th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Arcutis Biotherapeutics in a research note on Wednesday, June 24th. Finally, Wall Street Zen cut shares of Arcutis Biotherapeutics from a “buy” rating to a “hold” rating in a report on Saturday, May 9th. Five investment analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, Arcutis Biotherapeutics has an average rating of “Moderate Buy” and a consensus price target of $34.00.
Check Out Our Latest Stock Report on ARQT
Arcutis Biotherapeutics Stock Performance
Arcutis Biotherapeutics (NASDAQ:ARQT – Get Free Report) last posted its quarterly earnings data on Wednesday, May 6th. The company reported ($0.09) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.02) by ($0.07). Arcutis Biotherapeutics had a negative return on equity of 1.41% and a negative net margin of 0.57%.The firm had revenue of $105.40 million for the quarter, compared to the consensus estimate of $103.67 million. As a group, research analysts expect that Arcutis Biotherapeutics, Inc. will post 0.15 EPS for the current fiscal year.
Insider Activity at Arcutis Biotherapeutics
In other news, Director Sue-Jean Lin sold 4,946 shares of the firm’s stock in a transaction dated Monday, June 15th. The stock was sold at an average price of $24.38, for a total value of $120,583.48. Following the sale, the director directly owned 27,567 shares of the company’s stock, valued at approximately $672,083.46. This trade represents a 15.21% 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. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Latha Vairavan sold 1,341 shares of Arcutis Biotherapeutics stock in a transaction dated Monday, May 4th. The stock was sold at an average price of $23.61, for a total value of $31,661.01. Following the completion of the transaction, the chief financial officer owned 86,413 shares in the company, valued at $2,040,210.93. The trade was a 1.53% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last three months, insiders sold 30,931 shares of company stock valued at $730,086. 9.40% of the stock is owned by corporate insiders.
Institutional Investors Weigh In On Arcutis Biotherapeutics
Several hedge funds have recently modified their holdings of the business. Suvretta Capital Management LLC boosted its holdings in Arcutis Biotherapeutics by 14.2% during the fourth quarter. Suvretta Capital Management LLC now owns 11,964,000 shares of the company’s stock valued at $347,435,000 after purchasing an additional 1,486,000 shares in the last quarter. Price T Rowe Associates Inc. MD raised its holdings in shares of Arcutis Biotherapeutics by 1,228.4% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 1,166,348 shares of the company’s stock worth $33,872,000 after buying an additional 1,078,546 shares in the last quarter. Healthcare of Ontario Pension Plan Trust Fund bought a new position in shares of Arcutis Biotherapeutics during the 4th quarter worth approximately $26,136,000. State Street Corp boosted its stake in Arcutis Biotherapeutics by 18.2% in the 4th quarter. State Street Corp now owns 5,488,301 shares of the company’s stock valued at $159,380,000 after buying an additional 846,986 shares in the last quarter. Finally, Voloridge Investment Management LLC acquired a new stake in Arcutis Biotherapeutics in the 3rd quarter valued at $15,711,000.
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.
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