Shares of Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT – Get Free Report) dropped 4.7% during trading on Thursday . The stock traded as low as $24.42 and last traded at $24.9050. 609,744 shares traded hands during mid-day trading, a decline of 62% from the average session volume of 1,621,528 shares. The stock had previously closed at $26.14.
Analyst Ratings Changes
ARQT has been the topic of a number of recent research reports. Wall Street Zen raised Arcutis Biotherapeutics from a “buy” rating to a “strong-buy” rating in a research report on Saturday, August 8th. Weiss Ratings cut Arcutis Biotherapeutics from a “hold (c)” rating to a “hold (c-)” rating in a research note on Tuesday, September 8th. Morgan Stanley increased their price target on Arcutis Biotherapeutics from $34.00 to $38.00 and gave the company an “overweight” rating in a research report on Thursday, August 6th. Guggenheim raised their price objective on shares of Arcutis Biotherapeutics from $35.00 to $38.00 and gave the company a “buy” rating in a report on Thursday, August 6th. Finally, Needham & Company LLC boosted their target price on Arcutis Biotherapeutics from $36.00 to $40.00 and gave the stock a “buy” rating in a research note on Thursday, August 6th. Six investment analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $35.57.
Get Our Latest Research Report on Arcutis Biotherapeutics
Arcutis Biotherapeutics Price Performance
Arcutis Biotherapeutics (NASDAQ:ARQT – Get Free Report) last released its quarterly earnings results on Wednesday, August 5th. The company reported $0.11 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.06 by $0.05. Arcutis Biotherapeutics had a return on equity of 15.05% and a net margin of 6.15%.The firm had revenue of $129.86 million for the quarter, compared to analyst estimates of $118.85 million. As a group, sell-side analysts anticipate that Arcutis Biotherapeutics, Inc. will post 0.42 earnings per share for the current year.
Insider Activity
In related news, insider Todd Watanabe sold 4,375 shares of Arcutis Biotherapeutics stock in a transaction on Monday, August 3rd. The shares were sold at an average price of $26.12, for a total value of $114,275.00. Following the transaction, the insider directly owned 717,203 shares in the company, valued at $18,733,342.36. This trade represents a 0.61% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 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. Also, Director Terrie Curran sold 38,200 shares of Arcutis Biotherapeutics stock in a transaction dated Thursday, August 27th. The shares were sold at an average price of $25.03, for a total transaction of $956,146.00. Following the completion of the sale, the director directly owned 23,526 shares in the company, valued at approximately $588,855.78. The trade was a 61.89% decrease in their position. The SEC filing for this sale provides additional information. Over the last quarter, insiders sold 79,225 shares of company stock valued at $2,015,966. 9.40% of the stock is currently owned by company insiders.
Hedge Funds Weigh In On Arcutis Biotherapeutics
Institutional investors and hedge funds have recently added to or reduced their stakes in the business. EverSource Wealth Advisors LLC lifted its holdings in shares of Arcutis Biotherapeutics by 124.0% in the 4th quarter. EverSource Wealth Advisors LLC now owns 1,261 shares of the company’s stock valued at $37,000 after buying an additional 698 shares during the period. Nykredit A S acquired a new position in Arcutis Biotherapeutics during the second quarter worth $63,000. Integrated Wealth Concepts LLC acquired a new position in Arcutis Biotherapeutics during the second quarter worth $84,000. KBC Group NV raised its position in Arcutis Biotherapeutics by 43.2% in the first quarter. KBC Group NV now owns 4,376 shares of the company’s stock worth $103,000 after acquiring an additional 1,321 shares in the last quarter. Finally, Persistent Asset Partners Ltd purchased a new position in Arcutis Biotherapeutics in the second quarter worth $227,000.
Arcutis Biotherapeutics Company Profile
Arcutis Biotherapeutics, Inc is a biopharmaceutical company focused on developing and commercializing treatments for immune-mediated dermatological conditions. The company’s research and development activities are centered on therapies intended to address significant unmet needs in inflammatory skin diseases.
Arcutis’s primary commercial product is ZORYVE (roflumilast), a topical, nonsteroidal phosphodiesterase-4 inhibitor. The product is available in multiple formulations and strengths for certain patients with plaque psoriasis, seborrheic dermatitis and atopic dermatitis.
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