Arcutis Biotherapeutics (NASDAQ:ARQT) Share Price Crosses Above 50 Day Moving Average – Here’s Why

Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT – Get Free Report) passed above its fifty day moving average during trading on Tuesday. The stock has a fifty day moving average of $27.28 and traded as high as $27.62. Arcutis Biotherapeutics shares last traded at $27.39, with a volume of 2,223,702 shares trading hands.

Analyst Ratings Changes

A number of equities research analysts have weighed in on ARQT shares. TD Cowen lifted their price target on shares of Arcutis Biotherapeutics from $35.00 to $40.00 and gave the stock a “buy” rating in a research note on Thursday, November 5th. Guggenheim increased their price objective on shares of Arcutis Biotherapeutics from $38.00 to $44.00 and gave the company a “buy” rating in a research note on Monday, October 19th. Wall Street Zen downgraded shares of Arcutis Biotherapeutics from a “buy” rating to a “hold” rating in a report on Saturday. Jefferies Financial Group reiterated a “buy” rating and set a $39.00 target price on shares of Arcutis Biotherapeutics in a research report on Thursday, October 8th. Finally, Cantor Fitzgerald assumed coverage on shares of Arcutis Biotherapeutics in a research note on Thursday, October 15th. They issued an “overweight” rating and a $48.00 target price on the stock. Eight analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $39.75.

Get Our Latest Report on Arcutis Biotherapeutics

Arcutis Biotherapeutics Trading Up 4.5%

The stock has a market capitalization of $3.46 billion, a price-to-earnings ratio of 130.43 and a beta of 1.66. The business has a 50 day simple moving average of $27.28 and a 200-day simple moving average of $25.37. The company has a debt-to-equity ratio of 0.42, a current ratio of 2.92 and a quick ratio of 2.66.

Arcutis Biotherapeutics (NASDAQ:ARQT – Get Free Report) last announced its earnings results on Wednesday, November 4th. The company reported $0.06 EPS for the quarter, missing the consensus estimate of $0.18 by ($0.12). The business had revenue of $143.92 million for the quarter, compared to analyst estimates of $142.59 million. Arcutis Biotherapeutics had a return on equity of 14.18% and a net margin of 5.88%. As a group, equities analysts expect that Arcutis Biotherapeutics, Inc. will post 0.28 earnings per share for the current year.

Insider Activity at Arcutis Biotherapeutics

In other Arcutis Biotherapeutics news, EVP Masaru Matsuda sold 40,000 shares of the company’s stock in a transaction dated Wednesday, November 4th. The stock was sold at an average price of $34.32, for a total value of $1,372,800.00. Following the completion of the transaction, the executive vice president owned 111,289 shares of the company’s stock, valued at $3,819,438.48. This represents a 26.44% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 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, EVP Patrick Burnett sold 943 shares of Arcutis Biotherapeutics stock in a transaction on Monday, November 2nd. The stock was sold at an average price of $31.86, for a total transaction of $30,043.98. Following the transaction, the executive vice president owned 116,649 shares in the company, valued at approximately $3,716,437.14. This trade represents a 0.80% decrease in their position. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last three months, insiders sold 108,932 shares of company stock valued at $3,158,225. 9.40% of the stock is currently owned by company insiders.

Institutional Trading of Arcutis Biotherapeutics

Several large investors have recently made changes to their positions in ARQT. Montanova Capital LLC grew its holdings in shares of Arcutis Biotherapeutics by 0.9% during the second quarter. Montanova Capital LLC now owns 12,437,000 shares of the company’s stock valued at $326,098,000 after buying an additional 110,000 shares during the last quarter. BlackRock Inc. purchased a new position in Arcutis Biotherapeutics in the 2nd quarter worth approximately $276,502,000. Bank of America Corp DE bought a new stake in Arcutis Biotherapeutics during the second quarter worth about $78,330,000. Janus Henderson Group PLC raised its stake in shares of Arcutis Biotherapeutics by 1.3% during the first quarter. Janus Henderson Group PLC now owns 1,854,566 shares of the company’s stock worth $43,684,000 after acquiring an additional 24,505 shares in the last quarter. Finally, Jupiter Topco LLC bought a new stake in Arcutis Biotherapeutics in the second quarter worth $36,989,000.

About Arcutis Biotherapeutics

(Get Free Report)

Arcutis Biotherapeutics is a biopharmaceutical company focused on developing and commercializing treatments for inflammatory skin diseases. Founded in 2016, the company is headquartered in Westlake Village, California. Arcutis primarily serves the U.S. market and continues to develop medicines for dermatologic conditions. Its leadership is headed by President and Chief Executive Officer Frank Watanabe.

Further Reading

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