Arcutis Biotherapeutics (NASDAQ:ARQT – Get Rating) posted its quarterly earnings results on Thursday. The company reported ($1.31) earnings per share for the quarter, topping analysts’ consensus estimates of ($1.41) by $0.10, Fidelity Earnings reports.
Arcutis Biotherapeutics Stock Up 2.2 %
ARQT stock opened at $25.15 on Friday. The firm has a 50 day moving average price of $22.13 and a 200-day moving average price of $19.50. Arcutis Biotherapeutics has a 52-week low of $13.59 and a 52-week high of $26.13. The company has a current ratio of 10.89, a quick ratio of 10.89 and a debt-to-equity ratio of 0.29.
Wall Street Analysts Forecast Growth
ARQT has been the subject of several research reports. The Goldman Sachs Group increased their price objective on Arcutis Biotherapeutics from $45.00 to $50.00 and gave the company a “buy” rating in a report on Tuesday. Morgan Stanley increased their price objective on Arcutis Biotherapeutics from $39.00 to $45.00 and gave the stock an “overweight” rating in a research report on Tuesday.
Institutional Trading of Arcutis Biotherapeutics
Several hedge funds have recently made changes to their positions in ARQT. Swiss National Bank raised its position in shares of Arcutis Biotherapeutics by 7.8% during the 1st quarter. Swiss National Bank now owns 59,500 shares of the company’s stock valued at $1,146,000 after buying an additional 4,300 shares in the last quarter. JPMorgan Chase & Co. grew its holdings in Arcutis Biotherapeutics by 20.8% during the 1st quarter. JPMorgan Chase & Co. now owns 27,022 shares of the company’s stock valued at $520,000 after purchasing an additional 4,646 shares during the last quarter. MetLife Investment Management LLC grew its holdings in Arcutis Biotherapeutics by 58.5% during the 1st quarter. MetLife Investment Management LLC now owns 16,718 shares of the company’s stock valued at $322,000 after purchasing an additional 6,170 shares during the last quarter. Dimensional Fund Advisors LP grew its holdings in Arcutis Biotherapeutics by 83.5% during the 1st quarter. Dimensional Fund Advisors LP now owns 227,383 shares of the company’s stock valued at $4,378,000 after purchasing an additional 103,477 shares during the last quarter. Finally, Vanguard Group Inc. grew its holdings in Arcutis Biotherapeutics by 1.1% during the 1st quarter. Vanguard Group Inc. now owns 1,531,098 shares of the company’s stock valued at $29,489,000 after purchasing an additional 16,770 shares during the last quarter. 87.59% of the stock is currently owned by hedge funds and other institutional investors.
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.
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