Arcutis Biotherapeutics (NASDAQ:ARQT) Shares Gap Up – Here’s Why

Shares of Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT) gapped up prior to trading on Monday . The stock had previously closed at $13.81, but opened at $14.99. Arcutis Biotherapeutics shares last traded at $13.39, with a volume of 411,596 shares changing hands.

Analyst Upgrades and Downgrades

A number of equities research analysts recently issued reports on ARQT shares. Needham & Company LLC reiterated a “buy” rating and issued a $18.00 price objective on shares of Arcutis Biotherapeutics in a report on Thursday, November 7th. Mizuho upped their price target on Arcutis Biotherapeutics from $19.00 to $20.00 and gave the stock an “outperform” rating in a research note on Tuesday, January 7th. Finally, HC Wainwright reissued a “buy” rating and issued a $19.00 price objective on shares of Arcutis Biotherapeutics in a research note on Monday. One equities research analyst has rated the stock with a hold rating and four have given a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $16.60.

Arcutis Biotherapeutics Stock Down 2.1 %

The company has a current ratio of 2.46, a quick ratio of 2.38 and a debt-to-equity ratio of 0.67. The firm has a market cap of $1.58 billion, a price-to-earnings ratio of -7.55 and a beta of 1.30. The firm has a 50-day moving average of $12.50 and a two-hundred day moving average of $10.68.

Arcutis Biotherapeutics (NASDAQ:ARQT) last posted its quarterly earnings results on Wednesday, November 6th. The company reported ($0.33) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.42) by $0.09. The company had revenue of $44.76 million for the quarter, compared to analyst estimates of $38.05 million. Arcutis Biotherapeutics had a negative net margin of 140.97% and a negative return on equity of 119.11%. As a group, sell-side analysts predict that Arcutis Biotherapeutics, Inc. will post -1.34 earnings per share for the current fiscal year.

Insider Buying and Selling at Arcutis Biotherapeutics

In other Arcutis Biotherapeutics news, Director Howard G. Welgus sold 10,000 shares of the firm’s stock in a transaction dated Thursday, January 2nd. The shares were sold at an average price of $14.67, for a total transaction of $146,700.00. Following the completion of the transaction, the director now owns 151,944 shares in the company, valued at $2,229,018.48. This trade represents a 6.17 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Masaru Matsuda sold 5,015 shares of the company’s stock in a transaction that occurred on Monday, November 4th. The shares were sold at an average price of $8.68, for a total value of $43,530.20. Following the completion of the sale, the insider now owns 178,273 shares in the company, valued at approximately $1,547,409.64. This represents a 2.74 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 78,291 shares of company stock valued at $927,966 in the last quarter. Corporate insiders own 9.50% of the company’s stock.

Institutional Investors Weigh In On Arcutis Biotherapeutics

Several large investors have recently made changes to their positions in the company. JPMorgan Chase & Co. increased its holdings in Arcutis Biotherapeutics by 0.9% during the 3rd quarter. JPMorgan Chase & Co. now owns 1,296,911 shares of the company’s stock valued at $12,061,000 after purchasing an additional 11,833 shares in the last quarter. Geode Capital Management LLC increased its stake in shares of Arcutis Biotherapeutics by 2.0% in the third quarter. Geode Capital Management LLC now owns 2,470,138 shares of the company’s stock valued at $22,977,000 after buying an additional 48,868 shares in the last quarter. Barclays PLC raised its holdings in shares of Arcutis Biotherapeutics by 45.8% in the third quarter. Barclays PLC now owns 253,392 shares of the company’s stock valued at $2,356,000 after buying an additional 79,579 shares during the last quarter. XTX Topco Ltd lifted its position in Arcutis Biotherapeutics by 30.9% during the 3rd quarter. XTX Topco Ltd now owns 47,728 shares of the company’s stock worth $444,000 after buying an additional 11,262 shares in the last quarter. Finally, State Street Corp lifted its position in Arcutis Biotherapeutics by 9.9% during the 3rd quarter. State Street Corp now owns 5,641,631 shares of the company’s stock worth $52,467,000 after buying an additional 506,788 shares in the last quarter.

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.