Arcutis Biotherapeutics (NASDAQ:ARQT) Sets New 52-Week High – Here’s What Happened

Arcutis Biotherapeutics, Inc. (NASDAQ:ARQTGet Free Report) reached a new 52-week high during trading on Monday . The stock traded as high as $13.59 and last traded at $13.50, with a volume of 551377 shares changing hands. The stock had previously closed at $12.69.

Analyst Ratings Changes

A number of equities analysts have issued reports on the company. Jefferies Financial Group began coverage on Arcutis Biotherapeutics in a research note on Wednesday, August 28th. They set a “buy” rating and a $15.00 price target for the company. Needham & Company LLC reaffirmed a “buy” rating and issued a $18.00 price target on shares of Arcutis Biotherapeutics in a report on Thursday, November 7th.

Get Our Latest Report on Arcutis Biotherapeutics

Arcutis Biotherapeutics Price Performance

The business’s 50-day simple moving average is $10.47 and its 200 day simple moving average is $9.88. The company has a quick ratio of 2.38, a current ratio of 2.46 and a debt-to-equity ratio of 0.67. The firm has a market capitalization of $1.57 billion, a P/E ratio of -7.49 and a beta of 1.32.

Arcutis Biotherapeutics (NASDAQ:ARQTGet Free Report) last posted its 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. Arcutis Biotherapeutics had a negative return on equity of 119.11% and a negative net margin of 140.97%. The company had revenue of $44.76 million for the quarter, compared to analysts’ expectations of $38.05 million. Sell-side analysts forecast that Arcutis Biotherapeutics, Inc. will post -1.34 earnings per share for the current year.

Insider Activity

In related news, insider Patrick Burnett sold 16,023 shares of Arcutis Biotherapeutics stock in a transaction dated Friday, November 22nd. The stock was sold at an average price of $10.14, for a total value of $162,473.22. Following the completion of the sale, the insider now directly owns 128,669 shares in the company, valued at approximately $1,304,703.66. This trade represents a 11.07 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Howard G. Welgus sold 10,000 shares of the stock in a transaction that occurred on Monday, December 2nd. The shares were sold at an average price of $12.51, for a total transaction of $125,100.00. Following the transaction, the director now owns 161,944 shares in the company, valued at approximately $2,025,919.44. This trade represents a 5.82 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 76,951 shares of company stock worth $770,144 in the last quarter. 9.50% of the stock is owned by company insiders.

Hedge Funds Weigh In On Arcutis Biotherapeutics

Several hedge funds and other institutional investors have recently modified their holdings of the company. Suvretta Capital Management LLC increased its holdings in Arcutis Biotherapeutics by 7.2% during the third quarter. Suvretta Capital Management LLC now owns 10,721,511 shares of the company’s stock valued at $99,710,000 after buying an additional 717,019 shares during the last quarter. GSA Capital Partners LLP lifted its holdings in Arcutis Biotherapeutics by 730.0% in the 3rd quarter. GSA Capital Partners LLP now owns 237,174 shares of the company’s stock worth $2,206,000 after purchasing an additional 208,599 shares in the last quarter. Rubric Capital Management LP grew its holdings in Arcutis Biotherapeutics by 11.7% during the 3rd quarter. Rubric Capital Management LP now owns 10,966,672 shares of the company’s stock valued at $101,990,000 after buying an additional 1,150,000 shares in the last quarter. Wesbanco Bank Inc. bought a new stake in shares of Arcutis Biotherapeutics during the third quarter valued at approximately $955,000. Finally, AMI Asset Management Corp grew its stake in Arcutis Biotherapeutics by 36.2% during the third quarter. AMI Asset Management Corp now owns 223,681 shares of the company’s stock valued at $2,080,000 after acquiring an additional 59,487 shares in the last quarter.

Arcutis Biotherapeutics Company Profile

(Get Free Report)

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.

Further Reading

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