Arcutis Biotherapeutics (NASDAQ:ARQT) Trading Down 8.5% – Time to Sell?

Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT) traded down 8.5% during trading on Friday . The stock traded as low as $13.82 and last traded at $13.97. 518,434 shares were traded during mid-day trading, a decline of 71% from the average session volume of 1,764,984 shares. The stock had previously closed at $15.27.

Analysts Set New Price Targets

ARQT has been the subject of several research reports. Mizuho increased their price objective on Arcutis Biotherapeutics from $19.00 to $20.00 and gave the company an “outperform” rating in a research report on Tuesday, January 7th. Needham & Company LLC restated a “buy” rating and issued a $18.00 price target on shares of Arcutis Biotherapeutics in a research report on Thursday, November 7th. Finally, HC Wainwright began coverage on shares of Arcutis Biotherapeutics in a report on Monday, December 30th. They set a “buy” rating and a $19.00 price objective on the stock. One equities research analyst has rated the stock with a hold rating and four have assigned a buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $16.60.

Arcutis Biotherapeutics Price Performance

The stock has a market cap of $1.62 billion, a P/E ratio of -7.72 and a beta of 1.30. 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 company’s fifty day simple moving average is $12.50 and its 200-day simple moving average is $10.67.

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 firm had revenue of $44.76 million during 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 forecast that Arcutis Biotherapeutics, Inc. will post -1.34 EPS for the current year.

Insider Buying and Selling

In related news, insider Todd Franklin Watanabe sold 15,000 shares of Arcutis Biotherapeutics stock in a transaction dated Friday, December 20th. The shares were sold at an average price of $15.17, for a total transaction of $227,550.00. Following the completion of the transaction, the insider now directly owns 823,430 shares of the company’s stock, valued at $12,491,433.10. This trade represents a 1.79 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Masaru Matsuda sold 5,015 shares of the business’s stock in a transaction dated Monday, November 4th. The shares were sold at an average price of $8.68, for a total transaction of $43,530.20. Following the completion of the transaction, the insider now owns 178,273 shares in the company, valued at approximately $1,547,409.64. This trade represents a 2.74 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 78,291 shares of company stock worth $927,966 in the last 90 days. 9.50% of the stock is owned by company insiders.

Institutional Investors Weigh In On Arcutis Biotherapeutics

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Jennison Associates LLC grew its holdings in shares of Arcutis Biotherapeutics by 0.8% during the third quarter. Jennison Associates LLC now owns 11,663,497 shares of the company’s stock worth $108,471,000 after purchasing an additional 91,803 shares during the last quarter. Rubric Capital Management LP lifted its position 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 worth $101,990,000 after buying an additional 1,150,000 shares in the last quarter. Suvretta Capital Management LLC grew its holdings in Arcutis Biotherapeutics by 7.2% during the 3rd quarter. Suvretta Capital Management LLC now owns 10,721,511 shares of the company’s stock worth $99,710,000 after acquiring an additional 717,019 shares during the last quarter. State Street Corp increased its position in Arcutis Biotherapeutics by 9.9% in the 3rd quarter. State Street Corp now owns 5,641,631 shares of the company’s stock valued at $52,467,000 after acquiring an additional 506,788 shares in the last quarter. Finally, Geode Capital Management LLC raised 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 worth $22,977,000 after acquiring an additional 48,868 shares during 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.