Arcutis Biotherapeutics (NASDAQ:ARQT) Trading Up 13% Following Analyst Upgrade

Arcutis Biotherapeutics, Inc. (NASDAQ:ARQTGet Rating) shares were up 13% during trading on Wednesday after The Goldman Sachs Group raised their price target on the stock from $45.00 to $50.00. The Goldman Sachs Group currently has a buy rating on the stock. Arcutis Biotherapeutics traded as high as $22.71 and last traded at $22.04. Approximately 9,797 shares changed hands during mid-day trading, a decline of 98% from the average daily volume of 506,313 shares. The stock had previously closed at $19.50.

A number of other research analysts have also recently issued reports on the company. Morgan Stanley lifted their price objective on Arcutis Biotherapeutics from $39.00 to $45.00 and gave the company an “overweight” rating in a research note on Tuesday. Mizuho lowered their price objective on Arcutis Biotherapeutics from $58.00 to $57.00 and set a “buy” rating for the company in a research note on Thursday, April 7th.

Insider Buying and Selling at Arcutis Biotherapeutics

In other Arcutis Biotherapeutics news, CEO Todd Franklin Watanabe sold 13,500 shares of Arcutis Biotherapeutics stock in a transaction on Friday, July 8th. The stock was sold at an average price of $25.37, for a total transaction of $342,495.00. Following the completion of the transaction, the chief executive officer now owns 651,871 shares in the company, valued at $16,537,967.27. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other Arcutis Biotherapeutics news, CEO Todd Franklin Watanabe sold 13,500 shares of Arcutis Biotherapeutics stock in a transaction on Friday, July 8th. The stock was sold at an average price of $25.37, for a total value of $342,495.00. Following the completion of the sale, the chief executive officer now owns 651,871 shares of the company’s stock, valued at approximately $16,537,967.27. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Howard G. Welgus sold 6,000 shares of Arcutis Biotherapeutics stock in a transaction on Monday, July 18th. The stock was sold at an average price of $24.40, for a total value of $146,400.00. Following the completion of the sale, the director now directly owns 180,208 shares of the company’s stock, valued at approximately $4,397,075.20. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 368,963 shares of company stock worth $7,941,158. 23.00% of the stock is owned by insiders.

Institutional Trading of Arcutis Biotherapeutics

A number of institutional investors and hedge funds have recently modified their holdings of the business. Jennison Associates LLC bought a new stake in shares of Arcutis Biotherapeutics in the 2nd quarter worth $9,270,000. Tekla Capital Management LLC grew its holdings in shares of Arcutis Biotherapeutics by 13.1% in the second quarter. Tekla Capital Management LLC now owns 148,874 shares of the company’s stock worth $3,173,000 after acquiring an additional 17,241 shares during the period. SG Americas Securities LLC bought a new stake in shares of Arcutis Biotherapeutics in the second quarter worth $291,000. Allspring Global Investments Holdings LLC grew its holdings in shares of Arcutis Biotherapeutics by 3.3% in the second quarter. Allspring Global Investments Holdings LLC now owns 629,754 shares of the company’s stock worth $13,420,000 after acquiring an additional 20,106 shares during the period. Finally, Hennion & Walsh Asset Management Inc. grew its holdings in shares of Arcutis Biotherapeutics by 6.0% in the second quarter. Hennion & Walsh Asset Management Inc. now owns 92,653 shares of the company’s stock worth $1,974,000 after acquiring an additional 5,284 shares during the period. Institutional investors own 87.59% of the company’s stock.

Arcutis Biotherapeutics Stock Up 13.9 %

The company has a quick ratio of 10.89, a current ratio of 10.89 and a debt-to-equity ratio of 0.29. The company has a market cap of $1.14 billion, a P/E ratio of -4.76 and a beta of 0.33. The company has a fifty day moving average of $21.94 and a 200 day moving average of $19.38.

Arcutis Biotherapeutics (NASDAQ:ARQTGet Rating) last issued its quarterly earnings data on Thursday, May 5th. The company reported ($1.27) EPS for the quarter, topping the consensus estimate of ($1.42) by $0.15. On average, research analysts anticipate that Arcutis Biotherapeutics, Inc. will post -5.72 earnings per share for the current fiscal year.

Arcutis Biotherapeutics Company Profile

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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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