Arcutis Biotherapeutics (NASDAQ:ARQT) Shares Down 6.3%

Arcutis Biotherapeutics, Inc. (NASDAQ:ARQTGet Rating)’s share price dropped 6.3% during trading on Friday . The company traded as low as $25.18 and last traded at $25.18. Approximately 5,282 shares traded hands during trading, a decline of 99% from the average daily volume of 396,223 shares. The stock had previously closed at $26.87.

Wall Street Analysts Forecast Growth

ARQT has been the topic of a number of recent research reports. The Goldman Sachs Group raised their price objective on Arcutis Biotherapeutics from $45.00 to $50.00 and gave the stock a “buy” rating in a research note on Tuesday, August 2nd. Morgan Stanley lifted their price target on Arcutis Biotherapeutics from $39.00 to $45.00 and gave the company an “overweight” rating in a research note on Tuesday, August 2nd.

Arcutis Biotherapeutics Stock Performance

The company has a 50 day moving average price of $23.63 and a 200-day moving average price of $20.71. The company has a current ratio of 10.75, a quick ratio of 10.75 and a debt-to-equity ratio of 0.37. The company has a market cap of $1.24 billion, a P/E ratio of -4.69 and a beta of 0.33.

Arcutis Biotherapeutics (NASDAQ:ARQTGet Rating) last released its quarterly earnings data on Thursday, August 4th. The company reported ($1.31) earnings per share for the quarter, beating the consensus estimate of ($1.38) by $0.07. On average, equities analysts expect that Arcutis Biotherapeutics, Inc. will post -5.45 earnings per share for the current fiscal year.

Insider Activity at Arcutis Biotherapeutics

In related news, major shareholder Orbimed Advisors Llc sold 341,971 shares of the firm’s stock in a transaction on Friday, June 24th. The stock was sold at an average price of $21.31, for a total transaction of $7,287,402.01. Following the sale, the insider now owns 415,142 shares of the company’s stock, valued at approximately $8,846,676.02. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In other Arcutis Biotherapeutics news, major shareholder Orbimed Advisors Llc sold 341,971 shares of Arcutis Biotherapeutics stock in a transaction dated Friday, June 24th. The stock was sold at an average price of $21.31, for a total transaction of $7,287,402.01. Following the transaction, the insider now directly owns 415,142 shares of the company’s stock, valued at approximately $8,846,676.02. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider David W. Osborne sold 2,197 shares of Arcutis Biotherapeutics stock in a transaction dated Friday, July 8th. The stock was sold at an average price of $25.41, for a total value of $55,825.77. Following the transaction, the insider now directly owns 256,649 shares in the company, valued at $6,521,451.09. The disclosure for this sale can be found here. Insiders have sold a total of 370,668 shares of company stock valued at $8,002,993 in the last 90 days. 23.00% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Point72 Hong Kong Ltd lifted its stake in shares of Arcutis Biotherapeutics by 102.9% in the 2nd quarter. Point72 Hong Kong Ltd now owns 1,197 shares of the company’s stock valued at $26,000 after purchasing an additional 607 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank acquired a new position in shares of Arcutis Biotherapeutics in the 1st quarter valued at about $29,000. Quantbot Technologies LP acquired a new position in shares of Arcutis Biotherapeutics in the 1st quarter valued at about $44,000. Amalgamated Bank acquired a new position in shares of Arcutis Biotherapeutics in the 1st quarter valued at about $67,000. Finally, Amundi acquired a new position in shares of Arcutis Biotherapeutics in the 2nd quarter valued at about $114,000.

About Arcutis Biotherapeutics

(Get Rating)

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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