Arcutis Biotherapeutics (NASDAQ:ARQT) Reaches New 1-Year High – Here’s Why

Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT) shares hit a new 52-week high on Tuesday . The stock traded as high as $17.70 and last traded at $16.42, with a volume of 8815556 shares. The stock had previously closed at $14.62.

Analyst Ratings Changes

ARQT has been the subject of a number of research analyst reports. Needham & Company LLC restated a “buy” rating and issued a $20.00 price target on shares of Arcutis Biotherapeutics in a research report on Wednesday, February 26th. The Goldman Sachs Group lifted their price objective on Arcutis Biotherapeutics from $13.00 to $15.00 and gave the stock a “neutral” rating in a research report on Thursday, February 27th. Guggenheim reissued a “buy” rating on shares of Arcutis Biotherapeutics in a research report on Monday, February 24th. HC Wainwright reaffirmed a “buy” rating and issued a $19.00 target price on shares of Arcutis Biotherapeutics in a research note on Wednesday, February 26th. Finally, Mizuho raised their price target on Arcutis Biotherapeutics from $20.00 to $21.00 and gave the stock an “outperform” rating in a research note on Wednesday, February 26th. One equities research analyst has rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Arcutis Biotherapeutics presently has a consensus rating of “Moderate Buy” and an average target price of $18.80.

Arcutis Biotherapeutics Price Performance

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 company has a 50 day simple moving average of $13.58 and a 200 day simple moving average of $11.96. The company has a market capitalization of $1.97 billion, a price-to-earnings ratio of -9.27 and a beta of 1.48.

Arcutis Biotherapeutics (NASDAQ:ARQT) last released its quarterly earnings results on Tuesday, February 25th. The company reported ($0.09) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.28) by $0.19. Arcutis Biotherapeutics had a negative net margin of 140.97% and a negative return on equity of 119.11%. The business had revenue of $71.36 million during the quarter, compared to analyst estimates of $60.52 million. As a group, research analysts predict that Arcutis Biotherapeutics, Inc. will post -1.33 EPS for the current year.

Insider Buying and Selling

In other Arcutis Biotherapeutics news, insider Patrick Burnett sold 12,242 shares of the firm’s stock in a transaction on Friday, March 14th. The shares were sold at an average price of $15.04, for a total transaction of $184,119.68. Following the completion of the transaction, the insider now directly owns 121,936 shares of the company’s stock, valued at $1,833,917.44. This trade represents a 9.12 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Todd Franklin Watanabe sold 15,000 shares of the company’s 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 sale, the insider now owns 823,430 shares in the company, valued at approximately $12,491,433.10. This trade represents a 1.79 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 70,090 shares of company stock worth $981,768. 9.50% of the stock is currently owned by corporate insiders.

Institutional Trading of Arcutis Biotherapeutics

Several institutional investors have recently added to or reduced their stakes in ARQT. Wealth Enhancement Advisory Services LLC acquired a new position in shares of Arcutis Biotherapeutics in the 4th quarter valued at about $291,000. GF Fund Management CO. LTD. bought a new position in shares of Arcutis Biotherapeutics during the fourth quarter valued at approximately $34,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its position in shares of Arcutis Biotherapeutics by 1.2% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 280,100 shares of the company’s stock worth $3,902,000 after purchasing an additional 3,409 shares during the period. Voloridge Investment Management LLC lifted its holdings in shares of Arcutis Biotherapeutics by 126.5% in the 4th quarter. Voloridge Investment Management LLC now owns 290,938 shares of the company’s stock worth $4,053,000 after purchasing an additional 162,495 shares during the last quarter. Finally, Squarepoint Ops LLC boosted its position in Arcutis Biotherapeutics by 67.2% during the 4th quarter. Squarepoint Ops LLC now owns 121,392 shares of the company’s stock valued at $1,691,000 after purchasing an additional 48,769 shares during the period.

Arcutis Biotherapeutics Company Profile

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.