Arcutis Biotherapeutics (NASDAQ:ARQT) Shares Gap Up to $10.02

Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT) shares gapped up prior to trading on Wednesday . The stock had previously closed at $10.02, but opened at $10.32. Arcutis Biotherapeutics shares last traded at $9.93, with a volume of 562,868 shares changing hands.

Analyst Ratings Changes

ARQT has been the topic of a number of research analyst reports. Needham & Company LLC reissued a “buy” rating and set a $18.00 price objective on shares of Arcutis Biotherapeutics in a report on Wednesday. Mizuho boosted their target price on Arcutis Biotherapeutics from $17.00 to $18.00 and gave the company a “buy” rating in a report on Wednesday, May 15th. Two analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $25.38.

Arcutis Biotherapeutics Stock Down 3.8 %

The company has a market capitalization of $1.12 billion, a price-to-earnings ratio of -3.42 and a beta of 1.18. The company has a current ratio of 9.89, a quick ratio of 9.61 and a debt-to-equity ratio of 0.90. The firm’s 50 day simple moving average is $8.72 and its 200-day simple moving average is $8.12.

Arcutis Biotherapeutics (NASDAQ:ARQT) last issued its earnings results on Tuesday, May 14th. The company reported ($0.32) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.60) by $0.28. The business had revenue of $49.57 million during the quarter. Arcutis Biotherapeutics had a negative return on equity of 197.28% and a negative net margin of 204.35%. During the same period last year, the company posted ($1.31) earnings per share. On average, sell-side analysts anticipate that Arcutis Biotherapeutics, Inc. will post -1.6 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, insider Patrick Burnett sold 23,000 shares of the business’s stock in a transaction that occurred on Thursday, May 30th. The stock was sold at an average price of $8.75, for a total transaction of $201,250.00. Following the sale, the insider now owns 209,793 shares of the company’s stock, valued at approximately $1,835,688.75. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, insider Patrick Burnett sold 23,000 shares of the business’s stock in a transaction dated Thursday, May 30th. The shares were sold at an average price of $8.75, for a total value of $201,250.00. Following the sale, the insider now directly owns 209,793 shares in the company, valued at approximately $1,835,688.75. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, Director Howard G. Welgus sold 10,000 shares of Arcutis Biotherapeutics stock in a transaction dated Monday, July 1st. The stock was sold at an average price of $9.31, for a total transaction of $93,100.00. Following the transaction, the director now owns 180,339 shares of the company’s stock, valued at approximately $1,678,956.09. The disclosure for this sale can be found here. Over the last three months, insiders have sold 42,415 shares of company stock worth $378,950. 9.50% of the stock is owned by company insiders.

Institutional Trading of Arcutis Biotherapeutics

Hedge funds have recently bought and sold shares of the company. Cape Investment Advisory Inc. purchased a new position in Arcutis Biotherapeutics during the fourth quarter worth about $26,000. Cantor Fitzgerald L. P. acquired a new stake in shares of Arcutis Biotherapeutics in the fourth quarter worth approximately $33,000. Victory Capital Management Inc. purchased a new stake in Arcutis Biotherapeutics in the fourth quarter valued at approximately $34,000. China Universal Asset Management Co. Ltd. raised its stake in Arcutis Biotherapeutics by 586.8% during the fourth quarter. China Universal Asset Management Co. Ltd. now owns 10,920 shares of the company’s stock worth $35,000 after purchasing an additional 9,330 shares during the period. Finally, Amalgamated Bank boosted its holdings in shares of Arcutis Biotherapeutics by 48.9% in the 4th quarter. Amalgamated Bank now owns 11,078 shares of the company’s stock valued at $36,000 after purchasing an additional 3,639 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.