Arcutis Biotherapeutics (NASDAQ:ARQT) Shares Gap Up – Still a Buy?

Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT) shares gapped up prior to trading on Monday . The stock had previously closed at $13.81, but opened at $14.99. Arcutis Biotherapeutics shares last traded at $13.39, with a volume of 411,596 shares changing hands.

Wall Street Analyst Weigh In

A number of analysts have commented on the stock. HC Wainwright restated a “buy” rating and set a $19.00 price target on shares of Arcutis Biotherapeutics in a research report on Monday. Needham & Company LLC reissued a “buy” rating and set a $18.00 target price on shares of Arcutis Biotherapeutics in a report on Thursday, November 7th. Finally, Mizuho increased their price target on Arcutis Biotherapeutics from $19.00 to $20.00 and gave the company an “outperform” rating in a research note on Tuesday, January 7th. One research analyst has rated the stock with a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $16.60.

Arcutis Biotherapeutics Trading Down 2.1 %

The firm has a market capitalization of $1.58 billion, a price-to-earnings ratio of -7.55 and a beta of 1.30. 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 firm’s 50 day moving average is $12.50 and its 200 day moving average is $10.68.

Arcutis Biotherapeutics (NASDAQ:ARQT) last announced its quarterly earnings data on Wednesday, November 6th. The company reported ($0.33) EPS for the quarter, beating analysts’ consensus estimates of ($0.42) by $0.09. The company had revenue of $44.76 million during the quarter, compared to the consensus estimate of $38.05 million. Arcutis Biotherapeutics had a negative return on equity of 119.11% and a negative net margin of 140.97%. Equities analysts forecast that Arcutis Biotherapeutics, Inc. will post -1.34 earnings per share for the current year.

Insider Activity at Arcutis Biotherapeutics

In other news, insider Patrick Burnett sold 16,023 shares of the company’s stock in a transaction dated Friday, November 22nd. The stock was sold at an average price of $10.14, for a total value of $162,473.22. Following the transaction, the insider now owns 128,669 shares in the company, valued at $1,304,703.66. This represents a 11.07 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Howard G. Welgus sold 10,000 shares of the firm’s stock in a transaction that occurred on Thursday, January 2nd. The stock was sold at an average price of $14.67, for a total transaction of $146,700.00. Following the sale, the director now owns 151,944 shares of the company’s stock, valued at approximately $2,229,018.48. This represents a 6.17 % 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 quarter. 9.50% of the stock is owned by company insiders.

Institutional Investors Weigh In On Arcutis Biotherapeutics

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Rubric Capital Management LP raised its holdings in shares of Arcutis Biotherapeutics by 30.7% during the second quarter. Rubric Capital Management LP now owns 9,816,672 shares of the company’s stock worth $91,295,000 after acquiring an additional 2,306,672 shares in the last quarter. Perceptive Advisors LLC raised its stake in shares of Arcutis Biotherapeutics by 107.8% during the 2nd quarter. Perceptive Advisors LLC now owns 1,558,500 shares of the company’s stock worth $14,494,000 after purchasing an additional 808,500 shares in the last quarter. Suvretta Capital Management LLC lifted its holdings in shares of Arcutis Biotherapeutics by 7.2% during the 3rd quarter. Suvretta Capital Management LLC now owns 10,721,511 shares of the company’s stock valued at $99,710,000 after buying an additional 717,019 shares during the last quarter. State Street Corp grew its stake in shares of 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 buying an additional 506,788 shares in the last quarter. Finally, abrdn plc increased its holdings in Arcutis Biotherapeutics by 223.8% in the third quarter. abrdn plc now owns 482,074 shares of the company’s stock worth $4,483,000 after buying an additional 333,200 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.