Arcutis Biotherapeutics (NASDAQ:ARQT) Stock Price Down 9.4% – Here’s Why

Shares of Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT) traded down 9.4% during mid-day trading on Wednesday . The company traded as low as $13.37 and last traded at $13.46. 1,050,207 shares traded hands during trading, a decline of 66% from the average session volume of 3,124,868 shares. The stock had previously closed at $14.86.

Wall Street Analyst Weigh In

ARQT has been the topic of several recent research reports. Needham & Company LLC reissued a “buy” rating and issued a $18.00 price target on shares of Arcutis Biotherapeutics in a research note on Thursday, November 7th. Jefferies Financial Group began coverage on shares of Arcutis Biotherapeutics in a research note on Wednesday, August 28th. They set a “buy” rating and a $15.00 price target for the company.

Arcutis Biotherapeutics Price Performance

The stock has a market capitalization of $1.75 billion, a P/E ratio of -8.37 and a beta of 1.32. The company has a debt-to-equity ratio of 0.67, a current ratio of 2.46 and a quick ratio of 2.38. The company’s 50-day simple moving average is $10.63 and its 200-day simple moving average is $9.93.

Arcutis Biotherapeutics (NASDAQ:ARQT) last posted its earnings results on Wednesday, November 6th. The company reported ($0.33) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.42) by $0.09. Arcutis Biotherapeutics had a negative net margin of 140.97% and a negative return on equity of 119.11%. The company had revenue of $44.76 million during the quarter, compared to analysts’ expectations of $38.05 million. As a group, sell-side analysts expect that Arcutis Biotherapeutics, Inc. will post -1.34 EPS for the current fiscal year.

Insider Activity

In other news, insider Patrick Burnett sold 16,023 shares of the stock in a transaction dated Friday, November 22nd. The shares were sold at an average price of $10.14, for a total value of $162,473.22. Following the completion of the transaction, the insider now owns 128,669 shares of the company’s stock, valued at approximately $1,304,703.66. This represents a 11.07 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Terrie Curran sold 8,687 shares of Arcutis Biotherapeutics stock in a transaction that occurred on Monday, November 11th. The shares were sold at an average price of $10.85, for a total transaction of $94,253.95. Following the sale, the director now directly owns 10,139 shares in the company, valued at $110,008.15. This trade represents a 46.14 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 76,951 shares of company stock worth $770,144. Corporate insiders own 9.50% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. Point72 DIFC Ltd bought a new position in shares of Arcutis Biotherapeutics during the third quarter valued at $25,000. CWM LLC increased its holdings in Arcutis Biotherapeutics by 6,740.0% in the second quarter. CWM LLC now owns 4,104 shares of the company’s stock valued at $38,000 after purchasing an additional 4,044 shares during the period. Algert Global LLC bought a new position in Arcutis Biotherapeutics during the 2nd quarter worth $97,000. Erste Asset Management GmbH acquired a new stake in Arcutis Biotherapeutics during the 3rd quarter valued at approximately $104,000. Finally, Victory Capital Management Inc. raised its holdings in Arcutis Biotherapeutics by 9.9% during the 3rd quarter. Victory Capital Management Inc. now owns 12,843 shares of the company’s stock worth $119,000 after purchasing an additional 1,155 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.