Arcutis Biotherapeutics (NASDAQ:ARQT) Sets New 52-Week Low at $8.91

Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT – Get Rating)’s share price hit a new 52-week low during mid-day trading on Wednesday . The company traded as low as $8.91 and last traded at $9.03, with a volume of 187476 shares. The stock had previously closed at $9.47.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on ARQT. Needham & Company LLC reiterated a “buy” rating and set a $24.00 price objective on shares of Arcutis Biotherapeutics in a research note on Wednesday, April 19th. Truist Financial dropped their price objective on Arcutis Biotherapeutics from $50.00 to $45.00 and set a “buy” rating on the stock in a research note on Wednesday, March 29th. Cantor Fitzgerald reiterated an “overweight” rating on shares of Arcutis Biotherapeutics in a research note on Wednesday, March 1st. Mizuho decreased their target price on Arcutis Biotherapeutics from $61.00 to $57.00 in a report on Wednesday, May 10th. Finally, Morgan Stanley decreased their target price on Arcutis Biotherapeutics from $50.00 to $47.00 and set an “overweight” rating on the stock in a report on Wednesday, April 12th. Seven analysts have rated the stock with a buy rating, According to MarketBeat, the company presently has an average rating of “Buy” and an average price target of $46.17.

Arcutis Biotherapeutics Price Performance

The company has a debt-to-equity ratio of 1.42, a quick ratio of 9.70 and a current ratio of 9.93. The firm has a market capitalization of $514.72 million, a price-to-earnings ratio of -1.47 and a beta of 0.47. The business has a fifty day moving average of $12.02 and a two-hundred day moving average of $14.59.

Arcutis Biotherapeutics (NASDAQ:ARQT – Get Rating) last issued its quarterly earnings data on Tuesday, February 28th. The company reported ($1.18) EPS for the quarter, beating analysts’ consensus estimates of ($1.37) by $0.19. The firm had revenue of $2.96 million during the quarter, compared to analyst estimates of $2.84 million. As a group, research analysts predict that Arcutis Biotherapeutics, Inc. will post -4.89 EPS for the current fiscal year.

Insider Buying and Selling at Arcutis Biotherapeutics

In other Arcutis Biotherapeutics news, Director Howard G. Welgus sold 8,500 shares of the company’s stock in a transaction on Thursday, April 6th. The stock was sold at an average price of $12.01, for a total value of $102,085.00. Following the transaction, the director now directly owns 165,825 shares of the company’s stock, valued at approximately $1,991,558.25. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In other news, insider Todd Franklin Watanabe sold 2,343 shares of the stock in a transaction on Tuesday, February 28th. The stock was sold at an average price of $16.17, for a total transaction of $37,886.31. Following the sale, the insider now directly owns 374,564 shares of the company’s stock, valued at approximately $6,056,699.88. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director Howard G. Welgus sold 8,500 shares of the stock in a transaction on Thursday, April 6th. The stock was sold at an average price of $12.01, for a total value of $102,085.00. Following the sale, the director now directly owns 165,825 shares in the company, valued at $1,991,558.25. The disclosure for this sale can be found here. Insiders have sold a total of 32,590 shares of company stock valued at $466,849 in the last ninety days. 20.70% of the stock is currently owned by corporate insiders.

Institutional Trading of Arcutis Biotherapeutics

Several large investors have recently modified their holdings of ARQT. Point72 Asset Management L.P. grew its holdings in shares of Arcutis Biotherapeutics by 90.5% during the 3rd quarter. Point72 Asset Management L.P. now owns 3,785,277 shares of the company’s stock worth $72,337,000 after purchasing an additional 1,797,846 shares in the last quarter. Bank of America Corp DE grew its holdings in shares of Arcutis Biotherapeutics by 578.5% during the 1st quarter. Bank of America Corp DE now owns 1,621,774 shares of the company’s stock worth $17,840,000 after purchasing an additional 1,382,736 shares in the last quarter. State Street Corp grew its holdings in shares of Arcutis Biotherapeutics by 90.1% during the 3rd quarter. State Street Corp now owns 2,655,235 shares of the company’s stock worth $50,742,000 after purchasing an additional 1,258,810 shares in the last quarter. Barclays PLC grew its holdings in shares of Arcutis Biotherapeutics by 738.1% during the 4th quarter. Barclays PLC now owns 1,180,384 shares of the company’s stock worth $17,470,000 after purchasing an additional 1,039,547 shares in the last quarter. Finally, Cormorant Asset Management LP acquired a new stake in shares of Arcutis Biotherapeutics during the 3rd quarter worth $19,110,000.

About Arcutis Biotherapeutics

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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.