Arcutis Biotherapeutics (NASDAQ:ARQT) Sees Unusually-High Trading Volume


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Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT) shares saw unusually-high trading volume on Thursday . Approximately 11,778 shares changed hands during mid-day trading, a decline of 95% from the previous session’s volume of 255,676 shares.The stock last traded at $27.99 and had previously closed at $27.86.

ARQT has been the subject of several recent research reports. Truist upped their price target on shares of Arcutis Biotherapeutics from $38.00 to $48.00 in a research report on Tuesday, February 2nd. Jonestrading initiated coverage on shares of Arcutis Biotherapeutics in a research report on Thursday, January 28th. They set a “buy” rating for the company. Zacks Investment Research cut shares of Arcutis Biotherapeutics from a “hold” rating to a “sell” rating in a research report on Monday, February 22nd. Finally, Cowen increased their price objective on shares of Arcutis Biotherapeutics from $55.00 to $80.00 and gave the stock an “outperform” rating in a research report on Monday, February 1st. One equities research analyst has rated the stock with a sell rating and four have assigned a buy rating to the company. The stock currently has an average rating of “Buy” and an average price target of $51.00.

The company’s 50-day moving average price is $31.73 and its two-hundred day moving average price is $27.72. The company has a market capitalization of $1.39 billion and a price-to-earnings ratio of -3.03.

Arcutis Biotherapeutics (NASDAQ:ARQT) last issued its earnings results on Monday, February 15th. The company reported ($0.79) earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.88) by $0.09. Analysts predict that Arcutis Biotherapeutics, Inc. will post -3.98 earnings per share for the current fiscal year.

In related news, CFO John W. Smither sold 1,250 shares of the stock in a transaction on Monday, February 1st. The shares were sold at an average price of $35.00, for a total transaction of $43,750.00. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director Howard G. Welgus sold 2,200 shares of the firm’s stock in a transaction on Thursday, April 1st. The shares were sold at an average price of $29.49, for a total transaction of $64,878.00. The disclosure for this sale can be found here. Over the last three months, insiders have sold 28,200 shares of company stock worth $899,405.

Several institutional investors have recently added to or reduced their stakes in ARQT. Penserra Capital Management LLC bought a new position in shares of Arcutis Biotherapeutics in the fourth quarter valued at $28,000. Pacer Advisors Inc. bought a new position in shares of Arcutis Biotherapeutics in the fourth quarter valued at $30,000. Cubist Systematic Strategies LLC bought a new position in shares of Arcutis Biotherapeutics in the third quarter valued at $41,000. JPMorgan Chase & Co. lifted its stake in shares of Arcutis Biotherapeutics by 110.7% in the third quarter. JPMorgan Chase & Co. now owns 6,739 shares of the company’s stock valued at $209,000 after buying an additional 3,540 shares in the last quarter. Finally, Silverarc Capital Management LLC bought a new position in shares of Arcutis Biotherapeutics in the fourth quarter valued at $239,000. 79.63% of the stock is currently owned by hedge funds and other institutional investors.

Arcutis Biotherapeutics Company Profile (NASDAQ:ARQT)

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.

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