Arcutis Biotherapeutics (NASDAQ:ARQT) Issues Earnings Results, Beats Estimates By $0.10 EPS

Arcutis Biotherapeutics (NASDAQ:ARQTGet Rating) posted its quarterly earnings data on Thursday. The company reported ($1.31) earnings per share for the quarter, topping the consensus estimate of ($1.41) by $0.10, Fidelity Earnings reports.

Arcutis Biotherapeutics Trading Up 2.2 %

NASDAQ:ARQT opened at $25.15 on Friday. The company has a debt-to-equity ratio of 0.29, a quick ratio of 10.89 and a current ratio of 10.89. The stock’s 50 day moving average price is $22.13 and its 200 day moving average price is $19.50. Arcutis Biotherapeutics has a 52 week low of $13.59 and a 52 week high of $26.13.

Analysts Set New Price Targets

A number of equities research analysts have commented on ARQT shares. Morgan Stanley raised their price objective on Arcutis Biotherapeutics from $39.00 to $45.00 and gave the stock an “overweight” rating in a research report on Tuesday. The Goldman Sachs Group lifted their target price on shares of Arcutis Biotherapeutics from $45.00 to $50.00 and gave the company a “buy” rating in a research note on Tuesday.

Insiders Place Their Bets

In other news, Director Howard G. Welgus sold 6,000 shares of the firm’s stock in a transaction on Monday, July 18th. The shares were sold at an average price of $24.40, for a total transaction of $146,400.00. Following the transaction, the director now owns 180,208 shares in the company, valued at approximately $4,397,075.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, Director Howard G. Welgus sold 6,000 shares of Arcutis Biotherapeutics stock in a transaction that occurred on Monday, July 18th. The stock was sold at an average price of $24.40, for a total transaction of $146,400.00. Following the sale, the director now owns 180,208 shares of the company’s stock, valued at approximately $4,397,075.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP Masaru Matsuda sold 1,795 shares of the stock in a transaction dated Thursday, June 2nd. The stock was sold at an average price of $19.73, for a total transaction of $35,415.35. Following the completion of the transaction, the senior vice president now directly owns 16,380 shares of the company’s stock, valued at approximately $323,177.40. The disclosure for this sale can be found here. Insiders sold 368,963 shares of company stock valued at $7,941,158 over the last ninety days. Corporate insiders own 23.00% of the company’s stock.

Institutional Investors Weigh In On Arcutis Biotherapeutics

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Swiss National Bank grew its stake in Arcutis Biotherapeutics by 7.8% in the first quarter. Swiss National Bank now owns 59,500 shares of the company’s stock valued at $1,146,000 after purchasing an additional 4,300 shares in the last quarter. JPMorgan Chase & Co. boosted its holdings in Arcutis Biotherapeutics by 20.8% in the 1st quarter. JPMorgan Chase & Co. now owns 27,022 shares of the company’s stock valued at $520,000 after purchasing an additional 4,646 shares during the period. MetLife Investment Management LLC grew its holdings in shares of Arcutis Biotherapeutics by 58.5% during the 1st quarter. MetLife Investment Management LLC now owns 16,718 shares of the company’s stock worth $322,000 after purchasing an additional 6,170 shares in the last quarter. Dimensional Fund Advisors LP boosted its position in shares of Arcutis Biotherapeutics by 83.5% during the 1st quarter. Dimensional Fund Advisors LP now owns 227,383 shares of the company’s stock worth $4,378,000 after acquiring an additional 103,477 shares in the last quarter. Finally, Vanguard Group Inc. lifted its position in shares of Arcutis Biotherapeutics by 1.1% during the 1st quarter. Vanguard Group Inc. now owns 1,531,098 shares of the company’s stock worth $29,489,000 after buying an additional 16,770 shares during the last quarter. Institutional investors own 87.59% of the company’s stock.

Arcutis Biotherapeutics Company Profile

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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.

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Earnings History for Arcutis Biotherapeutics (NASDAQ:ARQT)

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