Arcutis Biotherapeutics (NASDAQ:ARQT) Releases Quarterly Earnings Results, Beats Expectations By $0.10 EPS

Arcutis Biotherapeutics (NASDAQ:ARQT – Get Rating) announced its earnings results on Thursday. The company reported ($1.31) earnings per share (EPS) for the quarter, beating the consensus estimate of ($1.41) by $0.10, Fidelity Earnings reports.

Arcutis Biotherapeutics Price Performance

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

Wall Street Analyst Weigh In

Several analysts have recently issued reports on the stock. Morgan Stanley lifted their target price on shares of Arcutis Biotherapeutics from $39.00 to $45.00 and gave the company an “overweight” rating in a research report on Tuesday. The Goldman Sachs Group boosted their price target on shares of Arcutis Biotherapeutics from $45.00 to $50.00 and gave the stock a “buy” rating in a research report on Tuesday.

Insider Buying and Selling

In other Arcutis Biotherapeutics news, Director Howard G. Welgus sold 6,000 shares of Arcutis Biotherapeutics stock in a transaction dated 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 directly owns 180,208 shares of the company’s stock, valued at $4,397,075.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other Arcutis Biotherapeutics news, SVP Masaru Matsuda sold 1,795 shares of Arcutis Biotherapeutics stock in a transaction dated Thursday, June 2nd. The shares were sold at an average price of $19.73, for a total transaction of $35,415.35. Following the transaction, the senior vice president now directly owns 16,380 shares of the company’s stock, valued at $323,177.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Howard G. Welgus sold 6,000 shares of the business’s stock in a transaction that occurred 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 completion of the sale, the director now directly owns 180,208 shares in the company, valued at $4,397,075.20. The disclosure for this sale can be found here. Over the last three months, insiders have sold 368,963 shares of company stock worth $7,941,158. 23.00% of the stock is owned by insiders.

Institutional Investors Weigh In On Arcutis Biotherapeutics

A number of institutional investors and hedge funds have recently made changes to their positions in ARQT. Swiss National Bank raised its stake in shares of Arcutis Biotherapeutics by 7.8% in the 1st quarter. Swiss National Bank now owns 59,500 shares of the company’s stock valued at $1,146,000 after acquiring an additional 4,300 shares during the period. JPMorgan Chase & Co. raised its stake in shares of 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 acquiring an additional 4,646 shares during the period. MetLife Investment Management LLC raised its stake in shares of Arcutis Biotherapeutics by 58.5% in the 1st quarter. MetLife Investment Management LLC now owns 16,718 shares of the company’s stock valued at $322,000 after acquiring an additional 6,170 shares during the period. Dimensional Fund Advisors LP raised its stake in shares of Arcutis Biotherapeutics by 83.5% in the 1st quarter. Dimensional Fund Advisors LP now owns 227,383 shares of the company’s stock valued at $4,378,000 after acquiring an additional 103,477 shares during the period. Finally, Vanguard Group Inc. raised its stake in shares of Arcutis Biotherapeutics by 1.1% in the 1st quarter. Vanguard Group Inc. now owns 1,531,098 shares of the company’s stock valued at $29,489,000 after acquiring an additional 16,770 shares during the period. 87.59% of the stock is owned by hedge funds and other institutional investors.

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.