Arcutis Biotherapeutics (NASDAQ:ARQT) Shares Gap Down to $21.15

Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT) gapped down prior to trading on Monday . The stock had previously closed at $21.15, but opened at $20.37. Arcutis Biotherapeutics shares last traded at $20.44, with a volume of 108 shares.

Several research firms recently weighed in on ARQT. Morgan Stanley reduced their price target on shares of Arcutis Biotherapeutics from $52.00 to $50.00 and set an “overweight” rating for the company in a research report on Friday, July 16th. Zacks Investment Research lowered shares of Arcutis Biotherapeutics from a “buy” rating to a “hold” rating in a research report on Monday, August 2nd. Finally, Mizuho initiated coverage on shares of Arcutis Biotherapeutics in a research report on Tuesday, June 29th. They set a “buy” rating and a $58.00 price target for the company. One research analyst has rated the stock with a hold rating and six have assigned a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Buy” and a consensus target price of $49.83.

The stock has a market capitalization of $1.07 billion, a PE ratio of -6.25 and a beta of 0.27. The business’s fifty day moving average price is $22.58 and its 200-day moving average price is $26.58.

Arcutis Biotherapeutics (NASDAQ:ARQT) last announced its quarterly earnings results on Thursday, August 5th. The company reported ($0.84) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.94) by $0.10. As a group, research analysts expect that Arcutis Biotherapeutics, Inc. will post -4.38 earnings per share for the current year.

In other Arcutis Biotherapeutics news, CEO Todd Franklin Watanabe sold 1,750 shares of the stock in a transaction that occurred on Tuesday, July 6th. The shares were sold at an average price of $26.58, for a total transaction of $46,515.00. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Bhaskar Chaudhuri sold 2,516 shares of the stock in a transaction that occurred on Monday, June 21st. The shares were sold at an average price of $27.50, for a total transaction of $69,190.00. Following the transaction, the director now owns 848,875 shares in the company, valued at $23,344,062.50. The disclosure for this sale can be found here. Over the last three months, insiders sold 9,195 shares of company stock worth $235,189. Insiders own 39.00% of the company’s stock.

Several institutional investors have recently modified their holdings of the company. BlackRock Inc. grew its holdings in shares of Arcutis Biotherapeutics by 1.1% in the second quarter. BlackRock Inc. now owns 4,248,620 shares of the company’s stock worth $115,945,000 after purchasing an additional 46,661 shares during the last quarter. Polar Capital Holdings Plc boosted its holdings in Arcutis Biotherapeutics by 101.0% in the first quarter. Polar Capital Holdings Plc now owns 1,557,543 shares of the company’s stock valued at $45,060,000 after acquiring an additional 782,543 shares in the last quarter. State Street Corp boosted its holdings in Arcutis Biotherapeutics by 19.1% in the second quarter. State Street Corp now owns 1,152,482 shares of the company’s stock valued at $31,451,000 after acquiring an additional 184,500 shares in the last quarter. Price T Rowe Associates Inc. MD boosted its holdings in Arcutis Biotherapeutics by 40.9% in the second quarter. Price T Rowe Associates Inc. MD now owns 924,958 shares of the company’s stock valued at $25,242,000 after acquiring an additional 268,537 shares in the last quarter. Finally, Wells Fargo & Company MN boosted its holdings in Arcutis Biotherapeutics by 2.4% in the second quarter. Wells Fargo & Company MN now owns 897,972 shares of the company’s stock valued at $24,505,000 after acquiring an additional 21,388 shares in the last quarter. Hedge funds and other institutional investors own 90.35% of the company’s stock.

About Arcutis Biotherapeutics (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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