There Is Clear Momentum For Arcutis Biotherapeutics Inc. (NASDAQ: ARQT)

Fidelity Management & Research Co has recently announced that it has increased stake in Arcutis Biotherapeutics Inc. (NASDAQ:ARQT) by 4.23%. After grabbing 9.08 million shares, the institutional investor is now in possession of 0.37 million shares of the Healthcare Company. The new investment brought the stake of investor firm to 14.86% having worth around $125.61 million. Moreover, Rubric Capital Management LP increased its share by 0.76 million to have a control over 3.5 million shares. And Polar Capital LLP raised its holdings to 1.13 million shares by acquiring 3.14 million shares or 5.13% of the stake.

Arcutis Biotherapeutics Inc. (ARQT) concluded trading on 05/24/23 at a closing price of $8.99, with 1.68 million shares of worth about $15.12 million changed hands on the day. Half year performance of the stock remained negative as price took a plunge of -50.60% during that period and on Wednesday the price saw a loss of about -5.07%. Currently the company’s common shares owned by public are about 61.17M shares, out of which, 58.97M shares are available for trading.

A deeper look into what the analysts at Wall Street are thinking about the price target of this stock provides us with the following: 9 analysts are covering the ARQT stock and their offered price forecasts bring an average price target of $45.33. Over the next 12 months, analysts forecasted that the stock’s price could jump as high as $65.00 and could fall to a lowest price of $24.00. The stock’s current price level is 80.17% above of average price target set by the analysts, while a rise to estimated low would result in gain of 62.54% for the stock. However, touching the estimated high of $65.00 would mean a gain of 86.17% for the stock.

According to filings with the U.S. Securities and Exchange Commission (SEC), insiders took part in trade of the company’s stock for 87 times over the past 12 months. They bought 565,653 shares in 28 of the transactions. In 59 selling transactions, insiders dumped 727,155 shares.

Polar Capital Funds Plc – Biotech, SPDR S&P Biotech ETF, and Vanguard Total Stock Market ETF are the top 3 mutual funds which are holding stakes in Arcutis Biotherapeutics Inc. Polar Capital Funds Plc – Biotech is currently holding 2.75 million shares of worth totaling $38.06 million. The company recently came buying 0.0 shares which brought its stake up to 4.50% of the company’s outstanding shares. SPDR S&P Biotech ETF bought 45925.0 shares, after which its hold over company’s outstanding shares expand to 4.30%, leaving 2.62 million shares with the mutual fund that have a worth of about $36.33 million. Vanguard Total Stock Market ETF, after buying 1.54 million shares, have now control over 2.52% of the stake in the company. It holds 0.0 shares of worth $21.3 million.

Arcutis Biotherapeutics Inc. (NASDAQ: ARQT) started trading at $9.39, below -$0.08 from concluding price of the previous day. However, the stock later moved at a day high price of 9.39, or with a loss of -5.07%. Stock saw a price change of -10.19% in past 5 days and over the past one month there was a price change of -32.76%. Year-to-date (YTD), ARQT shares are showing a performance of -39.26% which decreased to -57.83% when we look at its performance for past 12 months. Over the period of past 52 weeks, stock dropped to lowest price of $9.23 but also hit the highest price of $27.40 during that period. The average intraday trading volume for Arcutis Biotherapeutics Inc. shares is 1.17 million. The stock is currently trading -26.52% below its 20-day simple moving average (SMA20), while that difference is down -25.71% for SMA50 and it goes to -45.86% lower than SMA200.

Fidelity Management & Research Co acquired 9.08 million shares of Arcutis Biotherapeutics Inc. having value of about $125.61 million. Data submitted at the U.S SEC by Fidelity Management & Research Co revealed that the firm now holds 0.37 million shares in the company valued at close to $3310630.43, or have control over 4.23% stake in the company. Arcutis Biotherapeutics Inc. (NASDAQ: ARQT) currently have 61.17M outstanding shares and institutions hold larger chunk of about 98.40% of that. Holding of mutual funds in the company is about 43.27% while other institutional holders and individual stake holders have control over 52.31% and 26.76% of the stake respectively.

The stock has a current market capitalization of $551.00M and its 3Y-monthly beta is at 0.51. It has posted earnings per share of -$5.69 in the same period. It has Quick Ratio of 9.70 while making debt-to-equity ratio of 1.42. Volatility of a stock is a metric used to know how much the price of that stock is under influence and for ARQT, volatility over the week remained 5.72% while standing at 7.34% over the month.

Analysts are in expectations that Arcutis Biotherapeutics Inc. (ARQT) stock would likely to be making an EPS of -$1.24 in the current quarter, while forecast for next quarter EPS is -$1.2 and it is -$3.69 for next year. For the current quarter EPS, analysts have given the company a lowest target -$1.31 which is -$1.19 at the higher side of the target for the same. When we compare those targets with actual EPS, we find that company posted an EPS of -$1.31 in the same quarter a year ago. Stock’s fiscal year EPS is expected to drop by -35.50% while it is estimated to increase by 24.20% in next year.

Analysts at 9 brokerage firms have issued recommendations for the Arcutis Biotherapeutics Inc. (ARQT)’s stock and average of those rates the stock at a “Strong Buy” and assign it a score of 1.90. Out of those 9 Wall Street analysts, 9 recommended a “Buy” rating, while 0 were in favor recommending the stock as a “Hold” and 0 analyst recommended the stock as “Sell”.