ARQT - Why Shares of Arcutis Biotherapeutics Fell This Week
2023-09-07 15:08:31 ET
Shares of Arcutis Biotherapeutics (NASDAQ: ARQT) were down 15.7% for the week as of 2:45 p.m. on Thursday, according to data provided by S&P Global Market Intelligence . The healthcare company's stock closed last week at $8.96 a share and fell to as low as $7.47 on Thursday after Arcutis reported trial data regarding a prospective atopic dermatitis therapy. The stock is down more than 49% so far this year.
The company focuses on therapies to treat immune-mediated dermatological diseases and conditions. On Thursday, Arcutis reported interim results from its study of Zoryve (roflumilast) cream for patients six years and older with atopic dermatitis. The therapy's safety profile appeared solid, and the company said that efficacy improved over time in participants who came over from earlier studies of the therapy. Based on the results, the company said it planned to submit a new drug application (NDA) to the Food and Drug Administration (FDA) by late in the third quarter.
While all that appeared positive, the results were apparently not enough to sway investors, while others took the opportunity to sell the stock and cut their losses. The big concern for investors is the company's relatively weak cash position. As of the second quarter, it reported it had cash of $269.6 million, enough based on its burn rate to fund operations for another year.
For further details see:
Why Shares of Arcutis Biotherapeutics Fell This Week