Arcutis Biotherapeutics Inc (ARQT)

Arcutis Biotherapeutics Stock (ARQT) dropped by 18.65% from $3.03 to $2.47 in the trading on Friday October 20, 2023. The reason why ARQT stock down today is due to the stock offering. Arcutis Biotherapeutics today priced $100 million public offering of 32.5 million common shares at $2.50 per share. Arcutis intends to use the net proceeds from this offering to fund the continued development, approval and commercialization of its multiple programs.