Why is arqt down in premarket

The premarket decline in Arcutis Biotherapeutics Inc. (ARQT) could be attributed to several factors:

1. **Market Volatility**: Premarket trading is typically less liquid and more volatile than regular trading hours, which can lead to significant price swings based on limited buying and selling activity.
2. **Recent Stock Performance**: If the stock has experienced a recent decline or if there is a general negative sentiment towards the stock, this could carry over into premarket trading.
3. **Company-Specific News**: The launch of an educational campaign, Clearing Up Seb Derm, while important for patient education, may not have an immediate impact on the stock price.
4. **Financial Developments**: The pricing of a public offering with expected proceeds of approximately $150 million could be viewed as a positive development, but its immediate effect on the stock price may be limited to regular trading hours.
5. **Technical Analysis**: The formation of a hammer chart pattern in its last trading session indicates that the stock could witness a trend reversal soon, which might not be reflected in premarket trading.

In conclusion, premarket declines in ARQT can be attributed to a combination of market volatility, recent stock performance, and the timing of company-specific news and financial developments. The impact of these factors on the stock price may not be immediately evident in premarket trading.