Arcutis Biotherapeutics (NASDAQ:ARQT) Director Howard Welgus Sells 4,096 Shares

Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT) Director Howard Welgus sold 4,096 shares of the stock in a transaction that occurred on Monday, June 15th. The shares were sold at an average price of $24.41, for a total value of $99,983.36. Following the sale, the director directly owned 38,378 shares of the company’s stock, valued at $936,806.98. The trade was a 9.64% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Arcutis Biotherapeutics Stock Performance

Shares of ARQT traded up $0.55 on Wednesday, reaching $26.22. 1,571,105 shares of the company’s stock traded hands, compared to its average volume of 1,534,816. The company has a current ratio of 2.68, a quick ratio of 2.46 and a debt-to-equity ratio of 0.54. The stock has a market cap of $3.28 billion, a PE ratio of -873.71 and a beta of 1.51. The stock’s 50 day simple moving average is $22.68 and its two-hundred day simple moving average is $25.15. Arcutis Biotherapeutics, Inc. has a 52-week low of $13.06 and a 52-week high of $31.77.

Arcutis Biotherapeutics (NASDAQ:ARQT) last issued its quarterly earnings results on Wednesday, May 6th. The company reported ($0.09) EPS for the quarter, missing analysts’ consensus estimates of ($0.02) by ($0.07). The business had revenue of $105.40 million for the quarter, compared to analysts’ expectations of $103.68 million. Arcutis Biotherapeutics had a negative net margin of 0.57% and a negative return on equity of 1.41%. On average, analysts forecast that Arcutis Biotherapeutics, Inc. will post 0.15 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of analysts recently commented on the company. Wall Street Zen downgraded Arcutis Biotherapeutics from a “buy” rating to a “hold” rating in a research report on Saturday, May 9th. TD Cowen increased their price target on Arcutis Biotherapeutics from $30.00 to $35.00 and gave the company a “buy” rating in a research report on Thursday, February 26th. Needham & Company LLC reaffirmed a “buy” rating and set a $36.00 price target on shares of Arcutis Biotherapeutics in a research report on Thursday, May 7th. Guggenheim raised their target price on Arcutis Biotherapeutics from $34.00 to $35.00 and gave the stock a “buy” rating in a research report on Friday, February 27th. Finally, HC Wainwright boosted their target price on Arcutis Biotherapeutics from $30.00 to $34.00 and gave the company a “buy” rating in a research note on Thursday, February 26th. Five analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, Arcutis Biotherapeutics has a consensus rating of “Moderate Buy” and a consensus price target of $34.00.

Institutional Trading of Arcutis Biotherapeutics

Several hedge funds have recently made changes to their positions in the company. Suvretta Capital Management LLC raised its stake in shares of Arcutis Biotherapeutics by 14.2% in the fourth quarter. Suvretta Capital Management LLC now owns 11,964,000 shares of the company’s stock valued at $347,435,000 after buying an additional 1,486,000 shares during the period. Vanguard Group Inc. raised its stake in shares of Arcutis Biotherapeutics by 1.5% in the fourth quarter. Vanguard Group Inc. now owns 7,253,936 shares of the company’s stock valued at $210,654,000 after buying an additional 107,846 shares during the period. Polar Capital Holdings Plc raised its stake in shares of Arcutis Biotherapeutics by 4.9% in the fourth quarter. Polar Capital Holdings Plc now owns 5,556,169 shares of the company’s stock valued at $161,351,000 after buying an additional 257,415 shares during the period. State Street Corp raised its stake in shares of Arcutis Biotherapeutics by 18.2% in the fourth quarter. State Street Corp now owns 5,488,301 shares of the company’s stock valued at $159,380,000 after buying an additional 846,986 shares during the period. Finally, Morgan Stanley raised its stake in shares of Arcutis Biotherapeutics by 1.5% in the fourth quarter. Morgan Stanley now owns 4,340,239 shares of the company’s stock valued at $126,041,000 after buying an additional 63,845 shares during the period.

About Arcutis Biotherapeutics

Arcutis Biotherapeutics is a clinical-stage biopharmaceutical company focused on developing and commercializing innovative therapies for immuno-inflammatory skin diseases. The company’s research and development efforts center on targeted treatments that address the underlying biology of conditions such as plaque psoriasis, atopic dermatitis, seborrheic dermatitis and vitiligo. Arcutis employs a precision-medicine approach to deliver topical therapies designed to improve efficacy and tolerability compared with existing treatment options.

In August 2022, Arcutis received U.S.