Arcutis Biotherapeutics (NASDAQ:ARQT) Director Sells $289,600.00 in Stock

Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT) Director Howard Welgus sold 10,000 shares of the company’s stock in a transaction on Friday, January 2nd. The stock was sold at an average price of $28.96, for a total transaction of $289,600.00. Following the transaction, the director owned 69,744 shares of the company’s stock, valued at $2,019,786.24. This trade represents a 12.54% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website.

Arcutis Biotherapeutics Trading Up 1.0%

NASDAQ ARQT opened at $29.88 on Friday. The company has a market cap of $3.66 billion, a price-to-earnings ratio of -83.00 and a beta of 1.71. Arcutis Biotherapeutics, Inc. has a twelve month low of $11.13 and a twelve month high of $31.77. The company has a quick ratio of 3.28, a current ratio of 3.50 and a debt-to-equity ratio of 0.68. The business’s fifty day moving average is $28.21 and its 200 day moving average is $20.82.

Arcutis Biotherapeutics (NASDAQ:ARQT) last posted its earnings results on Tuesday, October 28th. The company reported $0.06 EPS for the quarter, beating the consensus estimate of ($0.10) by $0.16. The firm had revenue of $99.22 million during the quarter, compared to the consensus estimate of $86.69 million. Arcutis Biotherapeutics had a negative return on equity of 29.69% and a negative net margin of 13.94%. As a group, sell-side analysts expect that Arcutis Biotherapeutics, Inc. will post -1.33 EPS for the current fiscal year.

Hedge Funds Weigh In On Arcutis Biotherapeutics

Several hedge funds and other institutional investors have recently bought and sold shares of ARQT. Jennison Associates LLC grew its holdings in Arcutis Biotherapeutics by 10.3% during the 3rd quarter. Jennison Associates LLC now owns 12,254,119 shares of the company’s stock worth $230,990,000 after acquiring an additional 1,144,714 shares during the period. Frazier Life Sciences Management L.P. lifted its stake in shares of Arcutis Biotherapeutics by 12.4% in the 2nd quarter. Frazier Life Sciences Management L.P. now owns 9,874,511 shares of the company’s stock valued at $138,441,000 after purchasing an additional 1,089,227 shares during the period. Vanguard Group Inc. boosted its position in shares of Arcutis Biotherapeutics by 1.4% during the 3rd quarter. Vanguard Group Inc. now owns 7,146,090 shares of the company’s stock valued at $134,704,000 after purchasing an additional 96,991 shares in the last quarter. Polar Capital Holdings Plc grew its stake in Arcutis Biotherapeutics by 5.8% during the third quarter. Polar Capital Holdings Plc now owns 5,298,754 shares of the company’s stock worth $99,882,000 after purchasing an additional 292,279 shares during the period. Finally, State Street Corp increased its holdings in Arcutis Biotherapeutics by 1.2% in the second quarter. State Street Corp now owns 4,526,937 shares of the company’s stock worth $63,468,000 after purchasing an additional 52,734 shares in the last quarter.

Analyst Ratings Changes

Several equities analysts have recently issued reports on ARQT shares. The Goldman Sachs Group raised their price target on shares of Arcutis Biotherapeutics from $19.00 to $29.00 and gave the company a “neutral” rating in a research note on Thursday, October 30th. Needham & Company LLC increased their price objective on Arcutis Biotherapeutics from $22.00 to $30.00 and gave the company a “buy” rating in a report on Tuesday, October 28th. Wall Street Zen raised Arcutis Biotherapeutics from a “buy” rating to a “strong-buy” rating in a report on Sunday, January 4th. Mizuho upped their price target on Arcutis Biotherapeutics from $32.00 to $37.00 and gave the company an “outperform” rating in a research report on Friday, November 28th. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Arcutis Biotherapeutics in a research note on Monday, December 29th. Six investment analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, Arcutis Biotherapeutics presently has a consensus rating of “Moderate Buy” and an average price target of $29.00.

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.