Arcutis Biotherapeutics (NASDAQ:ARQT) Insider Patrick Burnett Sells 8,300 Shares

Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT) insider Patrick Burnett sold 8,300 shares of the business’s stock in a transaction on Tuesday, August 11th. The shares were sold at an average price of $26.52, for a total value of $220,116.00. Following the completion of the sale, the insider directly owned 119,289 shares in the company, valued at approximately $3,163,544.28. This represents a 6.51% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link.

Patrick Burnett also recently made the following trade(s):

• On Wednesday, August 12th, Patrick Burnett sold 6,700 shares of Arcutis Biotherapeutics stock. The stock was sold at an average price of $26.08, for a total value of $174,736.00.
• On Monday, August 3rd, Patrick Burnett sold 955 shares of Arcutis Biotherapeutics stock. The stock was sold at an average price of $26.12, for a total value of $24,944.60.

Arcutis Biotherapeutics Price Performance

Shares of NASDAQ ARQT traded down $0.45 during midday trading on Thursday, reaching $25.83. 1,585,536 shares of the company traded hands, compared to its average volume of 1,517,596. Arcutis Biotherapeutics, Inc. has a 12 month low of $15.10 and a 12 month high of $31.77. The company has a debt-to-equity ratio of 0.46, a quick ratio of 2.67 and a current ratio of 2.92. The stock’s 50-day simple moving average is $26.42 and its 200-day simple moving average is $24.68. The firm has a market cap of $3.25 billion, a PE ratio of 123.01 and a beta of 1.49.

Arcutis Biotherapeutics (NASDAQ:ARQT) last announced its earnings results on Wednesday, August 5th. The company reported $0.11 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.06 by $0.05. The business had revenue of $129.86 million during the quarter, compared to analysts’ expectations of $118.85 million. Arcutis Biotherapeutics had a net margin of 6.15% and a return on equity of 15.05%. As a group, equities analysts anticipate that Arcutis Biotherapeutics, Inc. will post 0.4 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

ARQT has been the subject of several research analyst reports. Needham & Company LLC boosted their price objective on shares of Arcutis Biotherapeutics from $36.00 to $40.00 and gave the stock a “buy” rating in a research report on Thursday, August 6th. Weiss Ratings upgraded Arcutis Biotherapeutics from a “sell (d-)” rating to a “hold (c-)” rating in a research report on Thursday, August 6th. Wall Street Zen raised Arcutis Biotherapeutics from a “buy” rating to a “strong-buy” rating in a research note on Saturday, August 8th. Morgan Stanley raised their price target on Arcutis Biotherapeutics from $34.00 to $38.00 and gave the company an “overweight” rating in a report on Thursday, August 6th. Finally, Guggenheim lifted their price objective on Arcutis Biotherapeutics from $35.00 to $38.00 and gave the stock a “buy” rating in a research report on Thursday, August 6th. Six equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $35.57.

Institutional Investors Weigh In On Arcutis Biotherapeutics

A number of institutional investors have recently made changes to their positions in the stock. SBI Securities Co. Ltd. grew its position in shares of Arcutis Biotherapeutics by 325.4% during the 4th quarter. SBI Securities Co. Ltd. now owns 1,089 shares of the company’s stock worth $32,000 after buying an additional 833 shares during the period. Global Retirement Partners LLC acquired a new position in Arcutis Biotherapeutics during the fourth quarter valued at approximately $35,000. EverSource Wealth Advisors LLC grew its holdings in Arcutis Biotherapeutics by 124.0% during the fourth quarter. EverSource Wealth Advisors LLC now owns 1,261 shares of the company’s stock valued at $37,000 after purchasing an additional 698 shares during the period. NewEdge Advisors LLC increased its stake in Arcutis Biotherapeutics by 209.0% in the fourth quarter. NewEdge Advisors LLC now owns 1,545 shares of the company’s stock valued at $45,000 after purchasing an additional 1,045 shares in the last quarter. Finally, Truvestments Capital LLC raised its holdings in Arcutis Biotherapeutics by 114.2% in the fourth quarter. Truvestments Capital LLC now owns 3,012 shares of the company’s stock worth $87,000 after purchasing an additional 1,606 shares during the period.

Arcutis Biotherapeutics Company Profile

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.