Arcutis Biotherapeutics (NASDAQ:ARQT) Insider Sells $93,712.50 in Stock

Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT) insider Patrick Burnett sold 3,675 shares of the company’s stock in a transaction on Monday, February 2nd. The shares were sold at an average price of $25.50, for a total value of $93,712.50. Following the completion of the transaction, the insider owned 90,445 shares of the company’s stock, valued at $2,306,347.50. This trade represents a 3.90% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website.

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

• On Wednesday, February 4th, Patrick Burnett sold 9,794 shares of Arcutis Biotherapeutics stock. The stock was sold at an average price of $25.81, for a total value of $252,783.14.
• On Monday, January 5th, Patrick Burnett sold 2,490 shares of Arcutis Biotherapeutics stock. The shares were sold at an average price of $28.98, for a total transaction of $72,160.20.
• On Wednesday, December 31st, Patrick Burnett sold 1,697 shares of Arcutis Biotherapeutics stock. The stock was sold at an average price of $29.20, for a total transaction of $49,552.40.
• On Monday, December 15th, Patrick Burnett sold 11,500 shares of Arcutis Biotherapeutics stock. The stock was sold at an average price of $28.94, for a total transaction of $332,810.00.
• On Thursday, November 6th, Patrick Burnett sold 17,250 shares of Arcutis Biotherapeutics stock. The shares were sold at an average price of $24.18, for a total transaction of $417,105.00.

Arcutis Biotherapeutics Trading Up 4.8%

Shares of ARQT stock opened at $27.32 on Friday. 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 firm has a market cap of $3.35 billion, a P/E ratio of -75.89 and a beta of 1.70. The company has a 50 day moving average of $28.07 and a 200-day moving average of $22.55. Arcutis Biotherapeutics, Inc. has a 12-month low of $11.13 and a 12-month high of $31.77.

Hedge Funds Weigh In On Arcutis Biotherapeutics

Several hedge funds have recently bought and sold shares of the company. AQR Capital Management LLC grew its position in shares of Arcutis Biotherapeutics by 21.4% during the 1st quarter. AQR Capital Management LLC now owns 248,196 shares of the company’s stock valued at $3,882,000 after purchasing an additional 43,716 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in Arcutis Biotherapeutics by 3.0% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 71,417 shares of the company’s stock valued at $1,118,000 after buying an additional 2,063 shares during the period. Wealth Enhancement Advisory Services LLC purchased a new position in Arcutis Biotherapeutics during the second quarter worth about $217,000. KLP Kapitalforvaltning AS increased its stake in Arcutis Biotherapeutics by 17.8% in the 2nd quarter. KLP Kapitalforvaltning AS now owns 21,800 shares of the company’s stock worth $306,000 after acquiring an additional 3,300 shares during the last quarter. Finally, Aberdeen Group plc increased its stake in Arcutis Biotherapeutics by 14.9% in the 2nd quarter. Aberdeen Group plc now owns 675,034 shares of the company’s stock worth $9,464,000 after acquiring an additional 87,494 shares during the last quarter.

Analyst Ratings Changes

Several research firms have recently weighed in on ARQT. The Goldman Sachs Group increased their price target on Arcutis Biotherapeutics from $19.00 to $29.00 and gave the stock a “neutral” rating in a research note on Thursday, October 30th. Wall Street Zen lowered shares of Arcutis Biotherapeutics from a “strong-buy” rating to a “buy” rating in a research report on Friday, January 23rd. Needham & Company LLC lifted their target price on shares of Arcutis Biotherapeutics from $30.00 to $31.00 and gave the stock a “buy” rating in a research note on Monday, January 26th. HC Wainwright restated a “buy” rating and set a $30.00 price target on shares of Arcutis Biotherapeutics in a research note on Wednesday, October 29th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Arcutis Biotherapeutics in a research note on Monday, December 29th. Six equities research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $29.20.

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.