Howard Welgus Sells 10,000 Shares of Arcutis Biotherapeutics (NASDAQ:ARQT) Stock

Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT) Director Howard Welgus sold 10,000 shares of the firm’s stock in a transaction on Wednesday, October 1st. The stock was sold at an average price of $18.92, for a total transaction of $189,200.00. Following the completion of the sale, the director owned 99,744 shares of the company’s stock, valued at $1,887,156.48. The trade was a 9.11% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this link.

Arcutis Biotherapeutics Trading Down 6.3%

NASDAQ:ARQT opened at $19.92 on Friday. The company has a current ratio of 3.20, a quick ratio of 3.04 and a debt-to-equity ratio of 0.77. The stock has a market capitalization of $2.39 billion, a price-to-earnings ratio of -26.56 and a beta of 2.06. The firm has a fifty day simple moving average of $16.44 and a two-hundred day simple moving average of $15.06. Arcutis Biotherapeutics, Inc. has a 12 month low of $8.03 and a 12 month high of $21.30.

Arcutis Biotherapeutics (NASDAQ:ARQT) last posted its quarterly earnings results on Wednesday, August 6th. The company reported ($0.13) EPS for the quarter, topping analysts’ consensus estimates of ($0.18) by $0.05. The business had revenue of $81.50 million during the quarter, compared to analysts’ expectations of $72.70 million. Arcutis Biotherapeutics had a negative net margin of 35.40% and a negative return on equity of 62.62%. Analysts expect that Arcutis Biotherapeutics, Inc. will post -1.33 EPS for the current fiscal year.

Institutional Trading of Arcutis Biotherapeutics

Several hedge funds have recently added to or reduced their stakes in the stock. Frazier Life Sciences Management L.P. raised its position in Arcutis Biotherapeutics by 12.4% in the second quarter. Frazier Life Sciences Management L.P. now owns 9,874,511 shares of the company’s stock worth $138,441,000 after acquiring an additional 1,089,227 shares during the period. Vanguard Group Inc. raised its position in shares of Arcutis Biotherapeutics by 5.9% in the first quarter. Vanguard Group Inc. now owns 6,818,078 shares of the company’s stock valued at $106,635,000 after purchasing an additional 377,363 shares during the period. State Street Corp raised its position in shares of Arcutis Biotherapeutics by 1.2% in the second quarter. State Street Corp now owns 4,526,937 shares of the company’s stock valued at $63,468,000 after purchasing an additional 52,734 shares during the period. Gilder Gagnon Howe & Co. LLC raised its position in shares of Arcutis Biotherapeutics by 1.5% in the second quarter. Gilder Gagnon Howe & Co. LLC now owns 4,155,763 shares of the company’s stock valued at $58,264,000 after purchasing an additional 59,712 shares during the period. Finally, Geode Capital Management LLC raised its position in shares of Arcutis Biotherapeutics by 1.4% in the second quarter. Geode Capital Management LLC now owns 2,582,567 shares of the company’s stock valued at $36,213,000 after purchasing an additional 35,620 shares during the period.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on the stock. Wall Street Zen upgraded shares of Arcutis Biotherapeutics from a “hold” rating to a “buy” rating in a report on Saturday, August 9th. The Goldman Sachs Group assumed coverage on shares of Arcutis Biotherapeutics in a report on Friday, July 25th. They set a “neutral” rating and a $18.00 price objective for the company. Cowen reiterated a “buy” rating on shares of Arcutis Biotherapeutics in a report on Thursday, August 7th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Arcutis Biotherapeutics in a report on Saturday, September 27th. Finally, Needham & Company LLC lifted their price objective on shares of Arcutis Biotherapeutics from $20.00 to $22.00 and gave the company a “buy” rating in a report on Thursday, August 7th. Six equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $19.80.

Arcutis Biotherapeutics Company Profile

Arcutis Biotherapeutics, Inc, a biopharmaceutical company, focuses on developing and commercializing treatments for dermatological diseases. Its lead product candidate is ARQ-151, a topical roflumilast cream that has completed Phase III clinical trials for the treatment of plaque psoriasis and atopic dermatitis.