Arcutis Biotherapeutics (NASDAQ:ARQT) Insider Sells $417,105.00 in Stock

Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT) insider Patrick Burnett sold 17,250 shares of the firm’s stock in a transaction that occurred on Thursday, November 6th. The shares were sold at an average price of $24.18, for a total value of $417,105.00. Following the transaction, the insider directly owned 98,325 shares of the company’s stock, valued at approximately $2,377,498.50. This trade represents a 14.93% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website.

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

• On Wednesday, November 5th, Patrick Burnett sold 3,864 shares of Arcutis Biotherapeutics stock. The stock was sold at an average price of $23.72, for a total value of $91,654.08.
• On Monday, November 3rd, Patrick Burnett sold 2,622 shares of Arcutis Biotherapeutics stock. The stock was sold at an average price of $24.72, for a total value of $64,815.84.
• On Thursday, August 21st, Patrick Burnett sold 2,438 shares of Arcutis Biotherapeutics stock. The stock was sold at an average price of $15.57, for a total value of $37,959.66.
• On Tuesday, August 19th, Patrick Burnett sold 1,750 shares of Arcutis Biotherapeutics stock. The stock was sold at an average price of $16.16, for a total transaction of $28,280.00.

Arcutis Biotherapeutics Stock Down 2.4%

NASDAQ:ARQT opened at $23.45 on Thursday. The company has a debt-to-equity ratio of 0.68, a quick ratio of 3.28 and a current ratio of 3.50. The firm has a market cap of $2.87 billion, a P/E ratio of -65.14 and a beta of 1.97. Arcutis Biotherapeutics, Inc. has a fifty-two week low of $8.90 and a fifty-two week high of $27.08. The firm has a 50-day simple moving average of $20.29 and a two-hundred day simple moving average of $16.54.

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

Wall Street Analysts Forecast Growth

A number of analysts have commented on ARQT shares. Weiss Ratings reissued a “sell (e+)” rating on shares of Arcutis Biotherapeutics in a report on Tuesday, October 14th. Mizuho set a $32.00 price objective on Arcutis Biotherapeutics in a research report on Wednesday, October 29th. The Goldman Sachs Group lifted their price objective on Arcutis Biotherapeutics from $19.00 to $29.00 and gave the stock a “neutral” rating in a report on Thursday, October 30th. Zacks Research upgraded shares of Arcutis Biotherapeutics from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, October 29th. Finally, Needham & Company LLC raised their price target on shares of Arcutis Biotherapeutics from $22.00 to $30.00 and gave the company a “buy” rating in a report on Tuesday, October 28th. One analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, Arcutis Biotherapeutics currently has an average rating of “Moderate Buy” and an average target price of $28.00.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the company. Jennison Associates LLC grew its stake in shares of Arcutis Biotherapeutics by 10.3% during the 3rd quarter. Jennison Associates LLC now owns 12,254,119 shares of the company’s stock valued at $230,990,000 after purchasing an additional 1,144,714 shares during the period. Frazier Life Sciences Management L.P. grew its position in Arcutis Biotherapeutics by 12.4% during the second quarter. Frazier Life Sciences Management L.P. now owns 9,874,511 shares of the company’s stock valued at $138,441,000 after buying an additional 1,089,227 shares during the period. Vanguard Group Inc. grew its position in Arcutis Biotherapeutics by 1.4% during the third quarter. Vanguard Group Inc. now owns 7,146,090 shares of the company’s stock valued at $134,704,000 after buying an additional 96,991 shares during the period. State Street Corp increased its holdings in Arcutis Biotherapeutics by 1.2% during the second quarter. State Street Corp now owns 4,526,937 shares of the company’s stock valued at $63,468,000 after buying an additional 52,734 shares during the last quarter. Finally, Gilder Gagnon Howe & Co. LLC raised its position in 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 worth $58,264,000 after acquiring an additional 59,712 shares during the period.

About Arcutis Biotherapeutics

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.