Patrick Burnett Sells 6,700 Shares of Arcutis Biotherapeutics (NASDAQ:ARQT) Stock

Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT) insider Patrick Burnett sold 6,700 shares of Arcutis Biotherapeutics stock in a transaction dated Wednesday, August 12th. The stock was sold at an average price of $26.08, for a total transaction of $174,736.00. Following the transaction, the insider directly owned 119,289 shares of the company’s stock, valued at approximately $3,111,057.12. This represents a 5.32% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website.

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

• On Tuesday, August 11th, Patrick Burnett sold 8,300 shares of Arcutis Biotherapeutics stock. The shares were sold at an average price of $26.52, for a total transaction of $220,116.00.
• 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 transaction of $24,944.60.

Arcutis Biotherapeutics Stock Up 1.4%

Shares of NASDAQ ARQT opened at $26.19 on Friday. Arcutis Biotherapeutics, Inc. has a 1 year low of $15.10 and a 1 year high of $31.77. The firm has a 50-day simple moving average of $26.52 and a two-hundred day simple moving average of $24.69. The company has a market cap of $3.29 billion, a P/E ratio of 124.72 and a beta of 1.49. The company has a debt-to-equity ratio of 0.46, a current ratio of 2.92 and a quick ratio of 2.67.

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

Institutional Investors Weigh In On Arcutis Biotherapeutics

A number of institutional investors have recently added to or reduced their stakes in ARQT. SBI Securities Co. Ltd. grew its stake in Arcutis Biotherapeutics by 325.4% in the fourth quarter. SBI Securities Co. Ltd. now owns 1,089 shares of the company’s stock valued at $32,000 after purchasing an additional 833 shares during the last quarter. Global Retirement Partners LLC bought a new position in Arcutis Biotherapeutics in the fourth quarter worth about $35,000. EverSource Wealth Advisors LLC lifted its position in shares of 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 buying an additional 698 shares during the last quarter. NewEdge Advisors LLC lifted its position in shares of Arcutis Biotherapeutics by 209.0% during the fourth quarter. NewEdge Advisors LLC now owns 1,545 shares of the company’s stock valued at $45,000 after buying an additional 1,045 shares during the last quarter. Finally, Truvestments Capital LLC boosted its holdings in shares of Arcutis Biotherapeutics by 114.2% in the 4th quarter. Truvestments Capital LLC now owns 3,012 shares of the company’s stock valued at $87,000 after buying an additional 1,606 shares in the last quarter.

Wall Street Analysts Forecast Growth

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

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.