Arcutis Biotherapeutics (NASDAQ:ARQT) EVP Patrick Burnett Sells 943 Shares of Company Stock

Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT) EVP Patrick Burnett sold 943 shares of the business’s stock in a transaction on Monday, November 2nd. The stock was sold at an average price of $31.86, for a total value of $30,043.98. Following the sale, the executive vice president owned 116,649 shares in the company, valued at $3,716,437.14. This represents a 0.80% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

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 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 value of $220,116.00.

Arcutis Biotherapeutics Stock Performance

Shares of ARQT stock opened at $34.05 on Thursday. The business’s 50-day moving average price is $27.11 and its 200-day moving average price is $25.37. Arcutis Biotherapeutics, Inc. has a 12 month low of $19.30 and a 12 month high of $34.80. The firm has a market capitalization of $4.28 billion, a price-to-earnings ratio of 152.38 and a beta of 1.66. The company has a current ratio of 2.92, a quick ratio of 2.67 and a debt-to-equity ratio of 0.46.

Arcutis Biotherapeutics (NASDAQ:ARQT) last released its quarterly earnings results on Wednesday, November 4th. The company reported $0.06 earnings per share for the quarter, missing the consensus estimate of $0.18 by ($0.12). The firm had revenue of $143.92 million for the quarter, compared to the consensus estimate of $142.59 million. Arcutis Biotherapeutics had a return on equity of 15.05% and a net margin of 6.15%. Equities research analysts forecast that Arcutis Biotherapeutics, Inc. will post 0.43 EPS for the current year.

Hedge Funds Weigh In On Arcutis Biotherapeutics

A number of hedge funds have recently bought and sold shares of ARQT. Fulcrum Asset Management LLP purchased a new stake in shares of Arcutis Biotherapeutics in the third quarter valued at about $2,628,000. Candriam S.C.A. lifted its position in shares of Arcutis Biotherapeutics by 5.7% during the third quarter. Candriam S.C.A. now owns 1,003,729 shares of the company’s stock valued at $26,625,000 after purchasing an additional 53,890 shares in the last quarter. Oregon Public Employees Retirement Fund purchased a new position in Arcutis Biotherapeutics during the third quarter worth about $679,000. Mirae Asset Global Investments Co. Ltd. bought a new stake in Arcutis Biotherapeutics in the 3rd quarter worth about $170,000. Finally, Profund Advisors LLC grew its position in Arcutis Biotherapeutics by 19.3% in the 3rd quarter. Profund Advisors LLC now owns 49,700 shares of the company’s stock worth $1,314,000 after purchasing an additional 8,045 shares in the last quarter.

Key Arcutis Biotherapeutics News

Here are the key news stories impacting Arcutis Biotherapeutics this week:

• Positive Sentiment: Third-quarter revenue was $143.92 million, slightly above analysts’ $142.59 million estimate, providing a positive counterpoint to the earnings shortfall. MarketBeat earnings report
• Neutral Sentiment: Several executives sold shares to cover tax withholding on vested equity awards. Most sales were relatively small; EVP Masaru Matsuda also sold 40,000 shares under a pre-arranged Rule 10b5-1 plan, reducing his reported holdings by 26.44%. The stated tax-related and planned nature of the transactions makes them less clearly bearish, though the larger sale may draw investor attention. SEC insider filing
• Negative Sentiment: Adjusted quarterly earnings were $0.06 per share, below consensus estimates of approximately $0.17–$0.18 and unchanged from a year earlier. The miss could weigh on sentiment despite the revenue beat. Zacks earnings report

Analyst Ratings Changes

A number of equities research analysts have weighed in on the stock. Cantor Fitzgerald assumed coverage on shares of Arcutis Biotherapeutics in a report on Thursday, October 15th. They set an “overweight” rating and a $48.00 target price on the stock. Morgan Stanley raised 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 lifted their target price on Arcutis Biotherapeutics from $36.00 to $40.00 and gave the stock a “buy” rating in a report on Thursday, August 6th. Weiss Ratings raised Arcutis Biotherapeutics from a “hold (c-)” rating to a “hold (c)” rating in a report on Thursday, October 29th. Finally, Jefferies Financial Group reiterated a “buy” rating and issued a $39.00 price target on shares of Arcutis Biotherapeutics in a research report on Thursday, October 8th. Eight analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $39.12.

Arcutis Biotherapeutics Company Profile

Arcutis Biotherapeutics, Inc is a commercial-stage biopharmaceutical company focused on developing and delivering treatments for dermatologic conditions. The company’s portfolio is centered on therapies designed to address inflammatory skin diseases, with an emphasis on nonsteroidal topical medicines that may help patients manage chronic conditions.

Arcutis’s lead product is ZORYVE (roflumilast), a topical phosphodiesterase-4 inhibitor. ZORYVE has received U.S. Food and Drug Administration approvals for multiple dermatological uses, including plaque psoriasis, seborrheic dermatitis and atopic dermatitis, in different cream and foam formulations.