Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT) Insider Patrick Burnett Sells 12,242 Shares

Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT) insider Patrick Burnett sold 12,242 shares of the business’s stock in a transaction that occurred on Friday, March 14th. The shares were sold at an average price of $15.04, for a total value of $184,119.68. Following the transaction, the insider now directly owns 121,936 shares in the company, valued at $1,833,917.44. This trade represents a 9.12 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink.

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

• On Monday, March 3rd, Patrick Burnett sold 2,819 shares of Arcutis Biotherapeutics stock. The shares were sold at an average price of $13.03, for a total value of $36,731.57.
• On Tuesday, December 31st, Patrick Burnett sold 1,691 shares of Arcutis Biotherapeutics stock. The stock was sold at an average price of $14.00, for a total value of $23,674.00.

Arcutis Biotherapeutics Stock Up 12.3 %

ARQT stock opened at $16.42 on Tuesday. Arcutis Biotherapeutics, Inc. has a twelve month low of $6.99 and a twelve month high of $17.70. The company has a quick ratio of 2.38, a current ratio of 2.46 and a debt-to-equity ratio of 0.67. The stock has a market cap of $1.95 billion, a P/E ratio of -9.17 and a beta of 1.48. The business’s 50-day moving average price is $13.55 and its 200-day moving average price is $11.89.

Arcutis Biotherapeutics (NASDAQ:ARQT) last issued its earnings results on Tuesday, February 25th. The company reported ($0.09) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.28) by $0.19. Arcutis Biotherapeutics had a negative return on equity of 119.11% and a negative net margin of 140.97%. The company had revenue of $71.36 million for the quarter, compared to the consensus estimate of $60.52 million. On average, equities research analysts forecast that Arcutis Biotherapeutics, Inc. will post -1.33 EPS for the current year.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in ARQT. Wealth Enhancement Advisory Services LLC purchased a new stake in shares of Arcutis Biotherapeutics in the fourth quarter worth about $291,000. GF Fund Management CO. LTD. acquired a new stake in shares of Arcutis Biotherapeutics in the fourth quarter valued at approximately $34,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its stake in Arcutis Biotherapeutics by 1.2% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 280,100 shares of the company’s stock worth $3,902,000 after acquiring an additional 3,409 shares during the last quarter. Voloridge Investment Management LLC increased its stake in Arcutis Biotherapeutics by 126.5% during the fourth quarter. Voloridge Investment Management LLC now owns 290,938 shares of the company’s stock worth $4,053,000 after acquiring an additional 162,495 shares during the last quarter. Finally, Squarepoint Ops LLC boosted its position in shares of Arcutis Biotherapeutics by 67.2% during the fourth quarter. Squarepoint Ops LLC now owns 121,392 shares of the company’s stock worth $1,691,000 after buying an additional 48,769 shares during the period.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on ARQT. The Goldman Sachs Group upped their price target on Arcutis Biotherapeutics from $13.00 to $15.00 and gave the stock a “neutral” rating in a research note on Thursday, February 27th. HC Wainwright reissued a “buy” rating and issued a $19.00 target price on shares of Arcutis Biotherapeutics in a research note on Wednesday, February 26th. Needham & Company LLC reissued a “buy” rating and issued a $20.00 target price on shares of Arcutis Biotherapeutics in a research note on Wednesday, February 26th. Jefferies Financial Group increased their target price on Arcutis Biotherapeutics from $16.00 to $19.00 and gave the stock a “buy” rating in a research note on Tuesday, March 11th. Finally, Mizuho increased their price objective on Arcutis Biotherapeutics from $20.00 to $21.00 and gave the company an “outperform” rating in a research report on Wednesday, February 26th. One investment analyst has rated the stock with a hold rating and five have given a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $18.80.

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.