Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT) Insider Patrick Burnett Sells 1,691 Shares

Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT) insider Patrick Burnett sold 1,691 shares of Arcutis Biotherapeutics stock in a transaction dated Tuesday, December 31st. The stock was sold at an average price of $14.00, for a total transaction of $23,674.00. Following the transaction, the insider now directly owns 126,978 shares in the company, valued at $1,777,692. This trade represents a 1.31 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link.

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

• On Friday, November 22nd, Patrick Burnett sold 16,023 shares of Arcutis Biotherapeutics stock. The stock was sold at an average price of $10.14, for a total transaction of $162,473.22.
• On Friday, November 15th, Patrick Burnett sold 100 shares of Arcutis Biotherapeutics stock. The shares were sold at an average price of $10.03, for a total value of $1,003.00.

Arcutis Biotherapeutics Trading Down 1.9 %

NASDAQ ARQT traded down $0.27 on Tuesday, reaching $13.93. The stock had a trading volume of 1,294,812 shares, compared to its average volume of 3,100,606. 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 fifty day moving average price of $11.40 and a two-hundred day moving average price of $10.30. Arcutis Biotherapeutics, Inc. has a 12-month low of $3.07 and a 12-month high of $15.79. The firm has a market capitalization of $1.63 billion, a price-to-earnings ratio of -7.78 and a beta of 1.32.

Arcutis Biotherapeutics (NASDAQ:ARQT) last posted its earnings results on Wednesday, November 6th. The company reported ($0.33) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.42) by $0.09. The firm had revenue of $44.76 million for the quarter, compared to analyst estimates of $38.05 million. Arcutis Biotherapeutics had a negative return on equity of 119.11% and a negative net margin of 140.97%. As a group, sell-side analysts forecast that Arcutis Biotherapeutics, Inc. will post -1.34 EPS for the current fiscal year.

Analysts Set New Price Targets

ARQT has been the subject of several recent analyst reports. HC Wainwright began coverage on Arcutis Biotherapeutics in a research note on Monday. They set a “buy” rating and a $19.00 target price for the company. Needham & Company LLC reissued a “buy” rating and set a $18.00 price objective on shares of Arcutis Biotherapeutics in a research report on Thursday, November 7th. One investment analyst has rated the stock with a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $16.20.

Institutional Trading of Arcutis Biotherapeutics

Several hedge funds have recently made changes to their positions in the business. Victory Capital Management Inc. boosted its holdings in Arcutis Biotherapeutics by 9.9% in the third quarter. Victory Capital Management Inc. now owns 12,843 shares of the company’s stock valued at $119,000 after purchasing an additional 1,155 shares during the period. Point72 DIFC Ltd acquired a new stake in Arcutis Biotherapeutics in the third quarter valued at approximately $25,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its holdings in Arcutis Biotherapeutics by 1.1% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 276,691 shares of the company’s stock valued at $2,573,000 after acquiring an additional 2,912 shares in the last quarter. Dark Forest Capital Management LP raised its holdings in shares of Arcutis Biotherapeutics by 29.9% in the 2nd quarter. Dark Forest Capital Management LP now owns 27,612 shares of the company’s stock valued at $257,000 after purchasing an additional 6,362 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its position in shares of Arcutis Biotherapeutics by 1.0% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 859,846 shares of the company’s stock worth $7,997,000 after purchasing an additional 8,522 shares during the last quarter.

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.