Arcutis Biotherapeutics (NASDAQ:ARQT) Insider Patrick Burnett Sells 11,500 Shares

Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT) insider Patrick Burnett sold 11,500 shares of the company’s stock in a transaction dated Monday, December 15th. The stock was sold at an average price of $28.94, for a total transaction of $332,810.00. Following the sale, the insider directly owned 98,307 shares in the company, valued at $2,845,004.58. This represents a 10.47% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link.

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

• On Thursday, November 6th, Patrick Burnett sold 17,250 shares of Arcutis Biotherapeutics stock. The stock was sold at an average price of $24.18, for a total value of $417,105.00.
• On Wednesday, November 5th, Patrick Burnett sold 3,864 shares of Arcutis Biotherapeutics stock. The shares were 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.

Arcutis Biotherapeutics Price Performance

Shares of Arcutis Biotherapeutics stock traded up $0.04 during trading on Thursday, reaching $28.38. The company’s stock had a trading volume of 62,431 shares, compared to its average volume of 2,148,511. The stock has a 50-day moving average price of $25.75 and a two-hundred day moving average price of $19.15. The company has a current ratio of 3.50, a quick ratio of 3.28 and a debt-to-equity ratio of 0.68. Arcutis Biotherapeutics, Inc. has a one year low of $11.13 and a one year high of $31.77. The stock has a market capitalization of $3.48 billion, a P/E ratio of -79.80 and a beta of 1.69.

Arcutis Biotherapeutics (NASDAQ:ARQT) last issued its quarterly earnings data on Tuesday, October 28th. The company reported $0.06 EPS for the quarter, topping analysts’ consensus estimates of ($0.10) by $0.16. Arcutis Biotherapeutics had a negative net margin of 13.94% and a negative return on equity of 29.69%. The firm had revenue of $99.22 million for the quarter, compared to analyst estimates of $86.69 million. As a group, sell-side analysts anticipate that Arcutis Biotherapeutics, Inc. will post -1.33 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on the company. Zacks Research upgraded Arcutis Biotherapeutics from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, October 29th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Arcutis Biotherapeutics in a research note on Monday. Mizuho increased their target price on Arcutis Biotherapeutics from $32.00 to $37.00 and gave the company an “outperform” rating in a research note on Friday, November 28th. HC Wainwright restated a “buy” rating and set a $30.00 target price on shares of Arcutis Biotherapeutics in a research report on Wednesday, October 29th. Finally, The Goldman Sachs Group upped their price target on Arcutis Biotherapeutics from $19.00 to $29.00 and gave the company a “neutral” rating in a research note on Thursday, October 30th. One analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $29.00.

Hedge Funds Weigh In On Arcutis Biotherapeutics

Institutional investors and hedge funds have recently modified their holdings of the business. Triumph Capital Management bought a new position in Arcutis Biotherapeutics in the second quarter valued at $410,000. Invst LLC acquired a new position in shares of Arcutis Biotherapeutics during the 1st quarter worth approximately $323,000. Ieq Capital LLC acquired a new stake in shares of Arcutis Biotherapeutics in the 1st quarter valued at approximately $345,000. Fred Alger Management LLC acquired a new stake in shares of Arcutis Biotherapeutics in the 1st quarter valued at approximately $568,000. Finally, Frazier Life Sciences Management L.P. grew its stake in shares of Arcutis Biotherapeutics by 12.4% in 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 in 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.