Arcutis Biotherapeutics (NASDAQ:ARQT) CFO Sells $33,660.00 in Stock

Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT) CFO Latha Vairavan sold 1,320 shares of the business’s stock in a transaction that occurred on Monday, February 2nd. The stock was sold at an average price of $25.50, for a total transaction of $33,660.00. Following the sale, the chief financial officer directly owned 63,607 shares in the company, valued at approximately $1,621,978.50. This represents a 2.03% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink.

Arcutis Biotherapeutics Trading Up 4.8%

NASDAQ ARQT opened at $27.32 on Friday. Arcutis Biotherapeutics, Inc. has a 12-month low of $11.13 and a 12-month high of $31.77. The company has a fifty day simple moving average of $28.07 and a two-hundred day simple moving average of $22.55. The company has a current ratio of 3.50, a quick ratio of 3.28 and a debt-to-equity ratio of 0.68. The stock has a market cap of $3.35 billion, a P/E ratio of -75.89 and a beta of 1.70.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on ARQT. Zacks Research downgraded Arcutis Biotherapeutics from a “strong-buy” rating to a “hold” rating in a research note on Monday, December 29th. HC Wainwright reiterated a “buy” rating and issued a $30.00 target price on shares of Arcutis Biotherapeutics in a research report on Wednesday, October 29th. Needham & Company LLC raised their price target on shares of Arcutis Biotherapeutics from $30.00 to $31.00 and gave the stock a “buy” rating in a research report on Monday, January 26th. Wall Street Zen cut shares of Arcutis Biotherapeutics from a “strong-buy” rating to a “buy” rating in a research note on Friday, January 23rd. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Arcutis Biotherapeutics in a report on Monday, December 29th. Six research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $29.20.

Institutional Investors Weigh In On Arcutis Biotherapeutics

Several hedge funds have recently bought and sold shares of ARQT. EverSource Wealth Advisors LLC grew its stake in shares of Arcutis Biotherapeutics by 124.0% during the 4th quarter. EverSource Wealth Advisors LLC now owns 1,261 shares of the company’s stock worth $37,000 after purchasing an additional 698 shares during the period. Global Retirement Partners LLC purchased a new stake in Arcutis Biotherapeutics during the fourth quarter worth $35,000. PSP Research LLC acquired a new stake in Arcutis Biotherapeutics during the fourth quarter valued at $544,000. PNC Financial Services Group Inc. increased its holdings in Arcutis Biotherapeutics by 58.0% in the fourth quarter. PNC Financial Services Group Inc. now owns 13,597 shares of the company’s stock valued at $395,000 after buying an additional 4,991 shares in the last quarter. Finally, Handelsbanken Fonder AB purchased a new position in Arcutis Biotherapeutics in the fourth quarter valued at $996,000.

About Arcutis Biotherapeutics

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.