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

Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT) insider Patrick Burnett sold 11,500 shares of the firm’s stock in a transaction dated Monday, December 15th. The stock was sold at an average price of $28.94, for a total value of $332,810.00. Following the sale, the insider directly owned 98,307 shares of the company’s stock, valued at $2,845,004.58. This trade represents a 10.47% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through 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 shares were 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 stock was 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 shares were sold at an average price of $24.72, for a total transaction of $64,815.84.

Arcutis Biotherapeutics Stock Down 0.7%

ARQT stock traded down $0.19 during trading hours on Wednesday, hitting $28.34. The company’s stock had a trading volume of 1,424,716 shares, compared to its average volume of 2,157,356. The stock has a 50 day moving average price of $25.61 and a two-hundred day moving average price of $19.08. Arcutis Biotherapeutics, Inc. has a 12 month low of $11.13 and a 12 month high of $31.77. The company has a market capitalization of $3.47 billion, a PE ratio of -78.72 and a beta of 1.69. The company has a quick ratio of 3.28, a current ratio of 3.50 and a debt-to-equity ratio of 0.68.

Arcutis Biotherapeutics (NASDAQ:ARQT) last released its quarterly earnings results on Tuesday, October 28th. The company reported $0.06 earnings per share for the quarter, beating 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 business had revenue of $99.22 million for the quarter, compared to the consensus estimate of $86.69 million. On average, equities research analysts expect that Arcutis Biotherapeutics, Inc. will post -1.33 earnings per share for the current year.

Analyst Ratings Changes

ARQT has been the subject of a number of analyst reports. HC Wainwright reaffirmed a “buy” rating and issued a $30.00 price target on shares of Arcutis Biotherapeutics in a research report on Wednesday, October 29th. Weiss Ratings reissued a “sell (d-)” rating on shares of Arcutis Biotherapeutics in a report on Monday. Needham & Company LLC boosted their target price on Arcutis Biotherapeutics from $22.00 to $30.00 and gave the stock a “buy” rating in a report on Tuesday, October 28th. Zacks Research raised Arcutis Biotherapeutics from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, October 29th. Finally, The Goldman Sachs Group increased their price target on Arcutis Biotherapeutics from $19.00 to $29.00 and gave the company a “neutral” rating in a report on Thursday, October 30th. One research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, one has given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $29.00.

Hedge Funds Weigh In On Arcutis Biotherapeutics

Several large investors have recently made changes to their positions in the business. Johnson Investment Counsel Inc. acquired a new stake in Arcutis Biotherapeutics in the 3rd quarter valued at approximately $30,000. Jones Financial Companies Lllp boosted its position in shares of Arcutis Biotherapeutics by 1,291.1% in the third quarter. Jones Financial Companies Lllp now owns 7,067 shares of the company’s stock valued at $124,000 after acquiring an additional 6,559 shares during the period. Allostery Investments LP acquired a new stake in shares of Arcutis Biotherapeutics in the first quarter worth $117,000. PNC Financial Services Group Inc. grew its stake in shares of Arcutis Biotherapeutics by 10.2% in the second quarter. PNC Financial Services Group Inc. now owns 8,828 shares of the company’s stock worth $124,000 after acquiring an additional 820 shares during the last quarter. Finally, Atlas Wealth LLC bought a new position in Arcutis Biotherapeutics during the second quarter worth $138,000.

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.