Arcutis Biotherapeutics (NASDAQ:ARQT) Director Howard Welgus Sells 10,000 Shares of Stock

Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT) Director Howard Welgus sold 10,000 shares of the stock in a transaction on Friday, January 2nd. The shares were sold at an average price of $28.96, for a total transaction of $289,600.00. Following the transaction, the director directly owned 69,744 shares in the company, valued at approximately $2,019,786.24. This represents a 12.54% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link.

Arcutis Biotherapeutics Stock Performance

NASDAQ ARQT opened at $29.22 on Wednesday. The company has a 50-day simple moving average of $28.03 and a two-hundred day simple moving average of $20.70. Arcutis Biotherapeutics, Inc. has a 12-month low of $11.13 and a 12-month high of $31.77. The firm has a market cap of $3.58 billion, a price-to-earnings ratio of -81.17 and a beta of 1.71. 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 data on Tuesday, October 28th. The company reported $0.06 EPS for the quarter, topping the consensus estimate of ($0.10) by $0.16. Arcutis Biotherapeutics had a negative return on equity of 29.69% and a negative net margin of 13.94%.The firm had revenue of $99.22 million for the quarter, compared to the consensus estimate of $86.69 million. On average, equities analysts forecast that Arcutis Biotherapeutics, Inc. will post -1.33 EPS for the current year.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the stock. Jennison Associates LLC lifted its position in shares of Arcutis Biotherapeutics by 10.3% in the 3rd quarter. Jennison Associates LLC now owns 12,254,119 shares of the company’s stock worth $230,990,000 after purchasing an additional 1,144,714 shares during the period. Frazier Life Sciences Management L.P. raised its stake in 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 worth $138,441,000 after buying an additional 1,089,227 shares in the last quarter. Vanguard Group Inc. lifted its holdings in Arcutis Biotherapeutics by 1.4% in the third quarter. Vanguard Group Inc. now owns 7,146,090 shares of the company’s stock worth $134,704,000 after buying an additional 96,991 shares during the period. Polar Capital Holdings Plc boosted its position in Arcutis Biotherapeutics by 5.8% during the 3rd quarter. Polar Capital Holdings Plc now owns 5,298,754 shares of the company’s stock valued at $99,882,000 after acquiring an additional 292,279 shares in the last quarter. Finally, State Street Corp grew its holdings in shares of Arcutis Biotherapeutics by 1.2% during the 2nd quarter. State Street Corp now owns 4,526,937 shares of the company’s stock worth $63,468,000 after acquiring an additional 52,734 shares during the period.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on the company. The Goldman Sachs Group increased their price objective on Arcutis Biotherapeutics from $19.00 to $29.00 and gave the company a “neutral” rating in a research note on Thursday, October 30th. Wall Street Zen upgraded shares of Arcutis Biotherapeutics from a “buy” rating to a “strong-buy” rating in a report on Sunday. Needham & Company LLC raised their price target on shares of Arcutis Biotherapeutics from $22.00 to $30.00 and gave the stock a “buy” rating in a report on Tuesday, October 28th. HC Wainwright restated a “buy” rating and issued a $30.00 price objective on shares of Arcutis Biotherapeutics in a research report on Wednesday, October 29th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Arcutis Biotherapeutics in a research note on Monday, December 29th. Six analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $29.00.

Arcutis Biotherapeutics Company Profile

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.