Patrick Burnett Sells 2,490 Shares of Arcutis Biotherapeutics (NASDAQ:ARQT) Stock

Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT) insider Patrick Burnett sold 2,490 shares of Arcutis Biotherapeutics stock in a transaction on Monday, January 5th. The shares were sold at an average price of $28.98, for a total transaction of $72,160.20. Following the completion of the sale, the insider directly owned 94,120 shares of the company’s stock, valued at approximately $2,727,597.60. The trade was a 2.58% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink.

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

• On Wednesday, December 31st, Patrick Burnett sold 1,697 shares of Arcutis Biotherapeutics stock. The stock was sold at an average price of $29.20, for a total transaction of $49,552.40.
• On Monday, December 15th, Patrick Burnett sold 11,500 shares of Arcutis Biotherapeutics stock. The shares were sold at an average price of $28.94, for a total transaction of $332,810.00.
• 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 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 transaction of $64,815.84.

Arcutis Biotherapeutics Stock Up 1.2%

Arcutis Biotherapeutics stock traded up $0.36 during midday trading on Wednesday, hitting $29.58. 1,564,436 shares of the stock were exchanged, compared to its average volume of 1,611,688. The stock has a market capitalization of $3.62 billion, a price-to-earnings ratio of -82.17 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. The business’s 50-day moving average price is $28.03 and its 200-day moving average price is $20.70. Arcutis Biotherapeutics, Inc. has a 52-week low of $11.13 and a 52-week high of $31.77.

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

Analyst Upgrades and Downgrades

Several research firms recently weighed in on ARQT. The Goldman Sachs Group increased their price target on shares of Arcutis Biotherapeutics from $19.00 to $29.00 and gave the company a “neutral” rating in a research report on Thursday, October 30th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Arcutis Biotherapeutics in a research note on Monday, December 29th. HC Wainwright reiterated a “buy” rating and set a $30.00 target price on shares of Arcutis Biotherapeutics in a research report on Wednesday, October 29th. Mizuho boosted their price target on shares of Arcutis Biotherapeutics from $32.00 to $37.00 and gave the company an “outperform” rating in a research report on Friday, November 28th. Finally, Wall Street Zen raised shares of Arcutis Biotherapeutics from a “buy” rating to a “strong-buy” rating in a report on Sunday. 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’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $29.00.

Institutional Trading of Arcutis Biotherapeutics

A number of large investors have recently modified their holdings of ARQT. Focus Partners Wealth grew its stake in Arcutis Biotherapeutics by 0.8% in the 3rd quarter. Focus Partners Wealth now owns 65,196 shares of the company’s stock worth $1,237,000 after buying an additional 490 shares in the last quarter. Arizona State Retirement System increased its position in shares of Arcutis Biotherapeutics by 1.8% in the third quarter. Arizona State Retirement System now owns 31,685 shares of the company’s stock valued at $597,000 after acquiring an additional 568 shares during the period. AlphaQuest LLC increased its stake in shares of Arcutis Biotherapeutics by 5.7% during the third quarter. AlphaQuest LLC now owns 12,603 shares of the company’s stock valued at $238,000 after buying an additional 682 shares during the period. PNC Financial Services Group Inc. raised its holdings in shares of Arcutis Biotherapeutics by 10.2% during the second quarter. PNC Financial Services Group Inc. now owns 8,828 shares of the company’s stock valued at $124,000 after acquiring an additional 820 shares in the last quarter. Finally, Creative Planning lifted its stake in Arcutis Biotherapeutics by 8.2% in the second quarter. Creative Planning now owns 19,575 shares of the company’s stock worth $274,000 after acquiring an additional 1,477 shares during the period.

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.