Insider Selling: 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 company’s stock in a transaction on Monday, February 2nd. The shares were sold at an average price of $25.50, for a total value of $33,660.00. Following the completion of the sale, the chief financial officer directly owned 63,607 shares in the company, valued at $1,621,978.50. This trade 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 Price Performance

NASDAQ:ARQT traded down $0.11 during mid-day trading on Wednesday, hitting $26.08. 2,300,007 shares of the company’s stock traded hands, compared to its average volume of 1,508,695. The company has a debt-to-equity ratio of 0.68, a quick ratio of 3.28 and a current ratio of 3.50. The company has a market cap of $3.19 billion, a PE ratio of -72.44 and a beta of 1.70. The firm’s 50 day simple moving average is $28.32 and its 200 day simple moving average is $22.41. Arcutis Biotherapeutics, Inc. has a 1 year low of $11.13 and a 1 year high of $31.77.

Analyst Ratings Changes

Several research firms have weighed in on ARQT. Wall Street Zen downgraded Arcutis Biotherapeutics from a “strong-buy” rating to a “buy” rating in a research report on Friday, January 23rd. 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 note on Monday, January 26th. Mizuho lifted their price target on shares of Arcutis Biotherapeutics from $32.00 to $37.00 and gave the stock an “outperform” rating in a report on Friday, November 28th. Weiss Ratings reissued a “sell (d-)” rating on shares of Arcutis Biotherapeutics in a research report on Monday, December 29th. Finally, 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. Six investment 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 stock currently has an average rating of “Moderate Buy” and an average price target of $29.20.

Hedge Funds Weigh In On Arcutis Biotherapeutics

A number of large investors have recently bought and sold shares of the stock. Perpetual Ltd increased its holdings in shares of Arcutis Biotherapeutics by 7,534.3% during the 3rd quarter. Perpetual Ltd now owns 2,024,606 shares of the company’s stock worth $38,164,000 after buying an additional 1,998,086 shares during the last quarter. Jennison Associates LLC grew its position in Arcutis Biotherapeutics by 10.3% during the third quarter. Jennison Associates LLC now owns 12,254,119 shares of the company’s stock valued at $230,990,000 after acquiring an additional 1,144,714 shares during the period. Frazier Life Sciences Management L.P. increased its stake in Arcutis Biotherapeutics by 12.4% during 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 acquiring an additional 1,089,227 shares during the last quarter. Voloridge Investment Management LLC purchased a new position in shares of Arcutis Biotherapeutics in the 3rd quarter worth about $15,711,000. Finally, Bank of America Corp DE lifted its stake in shares of Arcutis Biotherapeutics by 133.5% in the 2nd quarter. Bank of America Corp DE now owns 1,202,513 shares of the company’s stock valued at $16,859,000 after purchasing an additional 687,562 shares in the last quarter.

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.