Patrick Burnett Sells 3,675 Shares of Arcutis Biotherapeutics (NASDAQ:ARQT) Stock

Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT) insider Patrick Burnett sold 3,675 shares of the company’s stock in a transaction dated Monday, February 2nd. The shares were sold at an average price of $25.50, for a total transaction of $93,712.50. Following the completion of the sale, the insider directly owned 90,445 shares of the company’s stock, valued at $2,306,347.50. The trade was a 3.90% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink.

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

• On Wednesday, February 4th, Patrick Burnett sold 9,794 shares of Arcutis Biotherapeutics stock. The shares were sold at an average price of $25.81, for a total transaction of $252,783.14.
• On Monday, January 5th, Patrick Burnett sold 2,490 shares of Arcutis Biotherapeutics stock. The shares were sold at an average price of $28.98, for a total transaction of $72,160.20.
• 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 value of $49,552.40.
• On Monday, December 15th, Patrick Burnett sold 11,500 shares of Arcutis Biotherapeutics stock. The stock was sold at an average price of $28.94, for a total value of $332,810.00.
• On Thursday, November 6th, Patrick Burnett sold 17,250 shares of Arcutis Biotherapeutics stock. The stock was sold at an average price of $24.18, for a total transaction of $417,105.00.

Arcutis Biotherapeutics Stock Performance

NASDAQ ARQT traded down $0.11 during trading hours on Wednesday, hitting $26.08. The company had a trading volume of 2,300,007 shares, compared to its average volume of 1,508,695. The business has a fifty day simple moving average of $28.32 and a 200-day simple moving average of $22.41. 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 firm has a market cap of $3.19 billion, a P/E ratio of -72.44 and a beta of 1.70. Arcutis Biotherapeutics, Inc. has a fifty-two week low of $11.13 and a fifty-two week high of $31.77.

Analysts Set New Price Targets

Several equities analysts have weighed in on ARQT shares. Weiss Ratings restated a “sell (d-)” rating on shares of Arcutis Biotherapeutics in a report on Monday, December 29th. Needham & Company LLC upped their price objective 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. Zacks Research lowered shares of Arcutis Biotherapeutics from a “strong-buy” rating to a “hold” rating in a report on Monday, December 29th. The Goldman Sachs Group raised their price objective on shares of Arcutis Biotherapeutics from $19.00 to $29.00 and gave the company a “neutral” rating in a research note on Thursday, October 30th. Finally, HC Wainwright reissued a “buy” rating and set a $30.00 price objective on shares of Arcutis Biotherapeutics in a research note on Wednesday, October 29th. Six equities 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 company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $29.20.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Johnson Investment Counsel Inc. bought a new stake in Arcutis Biotherapeutics in the third quarter worth approximately $30,000. SBI Securities Co. Ltd. boosted its stake in shares of Arcutis Biotherapeutics by 325.4% in the 4th quarter. SBI Securities Co. Ltd. now owns 1,089 shares of the company’s stock worth $32,000 after buying an additional 833 shares during the last quarter. PNC Financial Services Group Inc. grew its position in 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 buying an additional 820 shares during the period. Jones Financial Companies Lllp grew its holdings in Arcutis Biotherapeutics by 1,291.1% during the third quarter. Jones Financial Companies Lllp now owns 7,067 shares of the company’s stock valued at $124,000 after purchasing an additional 6,559 shares during the period. Finally, Atlas Wealth LLC bought a new position in Arcutis Biotherapeutics during the second quarter worth about $138,000.

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.