Insider Selling: Arcutis Biotherapeutics (NASDAQ:ARQT) Insider Sells $252,783.14 in Stock

Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT) insider Patrick Burnett sold 9,794 shares of the stock in a transaction dated Wednesday, February 4th. The stock was sold at an average price of $25.81, for a total transaction of $252,783.14. Following the completion of the transaction, the insider directly owned 80,651 shares of the company’s stock, valued at $2,081,602.31. This trade represents a 10.83% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website.

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

• On Monday, February 2nd, Patrick Burnett sold 3,675 shares of Arcutis Biotherapeutics stock. The shares were sold at an average price of $25.50, for a total transaction of $93,712.50.
• On Monday, January 5th, Patrick Burnett sold 2,490 shares of Arcutis Biotherapeutics stock. The stock was 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 shares were 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 stock was 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 stock was sold at an average price of $24.18, for a total transaction of $417,105.00.

Arcutis Biotherapeutics Stock Up 4.8%

Shares of ARQT opened at $27.32 on Friday. The company has a debt-to-equity ratio of 0.68, a quick ratio of 3.28 and a current ratio of 3.50. Arcutis Biotherapeutics, Inc. has a 52 week low of $11.13 and a 52 week high of $31.77. The stock has a market capitalization of $3.35 billion, a price-to-earnings ratio of -75.89 and a beta of 1.70. The stock has a fifty day moving average of $28.07 and a 200-day moving average of $22.55.

Analyst Upgrades and Downgrades

ARQT has been the topic of several research reports. HC Wainwright restated a “buy” rating and set a $30.00 price target on shares of Arcutis Biotherapeutics in a report on Wednesday, October 29th. Mizuho boosted their target price 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. The Goldman Sachs Group raised their price target 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. Zacks Research lowered shares of Arcutis Biotherapeutics from a “strong-buy” rating to a “hold” rating in a report on Monday, December 29th. Finally, Needham & Company LLC boosted 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. Six investment analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $29.20.

Institutional Investors Weigh In On Arcutis Biotherapeutics

A number of institutional investors have recently modified their holdings of ARQT. Johnson Investment Counsel Inc. bought a new position in Arcutis Biotherapeutics during the third quarter worth $30,000. SBI Securities Co. Ltd. raised its position 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 acquiring an additional 833 shares in the last quarter. Global Retirement Partners LLC acquired a new position in shares of Arcutis Biotherapeutics in the 4th quarter valued at about $35,000. EverSource Wealth Advisors LLC boosted its position in shares of Arcutis Biotherapeutics by 124.0% during the 4th quarter. EverSource Wealth Advisors LLC now owns 1,261 shares of the company’s stock valued at $37,000 after purchasing an additional 698 shares in the last quarter. Finally, PNC Financial Services Group Inc. grew its stake 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 worth $124,000 after purchasing an additional 820 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.