Arcutis Biotherapeutics (NASDAQ:ARQT) Director Howard Welgus Sells 7,144 Shares

Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT) Director Howard Welgus sold 7,144 shares of the firm’s stock in a transaction dated Friday, May 1st. The stock was sold at an average price of $22.99, for a total value of $164,240.56. Following the completion of the transaction, the director owned 32,600 shares of the company’s stock, valued at approximately $749,474. The trade was a 17.98% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Arcutis Biotherapeutics Stock Performance

Shares of NASDAQ:ARQT traded down $0.07 during trading on Tuesday, hitting $23.42. The stock had a trading volume of 850,225 shares, compared to its average volume of 1,022,486. Arcutis Biotherapeutics, Inc. has a 12-month low of $12.42 and a 12-month high of $31.77. The stock has a market capitalization of $2.93 billion, a price-to-earnings ratio of -167.27 and a beta of 1.58. The company has a quick ratio of 2.99, a current ratio of 3.17 and a debt-to-equity ratio of 0.57. The stock has a 50-day simple moving average of $23.82 and a two-hundred day simple moving average of $25.75.

Arcutis Biotherapeutics (NASDAQ:ARQT) last announced its quarterly earnings data on Wednesday, February 25th. The company reported $0.13 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.03 by $0.10. Arcutis Biotherapeutics had a negative return on equity of 10.26% and a negative net margin of 4.29%.The firm had revenue of $129.50 million during the quarter, compared to analysts’ expectations of $110.79 million. On average, equities research analysts expect that Arcutis Biotherapeutics, Inc. will post 0.18 earnings per share for the current fiscal year.

Institutional Trading of Arcutis Biotherapeutics

Several hedge funds and other institutional investors have recently bought and sold shares of ARQT. Johnson Investment Counsel Inc. acquired a new stake in Arcutis Biotherapeutics during the third quarter worth about $30,000. SBI Securities Co. Ltd. grew its holdings in Arcutis Biotherapeutics by 325.4% in the fourth quarter. SBI Securities Co. Ltd. now owns 1,089 shares of the company’s stock valued at $32,000 after purchasing an additional 833 shares during the period. Global Retirement Partners LLC acquired a new stake in Arcutis Biotherapeutics in the fourth quarter valued at approximately $35,000. EverSource Wealth Advisors LLC grew its holdings in Arcutis Biotherapeutics by 124.0% in the fourth 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 during the period. Finally, NewEdge Advisors LLC grew its holdings in Arcutis Biotherapeutics by 209.0% in the fourth quarter. NewEdge Advisors LLC now owns 1,545 shares of the company’s stock valued at $45,000 after purchasing an additional 1,045 shares during the period.

Wall Street Analyst Weigh In

Several analysts recently commented on ARQT shares. TD Cowen raised their target price on Arcutis Biotherapeutics from $30.00 to $35.00 and gave the stock a “buy” rating in a report on Thursday, February 26th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Arcutis Biotherapeutics in a report on Friday, March 27th. Wall Street Zen lowered Arcutis Biotherapeutics from a “strong-buy” rating to a “buy” rating in a report on Saturday, February 14th. HC Wainwright raised their target price on Arcutis Biotherapeutics from $30.00 to $34.00 and gave the stock a “buy” rating in a report on Thursday, February 26th. Finally, Guggenheim raised their target price on Arcutis Biotherapeutics from $34.00 to $35.00 and gave the stock a “buy” rating in a report on Friday, February 27th. Five 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. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $34.00.

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.