Insider Selling: Arcutis Biotherapeutics (NASDAQ:ARQT) Director Sells $189,200.00 in Stock

Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT) Director Howard Welgus sold 10,000 shares of Arcutis Biotherapeutics stock in a transaction that occurred on Wednesday, October 1st. The shares were sold at an average price of $18.92, for a total value of $189,200.00. Following the transaction, the director owned 99,744 shares of the company’s stock, valued at approximately $1,887,156.48. This represents a 9.11% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link.

Arcutis Biotherapeutics Stock Performance

ARQT opened at $19.92 on Monday. Arcutis Biotherapeutics, Inc. has a twelve month low of $8.03 and a twelve month high of $21.30. The firm has a market capitalization of $2.39 billion, a PE ratio of -26.56 and a beta of 2.06. The company has a current ratio of 3.20, a quick ratio of 3.04 and a debt-to-equity ratio of 0.77. The firm’s 50-day moving average price is $16.44 and its 200 day moving average price is $15.05.

Arcutis Biotherapeutics (NASDAQ:ARQT) last issued its earnings results on Wednesday, August 6th. The company reported ($0.13) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.18) by $0.05. The business had revenue of $81.50 million during the quarter, compared to the consensus estimate of $72.70 million. Arcutis Biotherapeutics had a negative return on equity of 62.62% and a negative net margin of 35.40%. As a group, sell-side analysts expect that Arcutis Biotherapeutics, Inc. will post -1.33 EPS for the current fiscal year.

Institutional Trading of Arcutis Biotherapeutics

Several hedge funds have recently modified their holdings of the business. Frazier Life Sciences Management L.P. grew its holdings 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 period. Vanguard Group Inc. boosted its position in shares of Arcutis Biotherapeutics by 5.9% during the 1st quarter. Vanguard Group Inc. now owns 6,818,078 shares of the company’s stock worth $106,635,000 after purchasing an additional 377,363 shares in the last quarter. State Street Corp grew its stake in shares of Arcutis Biotherapeutics by 1.2% during the 2nd quarter. State Street Corp now owns 4,526,937 shares of the company’s stock worth $63,468,000 after purchasing an additional 52,734 shares during the period. Gilder Gagnon Howe & Co. LLC grew its stake in shares of Arcutis Biotherapeutics by 1.5% during the 2nd quarter. Gilder Gagnon Howe & Co. LLC now owns 4,155,763 shares of the company’s stock worth $58,264,000 after purchasing an additional 59,712 shares during the period. Finally, Geode Capital Management LLC increased its holdings in shares of Arcutis Biotherapeutics by 1.4% in the 2nd quarter. Geode Capital Management LLC now owns 2,582,567 shares of the company’s stock valued at $36,213,000 after purchasing an additional 35,620 shares in the last quarter.

Analyst Ratings Changes

A number of research analysts have recently commented on ARQT shares. Cowen reiterated a “buy” rating on shares of Arcutis Biotherapeutics in a report on Thursday, August 7th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Arcutis Biotherapeutics in a research note on Saturday, September 27th. Needham & Company LLC boosted their price objective on shares of Arcutis Biotherapeutics from $20.00 to $22.00 and gave the stock a “buy” rating in a research report on Thursday, August 7th. Wall Street Zen upgraded shares of Arcutis Biotherapeutics from a “hold” rating to a “buy” rating in a report on Saturday, August 9th. Finally, The Goldman Sachs Group started coverage on shares of Arcutis Biotherapeutics in a research note on Friday, July 25th. They set a “neutral” rating and a $18.00 price target on the stock. Six equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $19.80.

About Arcutis Biotherapeutics

Arcutis Biotherapeutics, Inc, a biopharmaceutical company, focuses on developing and commercializing treatments for dermatological diseases. Its lead product candidate is ARQ-151, a topical roflumilast cream that has completed Phase III clinical trials for the treatment of plaque psoriasis and atopic dermatitis.