Patrick Burnett Sells 955 Shares of Arcutis Biotherapeutics (NASDAQ:ARQT) Stock

Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT) insider Patrick Burnett sold 955 shares of the stock in a transaction that occurred on Monday, August 3rd. The stock was sold at an average price of $26.12, for a total transaction of $24,944.60. Following the transaction, the insider directly owned 119,289 shares in the company, valued at approximately $3,115,828.68. This represents a 0.79% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

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

• On Monday, May 11th, Patrick Burnett sold 222 shares of Arcutis Biotherapeutics stock. The shares were sold at an average price of $21.05, for a total transaction of $4,673.10.

Arcutis Biotherapeutics Trading Up 4.1%

Shares of ARQT stock traded up $1.07 on Wednesday, reaching $27.10. 2,445,454 shares of the stock were exchanged, compared to its average volume of 1,334,721. The stock has a market cap of $3.39 billion, a P/E ratio of -903.03 and a beta of 1.49. The company has a quick ratio of 2.46, a current ratio of 2.68 and a debt-to-equity ratio of 0.54. The firm has a 50 day moving average of $25.87 and a two-hundred day moving average of $24.68. Arcutis Biotherapeutics, Inc. has a 1-year low of $13.69 and a 1-year high of $31.77.

Arcutis Biotherapeutics (NASDAQ:ARQT) last issued its earnings results on Wednesday, August 5th. The company reported $0.11 earnings per share for the quarter, topping the consensus estimate of $0.06 by $0.05. Arcutis Biotherapeutics had a negative return on equity of 1.41% and a negative net margin of 0.57%.The business had revenue of $129.86 million for the quarter, compared to analyst estimates of $118.85 million. On average, research analysts anticipate that Arcutis Biotherapeutics, Inc. will post 0.16 EPS for the current year.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on ARQT. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Arcutis Biotherapeutics in a research note on Wednesday, June 24th. Needham & Company LLC restated a “buy” rating and issued a $36.00 price target on shares of Arcutis Biotherapeutics in a report on Thursday, May 7th. Finally, Wall Street Zen raised shares of Arcutis Biotherapeutics from a “hold” rating to a “buy” rating in a research report on Sunday, July 12th. Five research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $34.00.

Institutional Investors Weigh In On Arcutis Biotherapeutics

Several institutional investors and hedge funds have recently modified their holdings of ARQT. Suvretta Capital Management LLC grew its stake in shares of Arcutis Biotherapeutics by 14.2% in the fourth quarter. Suvretta Capital Management LLC now owns 11,964,000 shares of the company’s stock valued at $347,435,000 after buying an additional 1,486,000 shares in the last quarter. Vanguard Group Inc. lifted its position in Arcutis Biotherapeutics by 1.5% during the 4th quarter. Vanguard Group Inc. now owns 7,253,936 shares of the company’s stock worth $210,654,000 after acquiring an additional 107,846 shares in the last quarter. Polar Capital Holdings Plc boosted its holdings in Arcutis Biotherapeutics by 4.9% in the 4th quarter. Polar Capital Holdings Plc now owns 5,556,169 shares of the company’s stock worth $161,351,000 after acquiring an additional 257,415 shares during the period. State Street Corp grew its position in Arcutis Biotherapeutics by 18.2% in the fourth quarter. State Street Corp now owns 5,488,301 shares of the company’s stock valued at $159,380,000 after acquiring an additional 846,986 shares in the last quarter. Finally, Morgan Stanley raised its stake in shares of Arcutis Biotherapeutics by 1.5% during the fourth quarter. Morgan Stanley now owns 4,340,239 shares of the company’s stock valued at $126,041,000 after purchasing an additional 63,845 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.