Arcutis Biotherapeutics (NASDAQ:ARQT) Insider Patrick Burnett Sells 8,300 Shares

Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT) insider Patrick Burnett sold 8,300 shares of the business’s stock in a transaction that occurred on Tuesday, August 11th. The shares were sold at an average price of $26.52, for a total transaction of $220,116.00. Following the transaction, the insider directly owned 119,289 shares of the company’s stock, valued at approximately $3,163,544.28. This represents a 6.51% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website.

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

• On Wednesday, August 12th, Patrick Burnett sold 6,700 shares of Arcutis Biotherapeutics stock. The shares were sold at an average price of $26.08, for a total transaction of $174,736.00.
• On Monday, August 3rd, Patrick Burnett sold 955 shares of Arcutis Biotherapeutics stock. The shares were sold at an average price of $26.12, for a total transaction of $24,944.60.

Arcutis Biotherapeutics Trading Down 1.7%

Arcutis Biotherapeutics stock opened at $25.83 on Friday. The company has a debt-to-equity ratio of 0.46, a quick ratio of 2.67 and a current ratio of 2.92. Arcutis Biotherapeutics, Inc. has a fifty-two week low of $15.10 and a fifty-two week high of $31.77. The stock has a market cap of $3.25 billion, a P/E ratio of 123.01 and a beta of 1.49. The firm’s fifty day moving average price is $26.42 and its 200-day moving average price is $24.68.

Arcutis Biotherapeutics (NASDAQ:ARQT) last posted its quarterly earnings data on Wednesday, August 5th. The company reported $0.11 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.06 by $0.05. Arcutis Biotherapeutics had a return on equity of 15.05% and a net margin of 6.15%.The company had revenue of $129.86 million during the quarter, compared to analyst estimates of $118.85 million. Equities research analysts forecast that Arcutis Biotherapeutics, Inc. will post 0.4 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

ARQT has been the topic of several research analyst reports. Wall Street Zen upgraded shares of Arcutis Biotherapeutics from a “buy” rating to a “strong-buy” rating in a research report on Saturday, August 8th. Morgan Stanley boosted their price target on shares of Arcutis Biotherapeutics from $34.00 to $38.00 and gave the stock an “overweight” rating in a research note on Thursday, August 6th. Guggenheim raised their price objective on shares of Arcutis Biotherapeutics from $35.00 to $38.00 and gave the company a “buy” rating in a research report on Thursday, August 6th. Needham & Company LLC lifted their price objective on shares of Arcutis Biotherapeutics from $36.00 to $40.00 and gave the stock a “buy” rating in a report on Thursday, August 6th. Finally, Weiss Ratings raised Arcutis Biotherapeutics from a “sell (d-)” rating to a “hold (c-)” rating in a report on Thursday, August 6th. Six research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $35.57.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of ARQT. AQR Capital Management LLC boosted its holdings in Arcutis Biotherapeutics by 21.4% during the 1st quarter. AQR Capital Management LLC now owns 248,196 shares of the company’s stock valued at $3,882,000 after acquiring an additional 43,716 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in Arcutis Biotherapeutics by 3.0% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 71,417 shares of the company’s stock worth $1,118,000 after purchasing an additional 2,063 shares during the period. Creative Planning increased its stake in Arcutis Biotherapeutics by 8.2% in the 2nd quarter. Creative Planning now owns 19,575 shares of the company’s stock worth $274,000 after purchasing an additional 1,477 shares during the period. JPMorgan Chase & Co. lifted its position in Arcutis Biotherapeutics by 1.0% in the second quarter. JPMorgan Chase & Co. now owns 548,789 shares of the company’s stock valued at $7,694,000 after purchasing an additional 5,407 shares during the last quarter. Finally, Russell Investments Group Ltd. lifted its position in Arcutis Biotherapeutics by 4,562.5% in the second quarter. Russell Investments Group Ltd. now owns 11,190 shares of the company’s stock valued at $157,000 after purchasing an additional 10,950 shares during the last quarter.

About Arcutis Biotherapeutics

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.