Patrick Burnett Sells 3,864 Shares of Arcutis Biotherapeutics (NASDAQ:ARQT) Stock

Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT) insider Patrick Burnett sold 3,864 shares of the stock in a transaction that occurred on Wednesday, November 5th. The stock was sold at an average price of $23.72, for a total value of $91,654.08. Following the completion of the transaction, the insider owned 98,325 shares in the company, valued at approximately $2,332,269. The trade was a 3.78% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link.

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

• On Monday, November 3rd, Patrick Burnett sold 2,622 shares of Arcutis Biotherapeutics stock. The shares were sold at an average price of $24.72, for a total value of $64,815.84.
• On Thursday, August 21st, Patrick Burnett sold 2,438 shares of Arcutis Biotherapeutics stock. The stock was sold at an average price of $15.57, for a total value of $37,959.66.
• On Tuesday, August 19th, Patrick Burnett sold 1,750 shares of Arcutis Biotherapeutics stock. The shares were sold at an average price of $16.16, for a total transaction of $28,280.00.
• On Friday, August 8th, Patrick Burnett sold 3,847 shares of Arcutis Biotherapeutics stock. The stock was sold at an average price of $14.03, for a total transaction of $53,973.41.

Arcutis Biotherapeutics Stock Up 3.0%

Arcutis Biotherapeutics stock opened at $25.10 on Friday. The firm has a market capitalization of $3.07 billion, a price-to-earnings ratio of -69.72 and a beta of 1.97. The firm’s fifty day moving average price is $19.63 and its two-hundred day moving average price is $16.25. Arcutis Biotherapeutics, Inc. has a 1-year low of $8.90 and a 1-year high of $27.08. The company has a current ratio of 3.50, a quick ratio of 3.28 and a debt-to-equity ratio of 0.68.

Arcutis Biotherapeutics (NASDAQ:ARQT) last posted its earnings results on Tuesday, October 28th. The company reported $0.06 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.10) by $0.16. Arcutis Biotherapeutics had a negative net margin of 13.94% and a negative return on equity of 29.69%. The company had revenue of $99.22 million for the quarter, compared to analyst estimates of $86.69 million. On average, equities research analysts predict that Arcutis Biotherapeutics, Inc. will post -1.33 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Arcutis Biotherapeutics

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Arizona State Retirement System grew its position in Arcutis Biotherapeutics by 1.8% during the third quarter. Arizona State Retirement System now owns 31,685 shares of the company’s stock valued at $597,000 after buying an additional 568 shares during the period. AlphaQuest LLC boosted its stake in Arcutis Biotherapeutics by 5.7% in the third quarter. AlphaQuest LLC now owns 12,603 shares of the company’s stock valued at $238,000 after acquiring an additional 682 shares during the last quarter. PNC Financial Services Group Inc. grew its position in shares of Arcutis Biotherapeutics by 10.2% during the 2nd quarter. PNC Financial Services Group Inc. now owns 8,828 shares of the company’s stock valued at $124,000 after acquiring an additional 820 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank increased its stake in shares of Arcutis Biotherapeutics by 3.2% during the 1st quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 29,697 shares of the company’s stock worth $464,000 after purchasing an additional 917 shares during the last quarter. Finally, Amalgamated Bank raised its holdings in shares of Arcutis Biotherapeutics by 39.4% in the 1st quarter. Amalgamated Bank now owns 3,723 shares of the company’s stock worth $58,000 after purchasing an additional 1,053 shares during the period.

Wall Street Analyst Weigh In

A number of research analysts have recently weighed in on ARQT shares. HC Wainwright restated a “buy” rating and issued a $30.00 target price on shares of Arcutis Biotherapeutics in a report on Wednesday, October 29th. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Arcutis Biotherapeutics in a report on Tuesday, October 14th. The Goldman Sachs Group upped their target price on shares of Arcutis Biotherapeutics from $19.00 to $29.00 and gave the stock a “neutral” rating in a research note on Thursday, October 30th. Cowen reissued a “buy” rating on shares of Arcutis Biotherapeutics in a research report on Thursday, August 7th. Finally, Zacks Research upgraded shares of Arcutis Biotherapeutics from a “hold” rating to a “strong-buy” rating in a report on Wednesday, October 29th. One analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, one has given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $28.00.

Arcutis Biotherapeutics Company Profile

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.