Arcutis Biotherapeutics (NASDAQ:ARQT) Insider Todd Watanabe Sells 4,375 Shares

Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT) insider Todd Watanabe sold 4,375 shares of the business’s stock in a transaction on Monday, August 3rd. The shares were sold at an average price of $26.12, for a total transaction of $114,275.00. Following the transaction, the insider directly owned 717,203 shares in the company, valued at approximately $18,733,342.36. The trade was a 0.61% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this link. 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.

Arcutis Biotherapeutics Trading Up 4.1%

Shares of NASDAQ ARQT traded up $1.07 during midday trading on Wednesday, hitting $27.10. 2,445,454 shares of the company traded hands, compared to its average volume of 1,334,721. Arcutis Biotherapeutics, Inc. has a 12-month low of $13.69 and a 12-month high of $31.77. The firm has a market cap of $3.39 billion, a P/E ratio of -903.03 and a beta of 1.49. The stock has a 50-day moving average price of $25.87 and a 200 day moving average price of $24.68. The company has a debt-to-equity ratio of 0.54, a quick ratio of 2.46 and a current ratio of 2.68.

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

Institutional Trading of Arcutis Biotherapeutics

A number of hedge funds have recently made changes to their positions in the stock. SBI Securities Co. Ltd. grew its stake in shares of Arcutis Biotherapeutics by 325.4% in the 4th quarter. SBI Securities Co. Ltd. now owns 1,089 shares of the company’s stock worth $32,000 after buying an additional 833 shares during the last quarter. Global Retirement Partners LLC bought a new position in Arcutis Biotherapeutics during the 4th quarter valued at approximately $35,000. EverSource Wealth Advisors LLC raised its stake in Arcutis Biotherapeutics by 124.0% during the fourth quarter. EverSource Wealth Advisors LLC now owns 1,261 shares of the company’s stock valued at $37,000 after buying an additional 698 shares during the last quarter. NewEdge Advisors LLC boosted 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 worth $45,000 after acquiring an additional 1,045 shares in the last quarter. Finally, Truvestments Capital LLC boosted its holdings in Arcutis Biotherapeutics by 114.2% in the fourth quarter. Truvestments Capital LLC now owns 3,012 shares of the company’s stock worth $87,000 after acquiring an additional 1,606 shares in the last quarter.

Analyst Ratings Changes

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

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.