Patrick Burnett Sells 6,700 Shares of Arcutis Biotherapeutics (NASDAQ:ARQT) Stock

Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT) insider Patrick Burnett sold 6,700 shares of the firm’s stock in a transaction that occurred on Wednesday, August 12th. The shares were sold at an average price of $26.08, for a total transaction of $174,736.00. Following the completion of the sale, the insider owned 119,289 shares in the company, valued at $3,111,057.12. The trade was a 5.32% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink.

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

• On Tuesday, August 11th, Patrick Burnett sold 8,300 shares of Arcutis Biotherapeutics stock. The stock was sold at an average price of $26.52, for a total transaction of $220,116.00.
• On Monday, August 3rd, Patrick Burnett sold 955 shares of Arcutis Biotherapeutics stock. The stock was sold at an average price of $26.12, for a total transaction of $24,944.60.

Arcutis Biotherapeutics Price Performance

Shares of Arcutis Biotherapeutics stock traded down $0.45 on Thursday, hitting $25.83. The company had a trading volume of 1,585,536 shares, compared to its average volume of 1,517,596. The business has a 50-day simple moving average of $26.42 and a 200-day simple moving average of $24.68. The company has a debt-to-equity ratio of 0.46, a current ratio of 2.92 and a quick ratio of 2.67. The company has a market cap of $3.25 billion, a PE ratio of 123.01 and a beta of 1.49. Arcutis Biotherapeutics, Inc. has a 52 week low of $15.10 and a 52 week high of $31.77.

Arcutis Biotherapeutics (NASDAQ:ARQT) last announced its earnings results on Wednesday, August 5th. The company reported $0.11 EPS for the quarter, topping the consensus estimate of $0.06 by $0.05. The firm had revenue of $129.86 million for the quarter, compared to analysts’ expectations of $118.85 million. Arcutis Biotherapeutics had a return on equity of 15.05% and a net margin of 6.15%. Research analysts expect that Arcutis Biotherapeutics, Inc. will post 0.4 EPS for the current fiscal year.

Analysts Set New Price Targets

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

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the business. Focus Partners Wealth raised its position in Arcutis Biotherapeutics by 0.8% during the third quarter. Focus Partners Wealth now owns 65,196 shares of the company’s stock valued at $1,237,000 after acquiring an additional 490 shares in the last quarter. Schroder Investment Management Group raised its stake in shares of Arcutis Biotherapeutics by 1.1% in the 4th quarter. Schroder Investment Management Group now owns 57,136 shares of the company’s stock valued at $1,604,000 after acquiring an additional 594 shares in the last quarter. EverSource Wealth Advisors LLC raised its position in shares of Arcutis Biotherapeutics by 124.0% in the fourth quarter. EverSource Wealth Advisors LLC now owns 1,261 shares of the company’s stock valued at $37,000 after purchasing an additional 698 shares during the period. Entropy Technologies LP boosted its holdings in shares of Arcutis Biotherapeutics by 7.0% during the 4th quarter. Entropy Technologies LP now owns 12,144 shares of the company’s stock worth $353,000 after buying an additional 792 shares during the period. Finally, DNB Asset Management AS increased its stake in shares of Arcutis Biotherapeutics by 3.0% in the fourth quarter. DNB Asset Management AS now owns 27,786 shares of the company’s stock worth $807,000 after purchasing an additional 802 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.