Insider Selling: Arcutis Biotherapeutics (NASDAQ:ARQT) EVP Sells 943 Shares of Company Stock

Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT) EVP Patrick Burnett sold 943 shares of the firm’s stock in a transaction dated Monday, November 2nd. The stock was sold at an average price of $31.86, for a total transaction of $30,043.98. Following the sale, the executive vice president owned 116,649 shares of the company’s stock, valued at approximately $3,716,437.14. This represents a 0.80% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 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 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 Tuesday, August 11th, Patrick Burnett sold 8,300 shares of Arcutis Biotherapeutics stock. The shares were sold at an average price of $26.52, for a total transaction of $220,116.00.

Arcutis Biotherapeutics Stock Performance

ARQT stock traded up $2.05 during mid-day trading on Wednesday, hitting $34.05. 2,654,353 shares of the company were exchanged, compared to its average volume of 1,836,721. The business has a 50 day simple moving average of $26.93 and a 200-day simple moving average of $25.33. The company has a current ratio of 2.92, a quick ratio of 2.67 and a debt-to-equity ratio of 0.46. The stock has a market capitalization of $4.28 billion, a PE ratio of 162.15 and a beta of 1.66. Arcutis Biotherapeutics, Inc. has a 1-year low of $19.30 and a 1-year high of $34.80.

Arcutis Biotherapeutics (NASDAQ:ARQT) last posted its earnings results on Wednesday, November 4th. The company reported $0.06 EPS for the quarter, missing the consensus estimate of $0.18 by ($0.12). The firm had revenue of $143.92 million during the quarter, compared to analyst estimates of $142.59 million. Arcutis Biotherapeutics had a net margin of 6.15% and a return on equity of 15.05%. On average, equities analysts forecast that Arcutis Biotherapeutics, Inc. will post 0.43 earnings per share for the current year.

Analysts Set New Price Targets

ARQT has been the topic of a number of research reports. Needham & Company LLC upped their price objective on Arcutis Biotherapeutics from $36.00 to $40.00 and gave the company a “buy” rating in a report on Thursday, August 6th. Morgan Stanley increased their price objective on Arcutis Biotherapeutics from $34.00 to $38.00 and gave the stock an “overweight” rating in a research report on Thursday, August 6th. Weiss Ratings raised Arcutis Biotherapeutics from a “hold (c-)” rating to a “hold (c)” rating in a report on Thursday, October 29th. Guggenheim lifted their target price on Arcutis Biotherapeutics from $38.00 to $44.00 and gave the stock a “buy” rating in a report on Monday, October 19th. Finally, Jefferies Financial Group reissued a “buy” rating and issued a $39.00 target price on shares of Arcutis Biotherapeutics in a research report on Thursday, October 8th. Eight research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $39.12.

Key Arcutis Biotherapeutics News

Here are the key news stories impacting Arcutis Biotherapeutics this week:

• Positive Sentiment: Third-quarter revenue was $143.92 million, slightly above analysts’ $142.59 million estimate, providing a positive counterpoint to the earnings shortfall. MarketBeat earnings report
• Neutral Sentiment: Several executives sold shares to cover tax withholding on vested equity awards. Most sales were relatively small; EVP Masaru Matsuda also sold 40,000 shares under a pre-arranged Rule 10b5-1 plan, reducing his reported holdings by 26.44%. The stated tax-related and planned nature of the transactions makes them less clearly bearish, though the larger sale may draw investor attention. SEC insider filing
• Negative Sentiment: Adjusted quarterly earnings were $0.06 per share, below consensus estimates of approximately $0.17–$0.18 and unchanged from a year earlier. The miss could weigh on sentiment despite the revenue beat. Zacks earnings report

Institutional Investors Weigh In On Arcutis Biotherapeutics

Hedge funds and other institutional investors have recently made changes to their positions in the business. Fulcrum Asset Management LLP bought a new stake in shares of Arcutis Biotherapeutics in the third quarter valued at approximately $2,628,000. Candriam S.C.A. grew its position in Arcutis Biotherapeutics by 5.7% during the third quarter. Candriam S.C.A. now owns 1,003,729 shares of the company’s stock worth $26,625,000 after buying an additional 53,890 shares in the last quarter. Oregon Public Employees Retirement Fund bought a new position in Arcutis Biotherapeutics during the 3rd quarter worth $679,000. Mirae Asset Global Investments Co. Ltd. bought a new position in Arcutis Biotherapeutics during the 3rd quarter worth $170,000. Finally, Profund Advisors LLC raised its holdings in Arcutis Biotherapeutics by 19.3% in the 3rd quarter. Profund Advisors LLC now owns 49,700 shares of the company’s stock valued at $1,314,000 after acquiring an additional 8,045 shares in the last quarter.

Arcutis Biotherapeutics Company Profile

Arcutis Biotherapeutics, Inc is a commercial-stage biopharmaceutical company focused on developing and delivering treatments for dermatologic conditions. The company’s portfolio is centered on therapies designed to address inflammatory skin diseases, with an emphasis on nonsteroidal topical medicines that may help patients manage chronic conditions.

Arcutis’s lead product is ZORYVE (roflumilast), a topical phosphodiesterase-4 inhibitor. ZORYVE has received U.S. Food and Drug Administration approvals for multiple dermatological uses, including plaque psoriasis, seborrheic dermatitis and atopic dermatitis, in different cream and foam formulations.