Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT) Insider Patrick Burnett Sells 23,000 Shares

Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT) insider Patrick Burnett sold 23,000 shares of Arcutis Biotherapeutics stock in a transaction on Thursday, July 10th. The stock was sold at an average price of $15.05, for a total transaction of $346,150.00. Following the sale, the insider directly owned 115,468 shares of the company’s stock, valued at approximately $1,737,793.40. This trade represents a 16.61% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website.

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

• On Monday, July 14th, Patrick Burnett sold 5,750 shares of Arcutis Biotherapeutics stock. The stock was sold at an average price of $15.07, for a total value of $86,652.50.
• On Thursday, May 8th, Patrick Burnett sold 3,871 shares of Arcutis Biotherapeutics stock. The stock was sold at an average price of $13.59, for a total transaction of $52,606.89.

Arcutis Biotherapeutics Stock Performance

Shares of ARQT opened at $15.90 on Tuesday. Arcutis Biotherapeutics, Inc. has a 1 year low of $7.86 and a 1 year high of $17.75. The company has a debt-to-equity ratio of 0.75, a quick ratio of 3.37 and a current ratio of 3.55. The company’s fifty day moving average is $13.91 and its two-hundred day moving average is $14.03. The stock has a market capitalization of $1.90 billion, a P/E ratio of -15.29 and a beta of 1.77.

Arcutis Biotherapeutics (NASDAQ:ARQT) last announced its quarterly earnings data on Tuesday, May 6th. The company reported ($0.20) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.21) by $0.01. Arcutis Biotherapeutics had a negative return on equity of 80.66% and a negative net margin of 60.95%. The company had revenue of $65.85 million for the quarter, compared to analyst estimates of $64.80 million. On average, sell-side analysts predict that Arcutis Biotherapeutics, Inc. will post -1.33 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on the company. Needham & Company LLC reissued a “buy” rating and issued a $20.00 target price on shares of Arcutis Biotherapeutics in a report on Friday, May 23rd. Guggenheim reissued a “buy” rating on shares of Arcutis Biotherapeutics in a research report on Thursday, April 3rd. Finally, HC Wainwright reissued a “buy” rating and set a $19.00 price objective on shares of Arcutis Biotherapeutics in a research report on Thursday, April 3rd. One investment analyst has rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat, Arcutis Biotherapeutics currently has a consensus rating of “Moderate Buy” and an average price target of $18.80.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the business. Point72 Asset Management L.P. lifted its position in shares of Arcutis Biotherapeutics by 617.5% during the 4th quarter. Point72 Asset Management L.P. now owns 1,753,522 shares of the company’s stock valued at $24,427,000 after acquiring an additional 1,509,136 shares during the period. Paradigm Biocapital Advisors LP acquired a new stake in shares of Arcutis Biotherapeutics during the 1st quarter valued at approximately $22,918,000. Cercano Management LLC purchased a new stake in Arcutis Biotherapeutics during the fourth quarter worth $17,487,000. Millennium Management LLC boosted its position in Arcutis Biotherapeutics by 101.3% during the fourth quarter. Millennium Management LLC now owns 2,310,163 shares of the company’s stock worth $32,181,000 after purchasing an additional 1,162,690 shares in the last quarter. Finally, Driehaus Capital Management LLC purchased a new stake in Arcutis Biotherapeutics during the fourth quarter worth $15,278,000.

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.