Patrick Burnett Sells 1,697 Shares of Arcutis Biotherapeutics (NASDAQ:ARQT) Stock

Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT) insider Patrick Burnett sold 1,697 shares of the stock in a transaction that occurred on Wednesday, December 31st. The shares were sold at an average price of $29.20, for a total value of $49,552.40. Following the transaction, the insider directly owned 96,610 shares of the company’s stock, valued at $2,821,012. The trade was a 1.73% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

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

• On Monday, December 15th, Patrick Burnett sold 11,500 shares of Arcutis Biotherapeutics stock. The stock was sold at an average price of $28.94, for a total value of $332,810.00.
• On Thursday, November 6th, Patrick Burnett sold 17,250 shares of Arcutis Biotherapeutics stock. The stock was sold at an average price of $24.18, for a total value of $417,105.00.
• On Wednesday, November 5th, Patrick Burnett sold 3,864 shares of Arcutis Biotherapeutics stock. The shares were sold at an average price of $23.72, for a total value of $91,654.08.
• On Monday, November 3rd, Patrick Burnett sold 2,622 shares of Arcutis Biotherapeutics stock. The stock was sold at an average price of $24.72, for a total transaction of $64,815.84.

Arcutis Biotherapeutics Price Performance

Shares of NASDAQ ARQT opened at $29.00 on Friday. The firm has a 50-day simple moving average of $27.73 and a 200-day simple moving average of $20.42. The stock has a market capitalization of $3.55 billion, a price-to-earnings ratio of -80.56 and a beta of 1.71. The company has a quick ratio of 3.28, a current ratio of 3.50 and a debt-to-equity ratio of 0.68. Arcutis Biotherapeutics, Inc. has a 52 week low of $11.13 and a 52 week high of $31.77.

Arcutis Biotherapeutics (NASDAQ:ARQT) last posted its quarterly 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. The firm had revenue of $99.22 million for the quarter, compared to analyst estimates of $86.69 million. Arcutis Biotherapeutics had a negative net margin of 13.94% and a negative return on equity of 29.69%. On average, equities analysts predict that Arcutis Biotherapeutics, Inc. will post -1.33 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

ARQT has been the topic of a number of analyst reports. Mizuho lifted their price objective on Arcutis Biotherapeutics from $32.00 to $37.00 and gave the stock an “outperform” rating in a research report on Friday, November 28th. HC Wainwright reiterated a “buy” rating and set a $30.00 price target on shares of Arcutis Biotherapeutics in a report on Wednesday, October 29th. Weiss Ratings reissued a “sell (d-)” rating on shares of Arcutis Biotherapeutics in a research report on Monday, December 29th. Zacks Research cut shares of Arcutis Biotherapeutics from a “strong-buy” rating to a “hold” rating in a research report on Monday, December 29th. Finally, Needham & Company LLC lifted their target price on shares of Arcutis Biotherapeutics from $22.00 to $30.00 and gave the stock a “buy” rating in a research note on Tuesday, October 28th. Six research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $29.00.

Institutional Trading of Arcutis Biotherapeutics

A number of hedge funds and other institutional investors have recently modified their holdings of ARQT. Ieq Capital LLC acquired a new position in Arcutis Biotherapeutics in the first quarter valued at about $345,000. State of Wyoming raised its stake in shares of Arcutis Biotherapeutics by 228.5% in the 1st quarter. State of Wyoming now owns 13,232 shares of the company’s stock valued at $207,000 after acquiring an additional 9,204 shares during the period. Graham Capital Management L.P. lifted its holdings in shares of Arcutis Biotherapeutics by 40.2% in the 1st quarter. Graham Capital Management L.P. now owns 37,617 shares of the company’s stock worth $588,000 after acquiring an additional 10,780 shares during the last quarter. Advisors Asset Management Inc. boosted its position in shares of Arcutis Biotherapeutics by 26.2% during the 1st quarter. Advisors Asset Management Inc. now owns 28,187 shares of the company’s stock worth $441,000 after purchasing an additional 5,848 shares during the period. Finally, AQR Capital Management LLC increased its holdings in Arcutis Biotherapeutics by 21.4% in the 1st quarter. AQR Capital Management LLC now owns 248,196 shares of the company’s stock valued at $3,882,000 after purchasing an additional 43,716 shares during the last quarter.

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.