Howard Welgus Sells 10,000 Shares of Arcutis Biotherapeutics (NASDAQ:ARQT) Stock

Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT) Director Howard Welgus sold 10,000 shares of the company’s stock in a transaction on Friday, January 2nd. The shares were sold at an average price of $28.96, for a total value of $289,600.00. Following the completion of the transaction, the director owned 69,744 shares of the company’s stock, valued at $2,019,786.24. This trade represents a 12.54% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website.

Arcutis Biotherapeutics Trading Up 1.2%

NASDAQ ARQT opened at $29.58 on Thursday. The business’s fifty day moving average is $28.11 and its 200-day moving average is $20.76. The company has a debt-to-equity ratio of 0.68, a current ratio of 3.50 and a quick ratio of 3.28. The stock has a market capitalization of $3.62 billion, a price-to-earnings ratio of -82.17 and a beta of 1.71. Arcutis Biotherapeutics, Inc. has a one year low of $11.13 and a one year high of $31.77.

Arcutis Biotherapeutics (NASDAQ:ARQT) last posted its quarterly earnings data on Tuesday, October 28th. The company reported $0.06 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.10) by $0.16. The business had revenue of $99.22 million during the quarter, compared to the consensus estimate of $86.69 million. Arcutis Biotherapeutics had a negative net margin of 13.94% and a negative return on equity of 29.69%. Equities research analysts predict that Arcutis Biotherapeutics, Inc. will post -1.33 EPS for the current year.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in the stock. Jennison Associates LLC increased its position in shares of Arcutis Biotherapeutics by 10.3% during the third quarter. Jennison Associates LLC now owns 12,254,119 shares of the company’s stock valued at $230,990,000 after buying an additional 1,144,714 shares during the period. Frazier Life Sciences Management L.P. grew its stake in Arcutis Biotherapeutics by 12.4% during the second quarter. Frazier Life Sciences Management L.P. now owns 9,874,511 shares of the company’s stock valued at $138,441,000 after acquiring an additional 1,089,227 shares in the last quarter. Vanguard Group Inc. grew its stake in Arcutis Biotherapeutics by 1.4% during the third quarter. Vanguard Group Inc. now owns 7,146,090 shares of the company’s stock valued at $134,704,000 after acquiring an additional 96,991 shares in the last quarter. Polar Capital Holdings Plc increased its holdings in Arcutis Biotherapeutics by 5.8% during the 3rd quarter. Polar Capital Holdings Plc now owns 5,298,754 shares of the company’s stock worth $99,882,000 after acquiring an additional 292,279 shares during the period. Finally, State Street Corp lifted its stake in Arcutis Biotherapeutics by 1.2% in the 2nd quarter. State Street Corp now owns 4,526,937 shares of the company’s stock worth $63,468,000 after purchasing an additional 52,734 shares in the last quarter.

Analyst Upgrades and Downgrades

A number of equities research analysts recently commented on the stock. Wall Street Zen raised shares of Arcutis Biotherapeutics from a “buy” rating to a “strong-buy” rating in a report on Sunday. Zacks Research downgraded Arcutis Biotherapeutics from a “strong-buy” rating to a “hold” rating in a research report on Monday, December 29th. Mizuho upped their price target on Arcutis Biotherapeutics from $32.00 to $37.00 and gave the company an “outperform” rating in a research report on Friday, November 28th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Arcutis Biotherapeutics in a research note on Monday, December 29th. Finally, HC Wainwright restated a “buy” rating and issued a $30.00 price objective on shares of Arcutis Biotherapeutics in a research note on Wednesday, October 29th. 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’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $29.00.

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.