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 business’s stock in a transaction that occurred on Wednesday, April 1st. The stock was sold at an average price of $23.88, for a total transaction of $238,800.00. Following the completion of the sale, the director owned 39,744 shares in the company, valued at $949,086.72. The trade was a 20.10% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Arcutis Biotherapeutics Price Performance

ARQT stock opened at $23.63 on Friday. The firm has a market cap of $2.93 billion, a PE ratio of -168.77 and a beta of 1.76. Arcutis Biotherapeutics, Inc. has a 12 month low of $11.86 and a 12 month high of $31.77. The company has a debt-to-equity ratio of 0.57, a current ratio of 3.17 and a quick ratio of 2.99. The firm has a 50 day simple moving average of $24.81 and a 200 day simple moving average of $25.06.

Arcutis Biotherapeutics (NASDAQ:ARQT) last posted its quarterly earnings results on Wednesday, February 25th. The company reported $0.13 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.03 by $0.10. The firm had revenue of $129.50 million for the quarter, compared to analyst estimates of $110.79 million. Arcutis Biotherapeutics had a negative net margin of 4.29% and a negative return on equity of 10.26%. Equities research analysts forecast that Arcutis Biotherapeutics, Inc. will post -1.33 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several brokerages have recently commented on ARQT. TD Cowen upped their target price on Arcutis Biotherapeutics from $30.00 to $35.00 and gave the company a “buy” rating in a report on Thursday, February 26th. Weiss Ratings reissued a “sell (d-)” rating on shares of Arcutis Biotherapeutics in a research note on Friday, March 27th. Mizuho reduced their price objective on shares of Arcutis Biotherapeutics from $37.00 to $35.00 and set an “outperform” rating for the company in a research note on Monday, March 2nd. Zacks Research lowered shares of Arcutis Biotherapeutics from a “strong-buy” rating to a “hold” rating in a research note on Monday, December 29th. Finally, HC Wainwright lifted their target price on shares of Arcutis Biotherapeutics from $30.00 to $34.00 and gave the stock a “buy” rating in a research report on Thursday, February 26th. Five research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, Arcutis Biotherapeutics currently has an average rating of “Moderate Buy” and a consensus price target of $34.00.

Institutional Trading of Arcutis Biotherapeutics

Several hedge funds and other institutional investors have recently modified their holdings of ARQT. Rockefeller Capital Management L.P. raised its position in Arcutis Biotherapeutics by 32.5% during the fourth quarter. Rockefeller Capital Management L.P. now owns 51,585 shares of the company’s stock valued at $1,498,000 after buying an additional 12,646 shares during the period. Sit Investment Associates Inc. acquired a new stake in Arcutis Biotherapeutics during the 4th quarter worth about $376,000. Invesco Ltd. grew its stake in Arcutis Biotherapeutics by 59.3% during the 4th quarter. Invesco Ltd. now owns 307,382 shares of the company’s stock valued at $8,926,000 after acquiring an additional 114,430 shares in the last quarter. Mercer Global Advisors Inc. ADV purchased a new position in Arcutis Biotherapeutics during the 4th quarter valued at about $255,000. Finally, Mackenzie Financial Corp acquired a new position in shares of Arcutis Biotherapeutics in the 4th quarter valued at about $1,374,000.

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.