Patrick Burnett Sells 17,250 Shares of Arcutis Biotherapeutics (NASDAQ:ARQT) Stock

Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT) insider Patrick Burnett sold 17,250 shares of the stock in a transaction on Thursday, November 6th. The shares were sold at an average price of $24.18, for a total value of $417,105.00. Following the completion of the sale, the insider directly owned 98,325 shares of the company’s stock, valued at $2,377,498.50. The trade was a 14.93% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link.

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

• On Wednesday, November 5th, Patrick Burnett sold 3,864 shares of Arcutis Biotherapeutics stock. The stock was sold at an average price of $23.72, for a total transaction of $91,654.08.
• On Monday, November 3rd, Patrick Burnett sold 2,622 shares of Arcutis Biotherapeutics stock. The shares were sold at an average price of $24.72, for a total transaction of $64,815.84.
• On Thursday, August 21st, Patrick Burnett sold 2,438 shares of Arcutis Biotherapeutics stock. The stock was sold at an average price of $15.57, for a total value of $37,959.66.
• On Tuesday, August 19th, Patrick Burnett sold 1,750 shares of Arcutis Biotherapeutics stock. The shares were sold at an average price of $16.16, for a total value of $28,280.00.

Arcutis Biotherapeutics Stock Performance

Arcutis Biotherapeutics stock traded down $0.48 during mid-day trading on Monday, reaching $23.75. 2,513,970 shares of the company’s stock were exchanged, compared to its average volume of 2,129,299. The firm has a market capitalization of $2.91 billion, a PE ratio of -65.97 and a beta of 1.96. The company has a quick ratio of 3.28, a current ratio of 3.50 and a debt-to-equity ratio of 0.68. The business’s fifty day simple moving average is $19.80 and its 200 day simple moving average is $16.36. Arcutis Biotherapeutics, Inc. has a one year low of $8.90 and a one year high of $27.08.

Arcutis Biotherapeutics (NASDAQ:ARQT) last released its earnings results on Tuesday, October 28th. The company reported $0.06 EPS for the quarter, topping analysts’ consensus estimates of ($0.10) by $0.16. The company had revenue of $99.22 million for the quarter, compared to analysts’ expectations of $86.69 million. Arcutis Biotherapeutics had a negative return on equity of 29.69% and a negative net margin of 13.94%. On average, sell-side analysts expect that Arcutis Biotherapeutics, Inc. will post -1.33 earnings per share for the current year.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in ARQT. Johnson Investment Counsel Inc. bought a new stake in shares of Arcutis Biotherapeutics during the third quarter valued at about $30,000. Nkcfo LLC purchased a new position in Arcutis Biotherapeutics during the first quarter valued at approximately $109,000. Jones Financial Companies Lllp increased its holdings in Arcutis Biotherapeutics by 1,291.1% during the 3rd quarter. Jones Financial Companies Lllp now owns 7,067 shares of the company’s stock worth $124,000 after acquiring an additional 6,559 shares during the period. Allostery Investments LP purchased a new stake in Arcutis Biotherapeutics in the 1st quarter worth approximately $117,000. Finally, PNC Financial Services Group Inc. lifted its stake in Arcutis Biotherapeutics by 10.2% in the 2nd quarter. PNC Financial Services Group Inc. now owns 8,828 shares of the company’s stock worth $124,000 after purchasing an additional 820 shares in the last quarter.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on ARQT. Zacks Research upgraded shares of Arcutis Biotherapeutics from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, October 29th. Mizuho set a $32.00 price objective on Arcutis Biotherapeutics in a research note on Wednesday, October 29th. Wall Street Zen upgraded shares of Arcutis Biotherapeutics from a “buy” rating to a “strong-buy” rating in a research report on Saturday, November 1st. The Goldman Sachs Group lifted their target price on shares of Arcutis Biotherapeutics from $19.00 to $29.00 and gave the stock a “neutral” rating in a research note on Thursday, October 30th. Finally, HC Wainwright reissued a “buy” rating and issued a $30.00 price target on shares of Arcutis Biotherapeutics in a research report on Wednesday, October 29th. One equities research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $28.00.

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.