Arcutis Biotherapeutics (NASDAQ:ARQT) Director Sells $302,100.00 in Stock

Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT) Director Howard Welgus sold 10,000 shares of the firm’s stock in a transaction dated Monday, December 1st. The stock was sold at an average price of $30.21, for a total transaction of $302,100.00. Following the completion of the sale, the director directly owned 79,744 shares of the company’s stock, valued at approximately $2,409,066.24. The trade was a 11.14% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link.

Arcutis Biotherapeutics Trading Up 1.8%

ARQT traded up $0.53 during trading on Wednesday, hitting $29.96. 1,838,536 shares of the stock were exchanged, compared to its average volume of 2,159,910. Arcutis Biotherapeutics, Inc. has a 1 year low of $11.13 and a 1 year high of $31.27. The firm has a market cap of $3.67 billion, a price-to-earnings ratio of -83.22 and a beta of 1.69. The firm has a 50 day simple moving average of $23.44 and a 200 day simple moving average of $17.96. The company has a debt-to-equity ratio of 0.68, a quick ratio of 3.28 and a current ratio of 3.50.

Arcutis Biotherapeutics (NASDAQ:ARQT) last posted its 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 company had revenue of $99.22 million during the quarter, compared to analyst estimates of $86.69 million. Arcutis Biotherapeutics had a negative return on equity of 29.69% and a negative net margin of 13.94%. As a group, equities analysts expect that Arcutis Biotherapeutics, Inc. will post -1.33 EPS for the current year.

Institutional Trading of Arcutis Biotherapeutics

Several institutional investors and hedge funds have recently added to or reduced their stakes in ARQT. CIBC Bancorp USA Inc. acquired a new stake in shares of Arcutis Biotherapeutics in the 3rd quarter worth approximately $215,000. Woodline Partners LP increased its holdings in shares of Arcutis Biotherapeutics by 53.1% during the 3rd quarter. Woodline Partners LP now owns 314,619 shares of the company’s stock worth $5,931,000 after buying an additional 109,109 shares during the last quarter. Dark Forest Capital Management LP acquired a new stake in Arcutis Biotherapeutics during the third quarter worth about $516,000. PharVision Advisers LLC acquired a new position in shares of Arcutis Biotherapeutics in the 3rd quarter valued at about $245,000. Finally, Voleon Capital Management LP purchased a new stake in shares of Arcutis Biotherapeutics during the 3rd quarter worth about $468,000.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on ARQT. Cowen reiterated a “buy” rating on shares of Arcutis Biotherapeutics in a research report on Thursday, August 7th. HC Wainwright reiterated a “buy” rating and issued a $30.00 price objective on shares of Arcutis Biotherapeutics in a report on Wednesday, October 29th. Needham & Company LLC increased their target price on shares of Arcutis Biotherapeutics from $22.00 to $30.00 and gave the company a “buy” rating in a research report on Tuesday, October 28th. The Goldman Sachs Group lifted their price objective on Arcutis Biotherapeutics from $19.00 to $29.00 and gave the stock a “neutral” rating in a research report on Thursday, October 30th. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Arcutis Biotherapeutics in a research note on Monday. One research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, Arcutis Biotherapeutics currently has a consensus rating of “Moderate Buy” and a consensus price target of $29.00.

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.