Insider Selling: Arcutis Biotherapeutics (NASDAQ:ARQT) Director Sells 4,096 Shares of Stock

Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT) Director Howard Welgus sold 4,096 shares of the business’s stock in a transaction on Monday, June 15th. The shares were sold at an average price of $24.41, for a total value of $99,983.36. Following the sale, the director owned 38,378 shares in the company, valued at approximately $936,806.98. The trade was a 9.64% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Arcutis Biotherapeutics Stock Performance

Shares of NASDAQ:ARQT traded up $0.55 during midday trading on Wednesday, reaching $26.22. 1,571,105 shares of the company traded hands, compared to its average volume of 1,534,816. The company has a quick ratio of 2.46, a current ratio of 2.68 and a debt-to-equity ratio of 0.54. Arcutis Biotherapeutics, Inc. has a 12 month low of $13.06 and a 12 month high of $31.77. The firm has a market capitalization of $3.28 billion, a price-to-earnings ratio of -873.71 and a beta of 1.51. The firm’s fifty day moving average price is $22.68 and its two-hundred day moving average price is $25.15.

Arcutis Biotherapeutics (NASDAQ:ARQT) last released its quarterly earnings data on Wednesday, May 6th. The company reported ($0.09) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.02) by ($0.07). Arcutis Biotherapeutics had a negative net margin of 0.57% and a negative return on equity of 1.41%. The company had revenue of $105.40 million for the quarter, compared to the consensus estimate of $103.68 million. On average, equities analysts expect that Arcutis Biotherapeutics, Inc. will post 0.15 earnings per share for the current year.

Hedge Funds Weigh In On Arcutis Biotherapeutics

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Segall Bryant & Hamill LLC purchased a new position in Arcutis Biotherapeutics during the first quarter worth about $609,000. Bank of America Corp DE grew its position in Arcutis Biotherapeutics by 32.7% during the first quarter. Bank of America Corp DE now owns 2,221,289 shares of the company’s stock worth $52,334,000 after buying an additional 547,835 shares in the last quarter. Stempoint Capital LP grew its position in Arcutis Biotherapeutics by 84.1% during the first quarter. Stempoint Capital LP now owns 413,792 shares of the company’s stock worth $9,749,000 after buying an additional 189,052 shares in the last quarter. Janus Henderson Group PLC grew its position in Arcutis Biotherapeutics by 1.3% during the first quarter. Janus Henderson Group PLC now owns 1,854,566 shares of the company’s stock worth $43,684,000 after buying an additional 24,505 shares in the last quarter. Finally, Amundi purchased a new position in Arcutis Biotherapeutics during the first quarter worth about $214,000.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on ARQT shares. Needham & Company LLC reiterated a “buy” rating and set a $36.00 price objective on shares of Arcutis Biotherapeutics in a research note on Thursday, May 7th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Arcutis Biotherapeutics in a research note on Friday, March 27th. Guggenheim boosted their price objective on Arcutis Biotherapeutics from $34.00 to $35.00 and gave the company a “buy” rating in a research note on Friday, February 27th. Wall Street Zen lowered Arcutis Biotherapeutics from a “buy” rating to a “hold” rating in a research note on Saturday, May 9th. Finally, TD Cowen boosted their price objective on Arcutis Biotherapeutics from $30.00 to $35.00 and gave the company a “buy” rating in a research note on Thursday, February 26th. Five investment analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $34.00.

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.