Arcutis Biotherapeutics (NASDAQ:ARQT) Insider Patrick Burnett Sells 1,697 Shares

Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT) insider Patrick Burnett sold 1,697 shares of the stock in a transaction on Wednesday, December 31st. The stock was sold at an average price of $29.20, for a total transaction of $49,552.40. Following the transaction, the insider owned 96,610 shares of the company’s stock, valued at $2,821,012. The trade was a 1.73% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink.

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

• On Monday, December 15th, Patrick Burnett sold 11,500 shares of Arcutis Biotherapeutics stock. The stock was sold at an average price of $28.94, for a total transaction of $332,810.00.
• On Thursday, November 6th, Patrick Burnett sold 17,250 shares of Arcutis Biotherapeutics stock. The shares were sold at an average price of $24.18, for a total value of $417,105.00.
• On Wednesday, November 5th, Patrick Burnett sold 3,864 shares of Arcutis Biotherapeutics stock. The shares were sold at an average price of $23.72, for a total value 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 value of $64,815.84.

Arcutis Biotherapeutics Stock Down 0.1%

ARQT stock opened at $29.00 on Friday. The company has a market cap of $3.55 billion, a price-to-earnings ratio of -80.56 and a beta of 1.71. Arcutis Biotherapeutics, Inc. has a twelve month low of $11.13 and a twelve month high of $31.77. The business has a 50 day moving average price of $27.73 and a two-hundred day moving average price of $20.38. The company has a quick ratio of 3.28, a current ratio of 3.50 and a debt-to-equity ratio of 0.68.

Arcutis Biotherapeutics (NASDAQ:ARQT) last announced 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. Arcutis Biotherapeutics had a negative return on equity of 29.69% and a negative net margin of 13.94%.The company had revenue of $99.22 million for the quarter, compared to analysts’ expectations of $86.69 million. Analysts anticipate that Arcutis Biotherapeutics, Inc. will post -1.33 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on the stock. Needham & Company LLC boosted their price objective on shares of Arcutis Biotherapeutics from $22.00 to $30.00 and gave the stock a “buy” rating in a research note on Tuesday, October 28th. Weiss Ratings restated a “sell (d-)” rating on shares of Arcutis Biotherapeutics in a research note on Monday. Mizuho raised their price objective on Arcutis Biotherapeutics from $32.00 to $37.00 and gave the company an “outperform” rating in a research report on Friday, November 28th. HC Wainwright reissued a “buy” rating and set a $30.00 target price on shares of Arcutis Biotherapeutics in a report on Wednesday, October 29th. Finally, Wall Street Zen cut Arcutis Biotherapeutics from a “strong-buy” rating to a “buy” rating in a research note on Saturday, December 27th. Six research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $29.00.

Hedge Funds Weigh In On Arcutis Biotherapeutics

Several institutional investors and hedge funds have recently made changes to their positions in the company. Johnson Investment Counsel Inc. bought a new stake in Arcutis Biotherapeutics in the 3rd quarter valued at $30,000. Jones Financial Companies Lllp boosted its position in shares of Arcutis Biotherapeutics by 1,291.1% in the third quarter. Jones Financial Companies Lllp now owns 7,067 shares of the company’s stock valued at $124,000 after acquiring an additional 6,559 shares during the period. PNC Financial Services Group Inc. grew its stake in shares of Arcutis Biotherapeutics by 10.2% in the second quarter. PNC Financial Services Group Inc. now owns 8,828 shares of the company’s stock valued at $124,000 after acquiring an additional 820 shares in the last quarter. Atlas Wealth LLC bought a new position in Arcutis Biotherapeutics during the second quarter worth about $138,000. Finally, Cookson Peirce & Co. Inc. acquired a new stake in Arcutis Biotherapeutics in the 3rd quarter worth about $188,000.

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.