Insider Selling: Arcutis Biotherapeutics (NASDAQ:ARQT) Director Sells 635 Shares of Stock

Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT) Director Howard Welgus sold 635 shares of the firm’s stock in a transaction that occurred on Wednesday, June 17th. The shares were sold at an average price of $25.67, for a total transaction of $16,300.45. Following the transaction, the director owned 37,743 shares in the company, valued at $968,862.81. This represents a 1.65% decrease in their position. The transaction was disclosed in a document filed 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

NASDAQ:ARQT traded up $0.55 during trading hours on Wednesday, reaching $26.22. 1,571,105 shares of the company’s stock were exchanged, compared to its average volume of 1,534,816. The company has a market capitalization of $3.28 billion, a P/E ratio of -873.71 and a beta of 1.51. Arcutis Biotherapeutics, Inc. has a 12 month low of $13.06 and a 12 month high of $31.77. The company has a quick ratio of 2.46, a current ratio of 2.68 and a debt-to-equity ratio of 0.54. The business’s 50-day simple moving average is $22.68 and its two-hundred day simple moving average is $25.15.

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

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on ARQT. TD Cowen raised their target price on shares of Arcutis Biotherapeutics from $30.00 to $35.00 and gave the stock a “buy” rating in a report on Thursday, February 26th. HC Wainwright raised their target price on shares of Arcutis Biotherapeutics from $30.00 to $34.00 and gave the stock a “buy” rating in a report on Thursday, February 26th. Mizuho reduced their target price on shares of Arcutis Biotherapeutics from $37.00 to $35.00 and set an “outperform” rating for the company in a report on Monday, March 2nd. Wall Street Zen cut shares of Arcutis Biotherapeutics from a “buy” rating to a “hold” rating in a report on Saturday, May 9th. Finally, Needham & Company LLC restated a “buy” rating and set a $36.00 target price on shares of Arcutis Biotherapeutics in a report on Thursday, May 7th. Five investment analysts have rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, Arcutis Biotherapeutics currently has an average rating of “Moderate Buy” and a consensus target price of $34.00.

Hedge Funds Weigh In On Arcutis Biotherapeutics

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Suvretta Capital Management LLC boosted its stake in Arcutis Biotherapeutics by 14.2% in the 4th quarter. Suvretta Capital Management LLC now owns 11,964,000 shares of the company’s stock worth $347,435,000 after purchasing an additional 1,486,000 shares during the period. Vanguard Group Inc. boosted its stake in Arcutis Biotherapeutics by 1.5% in the 4th quarter. Vanguard Group Inc. now owns 7,253,936 shares of the company’s stock worth $210,654,000 after purchasing an additional 107,846 shares during the period. Polar Capital Holdings Plc boosted its stake in Arcutis Biotherapeutics by 4.9% in the 4th quarter. Polar Capital Holdings Plc now owns 5,556,169 shares of the company’s stock worth $161,351,000 after purchasing an additional 257,415 shares during the period. State Street Corp boosted its stake in shares of Arcutis Biotherapeutics by 18.2% during the 4th quarter. State Street Corp now owns 5,488,301 shares of the company’s stock valued at $159,380,000 after buying an additional 846,986 shares during the period. Finally, Morgan Stanley boosted its stake in shares of Arcutis Biotherapeutics by 1.5% during the 4th quarter. Morgan Stanley now owns 4,340,239 shares of the company’s stock valued at $126,041,000 after buying an additional 63,845 shares during the period.

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.