Arcutis Biotherapeutics (NASDAQ:ARQT) Director Sells $127,325.04 in Stock

Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT) Director Howard Welgus sold 4,728 shares of Arcutis Biotherapeutics stock in a transaction that occurred on Thursday, October 15th. The stock was sold at an average price of $26.93, for a total transaction of $127,325.04. Following the transaction, the director directly owned 35,207 shares in the company, valued at $948,124.51. The trade was a 11.84% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Arcutis Biotherapeutics Stock Down 2.9%

Shares of NASDAQ:ARQT opened at $31.87 on Thursday. Arcutis Biotherapeutics, Inc. has a 52 week low of $19.30 and a 52 week high of $33.30. The company has a debt-to-equity ratio of 0.46, a quick ratio of 2.67 and a current ratio of 2.92. The company has a market capitalization of $4.01 billion, a PE ratio of 156.29 and a beta of 1.57. The company has a 50 day moving average price of $25.81 and a two-hundred day moving average price of $25.01.

Arcutis Biotherapeutics (NASDAQ:ARQT) last posted its earnings results on Wednesday, August 5th. The company reported $0.11 earnings per share for the quarter, topping the consensus estimate of $0.06 by $0.05. The company had revenue of $129.86 million for the quarter, compared to analyst estimates of $118.85 million. Arcutis Biotherapeutics had a net margin of 6.15% and a return on equity of 15.05%. Analysts forecast that Arcutis Biotherapeutics, Inc. will post 0.43 earnings per share for the current year.

Analysts Set New Price Targets

Several brokerages have issued reports on ARQT. Needham & Company LLC increased their price target on Arcutis Biotherapeutics from $36.00 to $40.00 and gave the stock a “buy” rating in a report on Thursday, August 6th. Jefferies Financial Group reiterated a “buy” rating and set a $39.00 price objective on shares of Arcutis Biotherapeutics in a report on Thursday, October 8th. Weiss Ratings downgraded shares of Arcutis Biotherapeutics from a “hold (c)” rating to a “hold (c-)” rating in a report on Wednesday, October 14th. Cantor Fitzgerald started coverage on Arcutis Biotherapeutics in a report on Thursday, October 15th. They set an “overweight” rating and a $48.00 target price on the stock. Finally, Morgan Stanley upped their price target on shares of Arcutis Biotherapeutics from $34.00 to $38.00 and gave the stock an “overweight” rating in a research report on Thursday, August 6th. Eight investment analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $38.00.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in ARQT. AMI Asset Management Corp increased its holdings in Arcutis Biotherapeutics by 11.8% in the 3rd quarter. AMI Asset Management Corp now owns 41,505 shares of the company’s stock valued at $1,097,000 after buying an additional 4,384 shares during the period. State of Alaska Department of Revenue bought a new stake in shares of Arcutis Biotherapeutics during the 3rd quarter worth approximately $653,000. Toth Financial Advisory Corp bought a new stake in shares of Arcutis Biotherapeutics during the 3rd quarter worth approximately $285,000. Tidal Investments LLC bought a new stake in shares of Arcutis Biotherapeutics during the 2nd quarter worth approximately $606,000. Finally, Integrated Wealth Concepts LLC bought a new stake in shares of Arcutis Biotherapeutics during the 2nd quarter worth approximately $84,000.

About Arcutis Biotherapeutics

Arcutis Biotherapeutics, Inc is a commercial-stage biopharmaceutical company focused on developing and delivering treatments for dermatologic conditions. The company’s portfolio is centered on therapies designed to address inflammatory skin diseases, with an emphasis on nonsteroidal topical medicines that may help patients manage chronic conditions.

Arcutis’s lead product is ZORYVE (roflumilast), a topical phosphodiesterase-4 inhibitor. ZORYVE has received U.S. Food and Drug Administration approvals for multiple dermatological uses, including plaque psoriasis, seborrheic dermatitis and atopic dermatitis, in different cream and foam formulations.