Patrick Burnett Sells 2,819 Shares of Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT) Stock

Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT) insider Patrick Burnett sold 2,819 shares of the stock in a transaction on Monday, March 3rd. The stock was sold at an average price of $13.03, for a total value of $36,731.57. Following the sale, the insider now owns 167,043 shares of the company’s stock, valued at approximately $2,176,570.29. This represents a 1.66 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link.

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

• On Tuesday, December 31st, Patrick Burnett sold 1,691 shares of Arcutis Biotherapeutics stock. The stock was sold at an average price of $14.00, for a total value of $23,674.00.

Arcutis Biotherapeutics Trading Up 10.3 %

Arcutis Biotherapeutics stock opened at $14.78 on Thursday. The company has a market capitalization of $1.75 billion, a price-to-earnings ratio of -8.26 and a beta of 1.48. The company’s fifty day moving average price is $13.46 and its two-hundred day moving average price is $11.55. Arcutis Biotherapeutics, Inc. has a one year low of $6.99 and a one year high of $16.20. The company has a debt-to-equity ratio of 0.67, a current ratio of 2.46 and a quick ratio of 2.38.

Arcutis Biotherapeutics (NASDAQ:ARQT) last issued its quarterly earnings results on Tuesday, February 25th. The company reported ($0.09) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.28) by $0.19. The company had revenue of $71.36 million for the quarter, compared to the consensus estimate of $60.52 million. Arcutis Biotherapeutics had a negative return on equity of 119.11% and a negative net margin of 140.97%. On average, analysts forecast that Arcutis Biotherapeutics, Inc. will post -1.33 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Arcutis Biotherapeutics

Several hedge funds and other institutional investors have recently made changes to their positions in ARQT. Creative Planning acquired a new stake in shares of Arcutis Biotherapeutics in the third quarter valued at about $127,000. abrdn plc grew its position in shares of Arcutis Biotherapeutics by 223.8% in the third quarter. abrdn plc now owns 482,074 shares of the company’s stock valued at $4,483,000 after purchasing an additional 333,200 shares during the last quarter. GSA Capital Partners LLP grew its position in shares of Arcutis Biotherapeutics by 730.0% in the third quarter. GSA Capital Partners LLP now owns 237,174 shares of the company’s stock valued at $2,206,000 after purchasing an additional 208,599 shares during the last quarter. Victory Capital Management Inc. grew its position in shares of Arcutis Biotherapeutics by 9.9% in the third quarter. Victory Capital Management Inc. now owns 12,843 shares of the company’s stock valued at $119,000 after purchasing an additional 1,155 shares during the last quarter. Finally, Quest Partners LLC bought a new stake in shares of Arcutis Biotherapeutics in the third quarter valued at about $398,000.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on ARQT shares. Needham & Company LLC reiterated a “buy” rating and set a $20.00 price objective on shares of Arcutis Biotherapeutics in a report on Wednesday, February 26th. Mizuho increased their price objective on Arcutis Biotherapeutics from $20.00 to $21.00 and gave the stock an “outperform” rating in a report on Wednesday, February 26th. The Goldman Sachs Group increased their target price on shares of Arcutis Biotherapeutics from $13.00 to $15.00 and gave the stock a “neutral” rating in a research report on Thursday, February 27th. HC Wainwright reissued a “buy” rating and set a $19.00 target price on shares of Arcutis Biotherapeutics in a research report on Wednesday, February 26th. Finally, Guggenheim reissued a “buy” rating on shares of Arcutis Biotherapeutics in a research report on Monday, February 24th. One investment analyst has rated the stock with a hold rating and five have assigned a buy rating to the company. According to MarketBeat, Arcutis Biotherapeutics presently has an average rating of “Moderate Buy” and an average target price of $18.00.

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.