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 firm’s stock in a transaction dated Monday, March 3rd. The shares were 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 $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 Securities & Exchange Commission, which is available at this hyperlink.

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

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

Arcutis Biotherapeutics Stock Performance

Shares of NASDAQ:ARQT traded up $0.57 during trading on Tuesday, reaching $13.40. 2,870,772 shares of the company’s stock traded hands, compared to its average volume of 2,236,888. The stock has a market capitalization of $1.59 billion, a P/E ratio of -7.49 and a beta of 1.29. Arcutis Biotherapeutics, Inc. has a 12 month low of $6.99 and a 12 month high of $16.20. The company has a 50 day moving average of $13.49 and a 200-day moving average of $11.51. 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 posted its earnings results on Tuesday, February 25th. The company reported ($0.09) EPS for the quarter, beating the consensus estimate of ($0.28) by $0.19. The company had revenue of $71.36 million during the quarter, compared to analyst estimates 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, equities analysts expect that Arcutis Biotherapeutics, Inc. will post -1.33 EPS for the current year.

Analyst Ratings Changes

A number of equities analysts have issued reports on the company. Guggenheim reaffirmed a “buy” rating on shares of Arcutis Biotherapeutics in a research report on Monday, February 24th. Mizuho upped their price target on shares of Arcutis Biotherapeutics from $20.00 to $21.00 and gave the company an “outperform” rating in a report on Wednesday, February 26th. The Goldman Sachs Group boosted 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. Needham & Company LLC reaffirmed a “buy” rating and set a $20.00 price target on shares of Arcutis Biotherapeutics in a research report on Wednesday, February 26th. Finally, HC Wainwright reissued a “buy” rating and issued a $19.00 price objective on shares of Arcutis Biotherapeutics in a report on Wednesday, February 26th. One investment analyst has rated the stock with a hold rating and five have given a buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $18.00.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in ARQT. Creative Planning acquired a new position in shares of Arcutis Biotherapeutics during the third quarter valued at $127,000. abrdn plc lifted its position in Arcutis Biotherapeutics by 223.8% in the 3rd 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 boosted its stake in Arcutis Biotherapeutics by 730.0% during the 3rd 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 period. Victory Capital Management Inc. increased its stake 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 period. Finally, Quest Partners LLC bought a new stake in shares of Arcutis Biotherapeutics during the third quarter valued at approximately $398,000.

About Arcutis Biotherapeutics

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.