Patrick Burnett Sells 12,242 Shares of Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT) Stock

Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT) insider Patrick Burnett sold 12,242 shares of the business’s stock in a transaction that occurred on Friday, March 14th. The stock was sold at an average price of $15.04, for a total value of $184,119.68. Following the completion of the sale, the insider now directly owns 121,936 shares in the company, valued at approximately $1,833,917.44. This represents a 9.12 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website.

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

• On Monday, March 3rd, Patrick Burnett sold 2,819 shares of Arcutis Biotherapeutics stock. The stock was sold at an average price of $13.03, for a total value of $36,731.57.
• 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 transaction of $23,674.00.

Arcutis Biotherapeutics Price Performance

Shares of ARQT opened at $15.87 on Wednesday. The firm has a market cap of $1.88 billion, a PE ratio of -8.87 and a beta of 1.48. The company has a current ratio of 2.46, a quick ratio of 2.38 and a debt-to-equity ratio of 0.67. The firm has a fifty day simple moving average of $13.55 and a two-hundred day simple moving average of $11.92. Arcutis Biotherapeutics, Inc. has a 1-year low of $6.99 and a 1-year high of $17.70.

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

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on ARQT. The Goldman Sachs Group boosted their price objective on shares of Arcutis Biotherapeutics from $13.00 to $15.00 and gave the stock a “neutral” rating in a report on Thursday, February 27th. Needham & Company LLC restated a “buy” rating and issued a $20.00 price objective on shares of Arcutis Biotherapeutics in a report on Wednesday, February 26th. Guggenheim restated a “buy” rating on shares of Arcutis Biotherapeutics in a report on Monday, February 24th. Jefferies Financial Group boosted their price objective on shares of Arcutis Biotherapeutics from $16.00 to $19.00 and gave the stock a “buy” rating in a report on Tuesday, March 11th. Finally, Mizuho boosted their price objective on shares of Arcutis Biotherapeutics from $20.00 to $21.00 and gave the stock an “outperform” rating in a report on Wednesday, February 26th. One analyst has rated the stock with a hold rating and five have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $18.80.

Institutional Investors Weigh In On Arcutis Biotherapeutics

Hedge funds and other institutional investors have recently modified their holdings of the stock. GF Fund Management CO. LTD. purchased a new stake in shares of Arcutis Biotherapeutics in the 4th quarter worth $34,000. Point72 DIFC Ltd purchased a new stake in shares of Arcutis Biotherapeutics in the 3rd quarter worth $25,000. Venturi Wealth Management LLC purchased a new stake in shares of Arcutis Biotherapeutics in the 4th quarter worth $46,000. Cibc World Markets Corp purchased a new stake in shares of Arcutis Biotherapeutics in the 4th quarter worth $140,000. Finally, Erste Asset Management GmbH purchased a new stake in shares of Arcutis Biotherapeutics in the 3rd quarter worth $104,000.

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.