Insider Selling: Arcutis Biotherapeutics (NASDAQ:ARQT) Insider Sells $940,447.82 in Stock

Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT) insider Todd Watanabe sold 37,349 shares of Arcutis Biotherapeutics stock in a transaction that occurred on Monday, March 2nd. The stock was sold at an average price of $25.18, for a total transaction of $940,447.82. Following the completion of the sale, the insider owned 785,957 shares of the company’s stock, valued at $19,790,397.26. This trade represents a 4.54% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website.

Todd Watanabe also recently made the following trade(s):

• On Monday, February 2nd, Todd Watanabe sold 19,833 shares of Arcutis Biotherapeutics stock. The stock was sold at an average price of $25.50, for a total transaction of $505,741.50.

Arcutis Biotherapeutics Price Performance

Shares of ARQT opened at $23.97 on Friday. The company has a debt-to-equity ratio of 0.57, a current ratio of 3.17 and a quick ratio of 2.99. The company’s fifty day moving average price is $26.82 and its 200-day moving average price is $24.03. Arcutis Biotherapeutics, Inc. has a 1-year low of $11.86 and a 1-year high of $31.77. The firm has a market capitalization of $2.97 billion, a PE ratio of -171.20 and a beta of 1.66.

Arcutis Biotherapeutics (NASDAQ:ARQT) last issued its earnings results on Wednesday, February 25th. The company reported $0.13 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.03 by $0.10. The company had revenue of $129.50 million during the quarter, compared to analyst estimates of $110.79 million. Arcutis Biotherapeutics had a negative return on equity of 10.26% and a negative net margin of 4.29%. On average, equities research analysts predict that Arcutis Biotherapeutics, Inc. will post -1.33 EPS for the current year.

Institutional Trading of Arcutis Biotherapeutics

Several hedge funds and other institutional investors have recently added to or reduced their stakes in ARQT. AQR Capital Management LLC raised its position in shares of Arcutis Biotherapeutics by 21.4% in the first quarter. AQR Capital Management LLC now owns 248,196 shares of the company’s stock worth $3,882,000 after acquiring an additional 43,716 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in shares of Arcutis Biotherapeutics by 3.0% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 71,417 shares of the company’s stock valued at $1,118,000 after purchasing an additional 2,063 shares in the last quarter. AlphaQuest LLC raised its holdings in Arcutis Biotherapeutics by 101.1% in the 2nd quarter. AlphaQuest LLC now owns 11,921 shares of the company’s stock worth $167,000 after purchasing an additional 5,994 shares during the period. Corton Capital Inc. purchased a new position in Arcutis Biotherapeutics during the second quarter worth approximately $238,000. Finally, Atlas Wealth LLC purchased a new position in Arcutis Biotherapeutics during the second quarter worth approximately $138,000.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on the stock. Needham & Company LLC increased their price target on shares of Arcutis Biotherapeutics from $31.00 to $36.00 and gave the stock a “buy” rating in a report on Thursday, February 26th. Guggenheim upped their price objective on shares of Arcutis Biotherapeutics from $34.00 to $35.00 and gave the company a “buy” rating in a report on Friday, February 27th. 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. Zacks Research lowered shares of Arcutis Biotherapeutics from a “strong-buy” rating to a “hold” rating in a report on Monday, December 29th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Arcutis Biotherapeutics in a research report on Monday, December 29th. Six investment analysts have rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $31.86.

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.