Insider Selling: Arcutis Biotherapeutics (NASDAQ:ARQT) Insider Sells 1,230 Shares of Stock

Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT) insider Masaru Matsuda sold 1,230 shares of the business’s stock in a transaction on Monday, August 3rd. The stock was sold at an average price of $26.12, for a total transaction of $32,127.60. Following the completion of the sale, the insider owned 126,171 shares in the company, valued at approximately $3,295,586.52. The trade was a 0.97% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Arcutis Biotherapeutics Price Performance

Shares of Arcutis Biotherapeutics stock traded up $1.07 during trading on Wednesday, reaching $27.10. 2,445,454 shares of the stock traded hands, compared to its average volume of 1,334,721. The company has a market capitalization of $3.39 billion, a price-to-earnings ratio of -903.03 and a beta of 1.49. The business has a fifty day simple moving average of $25.87 and a two-hundred day simple moving average of $24.68. The company has a debt-to-equity ratio of 0.54, a current ratio of 2.68 and a quick ratio of 2.46. Arcutis Biotherapeutics, Inc. has a 52-week low of $13.69 and a 52-week high of $31.77.

Arcutis Biotherapeutics (NASDAQ:ARQT) last issued its earnings results on Wednesday, August 5th. The company reported $0.11 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.06 by $0.05. The firm had revenue of $129.86 million for the quarter, compared to analysts’ expectations of $118.85 million. Arcutis Biotherapeutics had a negative return on equity of 1.41% and a negative net margin of 0.57%. Sell-side analysts expect that Arcutis Biotherapeutics, Inc. will post 0.16 EPS for the current year.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on ARQT. Needham & Company LLC reaffirmed a “buy” rating and set a $36.00 price objective on shares of Arcutis Biotherapeutics in a report on Thursday, May 7th. Wall Street Zen raised shares of Arcutis Biotherapeutics from a “hold” rating to a “buy” rating in a report on Sunday, July 12th. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Arcutis Biotherapeutics in a research report on Wednesday, June 24th. Five research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, Arcutis Biotherapeutics presently has a consensus rating of “Moderate Buy” and an average target price of $34.00.

Institutional Investors Weigh In On Arcutis Biotherapeutics

Several large investors have recently added to or reduced their stakes in ARQT. Suvretta Capital Management LLC lifted its stake in shares of Arcutis Biotherapeutics by 14.2% in the 4th quarter. Suvretta Capital Management LLC now owns 11,964,000 shares of the company’s stock valued at $347,435,000 after purchasing an additional 1,486,000 shares during the last quarter. Price T Rowe Associates Inc. MD boosted its holdings in shares of Arcutis Biotherapeutics by 1,228.4% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 1,166,348 shares of the company’s stock worth $33,872,000 after purchasing an additional 1,078,546 shares during the period. Healthcare of Ontario Pension Plan Trust Fund bought a new position in shares of Arcutis Biotherapeutics during the 4th quarter valued at approximately $26,136,000. State Street Corp raised its holdings in Arcutis Biotherapeutics by 18.2% during the 4th quarter. State Street Corp now owns 5,488,301 shares of the company’s stock valued at $159,380,000 after buying an additional 846,986 shares during the period. Finally, Voloridge Investment Management LLC purchased a new stake in Arcutis Biotherapeutics during the 3rd quarter valued at $15,711,000.

About Arcutis Biotherapeutics

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.