Insider Selling: Arcutis Biotherapeutics (NASDAQ:ARQT) EVP Sells 40,000 Shares of Stock

Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT) EVP Masaru Matsuda sold 40,000 shares of the business’s stock in a transaction that occurred on Wednesday, November 4th. The shares were sold at an average price of $34.32, for a total transaction of $1,372,800.00. Following the transaction, the executive vice president owned 111,289 shares of the company’s stock, valued at approximately $3,819,438.48. This represents a 26.44% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. 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.

Masaru Matsuda also recently made the following trade(s):

• On Monday, November 2nd, Masaru Matsuda sold 1,219 shares of Arcutis Biotherapeutics stock. The shares were sold at an average price of $31.86, for a total transaction of $38,837.34.
• On Wednesday, September 16th, Masaru Matsuda sold 3,674 shares of Arcutis Biotherapeutics stock. The shares were sold at an average price of $25.00, for a total transaction of $91,850.00.
• On Tuesday, September 8th, Masaru Matsuda sold 9,989 shares of Arcutis Biotherapeutics stock. The stock was sold at an average price of $25.03, for a total transaction of $250,024.67.

Arcutis Biotherapeutics Trading Up 6.4%

Shares of NASDAQ ARQT traded up $2.05 during midday trading on Wednesday, reaching $34.05. 2,654,353 shares of the stock were exchanged, compared to its average volume of 1,836,721. The business has a 50-day simple moving average of $26.93 and a two-hundred day simple moving average of $25.33. The company has a market capitalization of $4.28 billion, a price-to-earnings ratio of 162.15 and a beta of 1.66. Arcutis Biotherapeutics, Inc. has a 12 month low of $19.30 and a 12 month high of $34.80. The company has a debt-to-equity ratio of 0.46, a current ratio of 2.92 and a quick ratio of 2.67.

Arcutis Biotherapeutics (NASDAQ:ARQT) last announced its quarterly earnings results on Wednesday, November 4th. The company reported $0.06 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.18 by ($0.12). Arcutis Biotherapeutics had a net margin of 6.15% and a return on equity of 15.05%. The firm had revenue of $143.92 million during the quarter, compared to analyst estimates of $142.59 million. As a group, equities research analysts expect that Arcutis Biotherapeutics, Inc. will post 0.43 EPS for the current year.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of ARQT. Arizona State Retirement System boosted its holdings in shares of Arcutis Biotherapeutics by 1.7% in the second quarter. Arizona State Retirement System now owns 30,802 shares of the company’s stock valued at $808,000 after buying an additional 521 shares during the period. ProShare Advisors LLC increased its position in shares of Arcutis Biotherapeutics by 5.0% during the third quarter. ProShare Advisors LLC now owns 20,045 shares of the company’s stock worth $530,000 after acquiring an additional 958 shares in the last quarter. Bank of New York Mellon Corp increased its position in shares of Arcutis Biotherapeutics by 0.4% during the first quarter. Bank of New York Mellon Corp now owns 305,532 shares of the company’s stock worth $7,198,000 after acquiring an additional 1,104 shares in the last quarter. KBC Group NV increased its position in shares of Arcutis Biotherapeutics by 43.2% during the first quarter. KBC Group NV now owns 4,376 shares of the company’s stock worth $103,000 after acquiring an additional 1,321 shares in the last quarter. Finally, Pinnacle Wealth Planning Services Inc. acquired a new stake in shares of Arcutis Biotherapeutics during the third quarter worth $36,000.

Analyst Ratings Changes

Several research analysts have weighed in on the company. Needham & Company LLC lifted their target price on Arcutis Biotherapeutics from $36.00 to $40.00 and gave the stock a “buy” rating in a report on Thursday, August 6th. Morgan Stanley boosted their target price on Arcutis Biotherapeutics from $34.00 to $38.00 and gave the company an “overweight” rating in a research note on Thursday, August 6th. Weiss Ratings upgraded Arcutis Biotherapeutics from a “hold (c-)” rating to a “hold (c)” rating in a report on Thursday, October 29th. Guggenheim increased their price target on Arcutis Biotherapeutics from $38.00 to $44.00 and gave the stock a “buy” rating in a report on Monday, October 19th. Finally, Jefferies Financial Group reaffirmed a “buy” rating and set a $39.00 price target on shares of Arcutis Biotherapeutics in a research report on Thursday, October 8th. Eight analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $39.12.

About Arcutis Biotherapeutics

Arcutis Biotherapeutics, Inc is a commercial-stage biopharmaceutical company focused on developing and delivering treatments for dermatologic conditions. The company’s portfolio is centered on therapies designed to address inflammatory skin diseases, with an emphasis on nonsteroidal topical medicines that may help patients manage chronic conditions.

Arcutis’s lead product is ZORYVE (roflumilast), a topical phosphodiesterase-4 inhibitor. ZORYVE has received U.S. Food and Drug Administration approvals for multiple dermatological uses, including plaque psoriasis, seborrheic dermatitis and atopic dermatitis, in different cream and foam formulations.