Arcutis Biotherapeutics (NASDAQ:ARQT) Insider Todd Watanabe Sells 4,377 Shares of Company Stock

Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT) insider Todd Watanabe sold 4,377 shares of Arcutis Biotherapeutics stock in a transaction on Monday, November 2nd. The shares were sold at an average price of $31.86, for a total value of $139,451.22. Following the completion of the sale, the insider owned 712,826 shares in the company, valued at $22,710,636.36. This represents a 0.61% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Arcutis Biotherapeutics Stock Performance

Shares of Arcutis Biotherapeutics stock opened at $34.05 on Thursday. Arcutis Biotherapeutics, Inc. has a 52 week low of $19.30 and a 52 week high of $34.80. The business’s fifty day simple moving average is $27.11 and its 200-day simple moving average is $25.37. The firm has a market cap of $4.28 billion, a PE ratio of 152.38 and a beta of 1.66. The company has a quick ratio of 2.67, a current ratio of 2.92 and a debt-to-equity ratio of 0.46.

Arcutis Biotherapeutics (NASDAQ:ARQT) last released its quarterly earnings results on Wednesday, November 4th. The company reported $0.06 earnings per share for the quarter, missing analysts’ consensus estimates of $0.18 by ($0.12). The business had revenue of $143.92 million for the quarter, compared to analysts’ expectations of $142.59 million. Arcutis Biotherapeutics had a return on equity of 15.05% and a net margin of 6.15%. Equities analysts forecast that Arcutis Biotherapeutics, Inc. will post 0.43 earnings per share for the current year.

Institutional Trading of Arcutis Biotherapeutics

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Bank of America Corp DE boosted its position in Arcutis Biotherapeutics by 32.7% in the 1st quarter. Bank of America Corp DE now owns 2,221,289 shares of the company’s stock valued at $52,334,000 after buying an additional 547,835 shares during the period. Tejara Capital Ltd acquired a new position in shares of Arcutis Biotherapeutics in the second quarter worth $2,965,000. Kornitzer Capital Management Inc. KS grew its stake in shares of Arcutis Biotherapeutics by 55.1% in the first quarter. Kornitzer Capital Management Inc. KS now owns 175,870 shares of the company’s stock worth $4,143,000 after acquiring an additional 62,485 shares in the last quarter. Sei Investments Co. increased its position in shares of Arcutis Biotherapeutics by 97.7% during the first quarter. Sei Investments Co. now owns 206,141 shares of the company’s stock worth $4,857,000 after acquiring an additional 101,855 shares during the period. Finally, Legal & General Group Plc purchased a new stake in shares of Arcutis Biotherapeutics during the second quarter worth $2,643,000.

Key Headlines Impacting Arcutis Biotherapeutics

Here are the key news stories impacting Arcutis Biotherapeutics this week:

• Positive Sentiment: Third-quarter revenue was $143.92 million, slightly above analysts’ $142.59 million estimate, providing a positive counterpoint to the earnings shortfall. MarketBeat earnings report
• Neutral Sentiment: Several executives sold shares to cover tax withholding on vested equity awards. Most sales were relatively small; EVP Masaru Matsuda also sold 40,000 shares under a pre-arranged Rule 10b5-1 plan, reducing his reported holdings by 26.44%. The stated tax-related and planned nature of the transactions makes them less clearly bearish, though the larger sale may draw investor attention. SEC insider filing
• Negative Sentiment: Adjusted quarterly earnings were $0.06 per share, below consensus estimates of approximately $0.17–$0.18 and unchanged from a year earlier. The miss could weigh on sentiment despite the revenue beat. Zacks earnings report

Analyst Ratings Changes

Several brokerages have weighed in on ARQT. Wall Street Zen lowered shares of Arcutis Biotherapeutics from a “strong-buy” rating to a “buy” rating in a research note on Saturday, October 10th. Morgan Stanley boosted their price target on shares of Arcutis Biotherapeutics from $34.00 to $38.00 and gave the company an “overweight” rating in a research note on Thursday, August 6th. Jefferies Financial Group reissued a “buy” rating and issued a $39.00 price target on shares of Arcutis Biotherapeutics in a research note on Thursday, October 8th. Needham & Company LLC upped their price objective on shares of Arcutis Biotherapeutics from $36.00 to $40.00 and gave the stock a “buy” rating in a report on Thursday, August 6th. Finally, Guggenheim increased their price objective on shares of Arcutis Biotherapeutics from $38.00 to $44.00 and gave the stock a “buy” rating in a research report on Monday, October 19th. Eight analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $39.12.

Arcutis Biotherapeutics Company Profile

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.