Patrick Burnett Sells 8,300 Shares of Arcutis Biotherapeutics (NASDAQ:ARQT) Stock

Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT) insider Patrick Burnett sold 8,300 shares of the firm’s stock in a transaction that occurred on Tuesday, August 11th. The shares were sold at an average price of $26.52, for a total value of $220,116.00. Following the completion of the sale, the insider owned 119,289 shares in the company, valued at approximately $3,163,544.28. This represents a 6.51% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink.

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

• On Wednesday, August 12th, Patrick Burnett sold 6,700 shares of Arcutis Biotherapeutics stock. The stock was sold at an average price of $26.08, for a total value of $174,736.00.
• On Monday, August 3rd, Patrick Burnett sold 955 shares of Arcutis Biotherapeutics stock. The shares were sold at an average price of $26.12, for a total value of $24,944.60.

Arcutis Biotherapeutics Price Performance

ARQT traded down $0.45 on Thursday, reaching $25.83. The company had a trading volume of 1,585,536 shares, compared to its average volume of 1,517,596. The company has a market capitalization of $3.25 billion, a P/E ratio of 123.01 and a beta of 1.49. The company has a current ratio of 2.92, a quick ratio of 2.67 and a debt-to-equity ratio of 0.46. The company has a fifty day moving average of $26.42 and a 200-day moving average of $24.68. Arcutis Biotherapeutics, Inc. has a one year low of $15.10 and a one year high of $31.77.

Arcutis Biotherapeutics (NASDAQ:ARQT) last issued its quarterly earnings results on Wednesday, August 5th. The company reported $0.11 earnings per share for the quarter, topping analysts’ consensus estimates of $0.06 by $0.05. Arcutis Biotherapeutics had a net margin of 6.15% and a return on equity of 15.05%. The company had revenue of $129.86 million during the quarter, compared to analyst estimates of $118.85 million. As a group, equities research analysts anticipate that Arcutis Biotherapeutics, Inc. will post 0.4 earnings per share for the current year.

Hedge Funds Weigh In On Arcutis Biotherapeutics

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Focus Partners Wealth lifted its position in shares of Arcutis Biotherapeutics by 0.8% in the 3rd quarter. Focus Partners Wealth now owns 65,196 shares of the company’s stock worth $1,237,000 after acquiring an additional 490 shares during the period. Schroder Investment Management Group increased its position in shares of Arcutis Biotherapeutics by 1.1% during the fourth quarter. Schroder Investment Management Group now owns 57,136 shares of the company’s stock valued at $1,604,000 after purchasing an additional 594 shares during the period. EverSource Wealth Advisors LLC raised its stake in shares of Arcutis Biotherapeutics by 124.0% in the fourth quarter. EverSource Wealth Advisors LLC now owns 1,261 shares of the company’s stock valued at $37,000 after purchasing an additional 698 shares in the last quarter. Entropy Technologies LP raised its stake in shares of Arcutis Biotherapeutics by 7.0% in the fourth quarter. Entropy Technologies LP now owns 12,144 shares of the company’s stock valued at $353,000 after purchasing an additional 792 shares in the last quarter. Finally, DNB Asset Management AS lifted its position in Arcutis Biotherapeutics by 3.0% in the fourth quarter. DNB Asset Management AS now owns 27,786 shares of the company’s stock worth $807,000 after purchasing an additional 802 shares during the period.

Analyst Ratings Changes

ARQT has been the subject of a number of recent research reports. Needham & Company LLC increased their price objective on Arcutis Biotherapeutics from $36.00 to $40.00 and gave the company a “buy” rating in a research report on Thursday, August 6th. Morgan Stanley increased their target price on Arcutis Biotherapeutics from $34.00 to $38.00 and gave the company an “overweight” rating in a report on Thursday, August 6th. Guggenheim lifted their target price on Arcutis Biotherapeutics from $35.00 to $38.00 and gave the company a “buy” rating in a research note on Thursday, August 6th. Wall Street Zen raised shares of Arcutis Biotherapeutics from a “buy” rating to a “strong-buy” rating in a research report on Saturday, August 8th. Finally, Weiss Ratings raised shares of Arcutis Biotherapeutics from a “sell (d-)” rating to a “hold (c-)” rating in a research report on Thursday, August 6th. Six investment analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $35.57.

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.