Arcutis Biotherapeutics (NASDAQ:ARQT) Insider Sells $93,712.50 in Stock

Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT) insider Patrick Burnett sold 3,675 shares of the stock in a transaction that occurred on Monday, February 2nd. The shares were sold at an average price of $25.50, for a total transaction of $93,712.50. Following the transaction, the insider owned 90,445 shares in the company, valued at $2,306,347.50. The trade was a 3.90% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link.

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

• On Wednesday, February 4th, Patrick Burnett sold 9,794 shares of Arcutis Biotherapeutics stock. The stock was sold at an average price of $25.81, for a total value of $252,783.14.
• On Monday, January 5th, Patrick Burnett sold 2,490 shares of Arcutis Biotherapeutics stock. The stock was sold at an average price of $28.98, for a total transaction of $72,160.20.
• On Wednesday, December 31st, Patrick Burnett sold 1,697 shares of Arcutis Biotherapeutics stock. The shares were sold at an average price of $29.20, for a total transaction of $49,552.40.
• On Monday, December 15th, Patrick Burnett sold 11,500 shares of Arcutis Biotherapeutics stock. The shares were sold at an average price of $28.94, for a total transaction of $332,810.00.
• On Thursday, November 6th, Patrick Burnett sold 17,250 shares of Arcutis Biotherapeutics stock. The shares were sold at an average price of $24.18, for a total transaction of $417,105.00.

Arcutis Biotherapeutics Stock Performance

ARQT traded down $0.11 during midday trading on Wednesday, reaching $26.08. The company had a trading volume of 2,300,007 shares, compared to its average volume of 1,508,695. The company has a quick ratio of 3.28, a current ratio of 3.50 and a debt-to-equity ratio of 0.68. Arcutis Biotherapeutics, Inc. has a 1 year low of $11.13 and a 1 year high of $31.77. The business has a 50-day moving average of $28.32 and a two-hundred day moving average of $22.41. The company has a market cap of $3.19 billion, a P/E ratio of -72.44 and a beta of 1.70.

Institutional Investors Weigh In On Arcutis Biotherapeutics

Several institutional investors have recently made changes to their positions in the stock. SBI Securities Co. Ltd. grew its position in shares of Arcutis Biotherapeutics by 325.4% in the fourth quarter. SBI Securities Co. Ltd. now owns 1,089 shares of the company’s stock valued at $32,000 after purchasing an additional 833 shares during the last quarter. Johnson Investment Counsel Inc. purchased a new position in Arcutis Biotherapeutics in the third quarter valued at approximately $30,000. Mirae Asset Global Investments Co. Ltd. boosted its position in shares of Arcutis Biotherapeutics by 28.4% in the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 5,952 shares of the company’s stock worth $173,000 after buying an additional 1,316 shares during the period. Jones Financial Companies Lllp increased its position in shares of Arcutis Biotherapeutics by 1,291.1% during the third quarter. Jones Financial Companies Lllp now owns 7,067 shares of the company’s stock worth $124,000 after acquiring an additional 6,559 shares during the last quarter. Finally, Whalen Wealth Management Inc. bought a new position in Arcutis Biotherapeutics during the 4th quarter valued at $233,000.

Wall Street Analysts Forecast Growth

ARQT has been the topic of a number of research reports. Mizuho raised their target price on shares of Arcutis Biotherapeutics from $32.00 to $37.00 and gave the stock an “outperform” rating in a research report on Friday, November 28th. Weiss Ratings restated a “sell (d-)” rating on shares of Arcutis Biotherapeutics in a research note on Monday, December 29th. Needham & Company LLC upped their price objective on Arcutis Biotherapeutics from $30.00 to $31.00 and gave the stock a “buy” rating in a research report on Monday, January 26th. Wall Street Zen cut shares of Arcutis Biotherapeutics from a “strong-buy” rating to a “buy” rating in a research note on Friday, January 23rd. Finally, The Goldman Sachs Group boosted their price target on shares of Arcutis Biotherapeutics from $19.00 to $29.00 and gave the stock a “neutral” rating in a research report on Thursday, October 30th. Six investment analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $29.20.

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.