Arcutis Biotherapeutics (NASDAQ:ARQT) Director Sells $250,500.00 in Stock

Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT) Director Howard Welgus sold 10,000 shares of Arcutis Biotherapeutics stock in a transaction dated Monday, February 2nd. The stock was sold at an average price of $25.05, for a total value of $250,500.00. Following the sale, the director owned 59,744 shares of the company’s stock, valued at approximately $1,496,587.20. This represents a 14.34% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link.

Arcutis Biotherapeutics Trading Down 0.4%

Shares of ARQT traded down $0.11 on Wednesday, hitting $26.08. 2,300,007 shares of the stock traded hands, compared to its average volume of 1,508,695. The stock’s 50 day moving average is $28.32 and its two-hundred day moving average is $22.41. The company has a quick ratio of 3.28, a current ratio of 3.50 and a debt-to-equity ratio of 0.68. The firm has a market capitalization of $3.19 billion, a P/E ratio of -72.44 and a beta of 1.70. Arcutis Biotherapeutics, Inc. has a 1 year low of $11.13 and a 1 year high of $31.77.

Analyst Ratings Changes

ARQT has been the subject of several research analyst reports. Mizuho upped their price target on Arcutis Biotherapeutics from $32.00 to $37.00 and gave the stock an “outperform” rating in a research note on Friday, November 28th. The Goldman Sachs Group raised 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. Weiss Ratings restated a “sell (d-)” rating on shares of Arcutis Biotherapeutics in a research note on Monday, December 29th. Needham & Company LLC increased their price target on Arcutis Biotherapeutics from $30.00 to $31.00 and gave the stock a “buy” rating in a research report on Monday, January 26th. Finally, Zacks Research downgraded shares of Arcutis Biotherapeutics from a “strong-buy” rating to a “hold” rating in a research report on Monday, December 29th. Six equities research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $29.20.

Institutional Investors Weigh In On Arcutis Biotherapeutics

A number of institutional investors and hedge funds have recently modified their holdings of ARQT. Independent Advisor Alliance boosted its position in shares of Arcutis Biotherapeutics by 25.1% in the 4th quarter. Independent Advisor Alliance now owns 25,303 shares of the company’s stock valued at $735,000 after purchasing an additional 5,069 shares during the period. VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new position in Arcutis Biotherapeutics during the fourth quarter valued at approximately $414,000. Trek Financial LLC purchased a new position in shares of Arcutis Biotherapeutics during the 4th quarter valued at $540,000. Ballentine Partners LLC bought a new stake in shares of Arcutis Biotherapeutics in the 4th quarter valued at approximately $307,000. Finally, RFG Advisory LLC bought a new stake in Arcutis Biotherapeutics in the fourth quarter worth approximately $1,577,000.

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.