Howard Welgus Sells 4,730 Shares of Arcutis Biotherapeutics (NASDAQ:ARQT) Stock

Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT) Director Howard Welgus sold 4,730 shares of the business’s stock in a transaction on Monday, August 17th. The shares were sold at an average price of $26.18, for a total transaction of $123,831.40. Following the completion of the transaction, the director owned 36,475 shares of the company’s stock, valued at approximately $954,915.50. This represents a 11.48% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Arcutis Biotherapeutics Stock Performance

Shares of NASDAQ ARQT opened at $25.35 on Friday. The company’s fifty day moving average price is $26.76 and its 200 day moving average price is $24.68. Arcutis Biotherapeutics, Inc. has a 1 year low of $15.10 and a 1 year high of $31.77. The company has a market capitalization of $3.19 billion, a PE ratio of 120.72 and a beta of 1.49. The company has a debt-to-equity ratio of 0.46, a quick ratio of 2.67 and a current ratio of 2.92.

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

Analysts Set New Price Targets

Several equities analysts recently weighed in on the company. Morgan Stanley lifted their price target on Arcutis Biotherapeutics from $34.00 to $38.00 and gave the company an “overweight” rating in a research note on Thursday, August 6th. Guggenheim increased their price target on Arcutis Biotherapeutics from $35.00 to $38.00 and gave the stock a “buy” rating in a research report on Thursday, August 6th. Weiss Ratings raised Arcutis Biotherapeutics from a “sell (d-)” rating to a “hold (c-)” rating in a report on Thursday, August 6th. Needham & Company LLC boosted 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. Finally, Wall Street Zen raised Arcutis Biotherapeutics from a “buy” rating to a “strong-buy” rating in a research note on Saturday, August 8th. Six research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $35.57.

Hedge Funds Weigh In On Arcutis Biotherapeutics

A number of hedge funds have recently made changes to their positions in the company. BlackRock Inc. acquired a new stake in shares of Arcutis Biotherapeutics in the second quarter worth approximately $276,502,000. Bank of America Corp DE acquired a new position in Arcutis Biotherapeutics in the 2nd quarter valued at $78,330,000. Suvretta Capital Management LLC raised its stake in Arcutis Biotherapeutics by 14.2% in the 4th quarter. Suvretta Capital Management LLC now owns 11,964,000 shares of the company’s stock valued at $347,435,000 after purchasing an additional 1,486,000 shares during the last quarter. Jupiter Topco LLC purchased a new position in Arcutis Biotherapeutics in the 2nd quarter valued at $36,989,000. Finally, Bamco Inc. NY purchased a new position in Arcutis Biotherapeutics in the 2nd quarter valued at $32,857,000.

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.