Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT) Insider Patrick Burnett Sells 2,819 Shares

Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT) insider Patrick Burnett sold 2,819 shares of the stock in a transaction on Monday, March 3rd. The stock was sold at an average price of $13.03, for a total value of $36,731.57. Following the completion of the transaction, the insider now owns 167,043 shares of the company’s stock, valued at $2,176,570.29. The trade was a 1.66 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink.

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

• On Tuesday, December 31st, Patrick Burnett sold 1,691 shares of Arcutis Biotherapeutics stock. The stock was sold at an average price of $14.00, for a total transaction of $23,674.00.

Arcutis Biotherapeutics Trading Up 4.4 %

Shares of ARQT stock traded up $0.57 during trading hours on Tuesday, hitting $13.40. 2,870,772 shares of the company were exchanged, compared to its average volume of 2,236,888. Arcutis Biotherapeutics, Inc. has a 1 year low of $6.99 and a 1 year high of $16.20. The firm has a fifty day moving average of $13.49 and a 200 day moving average of $11.51. The firm has a market cap of $1.59 billion, a PE ratio of -7.49 and a beta of 1.29. The company has a quick ratio of 2.38, a current ratio of 2.46 and a debt-to-equity ratio of 0.67.

Arcutis Biotherapeutics (NASDAQ:ARQT) last posted its quarterly earnings results on Tuesday, February 25th. The company reported ($0.09) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.28) by $0.19. Arcutis Biotherapeutics had a negative net margin of 140.97% and a negative return on equity of 119.11%. The company had revenue of $71.36 million for the quarter, compared to the consensus estimate of $60.52 million. Analysts expect that Arcutis Biotherapeutics, Inc. will post -1.33 earnings per share for the current year.

Institutional Investors Weigh In On Arcutis Biotherapeutics

Several institutional investors and hedge funds have recently added to or reduced their stakes in ARQT. Jennison Associates LLC increased its position in Arcutis Biotherapeutics by 5.8% during the 4th quarter. Jennison Associates LLC now owns 12,339,792 shares of the company’s stock worth $171,893,000 after purchasing an additional 676,295 shares in the last quarter. Suvretta Capital Management LLC raised its holdings in shares of Arcutis Biotherapeutics by 6.3% during the 4th quarter. Suvretta Capital Management LLC now owns 11,399,138 shares of the company’s stock valued at $158,790,000 after buying an additional 677,627 shares during the period. Rubric Capital Management LP boosted its holdings in Arcutis Biotherapeutics by 11.7% in the 3rd quarter. Rubric Capital Management LP now owns 10,966,672 shares of the company’s stock worth $101,990,000 after acquiring an additional 1,150,000 shares during the period. Polar Capital Holdings Plc grew its position in Arcutis Biotherapeutics by 7.2% in the fourth quarter. Polar Capital Holdings Plc now owns 7,377,381 shares of the company’s stock valued at $102,767,000 after acquiring an additional 493,009 shares in the last quarter. Finally, State Street Corp raised its stake in shares of Arcutis Biotherapeutics by 9.9% during the third quarter. State Street Corp now owns 5,641,631 shares of the company’s stock valued at $52,467,000 after purchasing an additional 506,788 shares during the period.

Wall Street Analysts Forecast Growth

ARQT has been the topic of a number of analyst reports. HC Wainwright reiterated a “buy” rating and set a $19.00 target price on shares of Arcutis Biotherapeutics in a report on Wednesday, February 26th. The Goldman Sachs Group increased their price objective on Arcutis Biotherapeutics from $13.00 to $15.00 and gave the company a “neutral” rating in a research note on Thursday, February 27th. Needham & Company LLC reissued a “buy” rating and issued a $20.00 target price on shares of Arcutis Biotherapeutics in a research note on Wednesday, February 26th. Mizuho upped their target price on shares of Arcutis Biotherapeutics from $20.00 to $21.00 and gave the company an “outperform” rating in a report on Wednesday, February 26th. Finally, Guggenheim reiterated a “buy” rating on shares of Arcutis Biotherapeutics in a report on Monday, February 24th. One equities research analyst has rated the stock with a hold rating and five have issued a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $18.00.

Arcutis Biotherapeutics Company Profile

Arcutis Biotherapeutics, Inc, a biopharmaceutical company, focuses on developing and commercializing treatments for dermatological diseases. Its lead product candidate is ARQ-151, a topical roflumilast cream that has completed Phase III clinical trials for the treatment of plaque psoriasis and atopic dermatitis.