Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT) Insider Sells $227,550.00 in Stock

Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT) insider Todd Franklin Watanabe sold 15,000 shares of the company’s stock in a transaction dated Friday, December 20th. The shares were sold at an average price of $15.17, for a total transaction of $227,550.00. Following the transaction, the insider now directly owns 823,430 shares of the company’s stock, valued at approximately $12,491,433.10. This trade represents a 1.79 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link.

Arcutis Biotherapeutics Stock Performance

Arcutis Biotherapeutics stock opened at $14.99 on Wednesday. Arcutis Biotherapeutics, Inc. has a fifty-two week low of $2.96 and a fifty-two week high of $15.79. The stock’s 50 day simple moving average is $10.95 and its two-hundred day simple moving average is $10.12. The company has a debt-to-equity ratio of 0.67, a quick ratio of 2.38 and a current ratio of 2.46. The stock has a market cap of $1.75 billion, a price-to-earnings ratio of -8.37 and a beta of 1.32.

Arcutis Biotherapeutics (NASDAQ:ARQT) last released its quarterly earnings results on Wednesday, November 6th. The company reported ($0.33) earnings per share for the quarter, beating the consensus estimate of ($0.42) by $0.09. The company had revenue of $44.76 million for the quarter, compared to analyst estimates of $38.05 million. Arcutis Biotherapeutics had a negative return on equity of 119.11% and a negative net margin of 140.97%. As a group, analysts expect that Arcutis Biotherapeutics, Inc. will post -1.34 earnings per share for the current fiscal year.

Institutional Trading of Arcutis Biotherapeutics

A number of hedge funds and other institutional investors have recently modified their holdings of ARQT. Bank of New York Mellon Corp grew its holdings in Arcutis Biotherapeutics by 25.8% in the second quarter. Bank of New York Mellon Corp now owns 390,202 shares of the company’s stock worth $3,629,000 after purchasing an additional 80,078 shares during the period. Legato Capital Management LLC purchased a new stake in shares of Arcutis Biotherapeutics in the 2nd quarter worth approximately $523,000. Zurcher Kantonalbank Zurich Cantonalbank bought a new position in Arcutis Biotherapeutics during the 2nd quarter valued at approximately $174,000. Rhumbline Advisers increased its position in Arcutis Biotherapeutics by 33.5% during the 2nd quarter. Rhumbline Advisers now owns 167,289 shares of the company’s stock valued at $1,556,000 after buying an additional 41,956 shares in the last quarter. Finally, Arizona State Retirement System purchased a new position in Arcutis Biotherapeutics during the second quarter valued at $269,000.

Analyst Upgrades and Downgrades

A number of research analysts have commented on ARQT shares. Jefferies Financial Group initiated coverage on Arcutis Biotherapeutics in a research report on Wednesday, August 28th. They set a “buy” rating and a $15.00 price target for the company. Needham & Company LLC reaffirmed a “buy” rating and issued a $18.00 price target on shares of Arcutis Biotherapeutics in a research note on Thursday, November 7th.

About Arcutis Biotherapeutics

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.