Arcutis Biotherapeutics (NASDAQ:ARQT) Director Howard Welgus Sells 4,096 Shares

Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT) Director Howard Welgus sold 4,096 shares of the stock in a transaction on Monday, June 15th. The shares were sold at an average price of $24.41, for a total value of $99,983.36. Following the transaction, the director directly owned 38,378 shares in the company, valued at $936,806.98. The trade was a 9.64% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Arcutis Biotherapeutics Price Performance

NASDAQ ARQT opened at $26.22 on Thursday. The business’s fifty day moving average price is $22.68 and its 200-day moving average price is $25.15. The stock has a market capitalization of $3.28 billion, a price-to-earnings ratio of -873.71 and a beta of 1.51. The company has a debt-to-equity ratio of 0.54, a current ratio of 2.68 and a quick ratio of 2.46. Arcutis Biotherapeutics, Inc. has a 1-year low of $13.06 and a 1-year high of $31.77.

Arcutis Biotherapeutics (NASDAQ:ARQT) last released its quarterly earnings results on Wednesday, May 6th. The company reported ($0.09) earnings per share for the quarter, missing the consensus estimate of ($0.02) by ($0.07). The firm had revenue of $105.40 million for the quarter, compared to the consensus estimate of $103.68 million. Arcutis Biotherapeutics had a negative net margin of 0.57% and a negative return on equity of 1.41%. On average, equities analysts predict that Arcutis Biotherapeutics, Inc. will post 0.15 earnings per share for the current year.

Analyst Upgrades and Downgrades

ARQT has been the topic of several research analyst reports. Wall Street Zen cut Arcutis Biotherapeutics from a “buy” rating to a “hold” rating in a report on Saturday, May 9th. Guggenheim raised their target price on Arcutis Biotherapeutics from $34.00 to $35.00 and gave the stock a “buy” rating in a report on Friday, February 27th. TD Cowen raised their target price on Arcutis Biotherapeutics from $30.00 to $35.00 and gave the stock a “buy” rating in a report on Thursday, February 26th. Needham & Company LLC reaffirmed a “buy” rating and issued a $36.00 target price on shares of Arcutis Biotherapeutics in a report on Thursday, May 7th. Finally, Mizuho decreased their target price on Arcutis Biotherapeutics from $37.00 to $35.00 and set an “outperform” rating on the stock in a report on Monday, March 2nd. Five research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $34.00.

Hedge Funds Weigh In On Arcutis Biotherapeutics

A number of institutional investors have recently bought and sold shares of ARQT. Suvretta Capital Management LLC raised its holdings 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 worth $347,435,000 after purchasing an additional 1,486,000 shares during the period. Price T Rowe Associates Inc. MD raised its holdings in Arcutis Biotherapeutics by 1,228.4% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 1,166,348 shares of the company’s stock worth $33,872,000 after purchasing an additional 1,078,546 shares during the period. Healthcare of Ontario Pension Plan Trust Fund bought a new position in Arcutis Biotherapeutics in the 4th quarter worth $26,136,000. State Street Corp raised its holdings in Arcutis Biotherapeutics by 18.2% in the 4th quarter. State Street Corp now owns 5,488,301 shares of the company’s stock worth $159,380,000 after purchasing an additional 846,986 shares during the period. Finally, Voloridge Investment Management LLC bought a new stake in Arcutis Biotherapeutics during the third quarter valued at about $15,711,000.

Arcutis Biotherapeutics Company Profile

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.