Patrick Burnett Sells 8,300 Shares of Arcutis Biotherapeutics (NASDAQ:ARQT) Stock

Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT) insider Patrick Burnett sold 8,300 shares of the company’s stock in a transaction on Tuesday, August 11th. The shares were sold at an average price of $26.52, for a total value of $220,116.00. Following the sale, the insider owned 119,289 shares of the company’s stock, valued at approximately $3,163,544.28. The trade was a 6.51% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink.

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

• On Wednesday, August 12th, Patrick Burnett sold 6,700 shares of Arcutis Biotherapeutics stock. The stock was sold at an average price of $26.08, for a total value of $174,736.00.
• On Monday, August 3rd, Patrick Burnett sold 955 shares of Arcutis Biotherapeutics stock. The stock was sold at an average price of $26.12, for a total value of $24,944.60.

Arcutis Biotherapeutics Stock Up 1.4%

ARQT stock opened at $26.19 on Friday. The company has a market cap of $3.29 billion, a PE ratio of 124.72 and a beta of 1.49. The business has a 50-day simple moving average of $26.52 and a 200 day simple moving average of $24.69. Arcutis Biotherapeutics, Inc. has a 52 week low of $15.10 and a 52 week high of $31.77. The company has a quick ratio of 2.67, a current ratio of 2.92 and a debt-to-equity ratio of 0.46.

Arcutis Biotherapeutics (NASDAQ:ARQT) last posted its quarterly earnings data on Wednesday, August 5th. The company reported $0.11 earnings per share for the quarter, topping the consensus estimate of $0.06 by $0.05. The business 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%. Sell-side analysts anticipate that Arcutis Biotherapeutics, Inc. will post 0.4 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several analysts recently issued reports on the stock. Needham & Company LLC increased their price target on shares of Arcutis Biotherapeutics from $36.00 to $40.00 and gave the stock a “buy” rating in a research report on Thursday, August 6th. Morgan Stanley boosted their price objective on shares of Arcutis Biotherapeutics from $34.00 to $38.00 and gave the company an “overweight” rating in a research report on Thursday, August 6th. Weiss Ratings upgraded shares of Arcutis Biotherapeutics from a “sell (d-)” rating to a “hold (c-)” rating in a research report on Thursday, August 6th. Guggenheim upped their target price on Arcutis Biotherapeutics from $35.00 to $38.00 and gave the stock a “buy” rating in a research note on Thursday, August 6th. Finally, Wall Street Zen raised Arcutis Biotherapeutics from a “buy” rating to a “strong-buy” rating in a report on Saturday, August 8th. Six investment analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $35.57.

Institutional Investors Weigh In On Arcutis Biotherapeutics

A number of hedge funds have recently made changes to their positions in ARQT. BlackRock Inc. bought a new stake in shares of Arcutis Biotherapeutics during the 2nd quarter valued at approximately $276,502,000. Suvretta Capital Management LLC lifted 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 bought a new position in Arcutis Biotherapeutics in the 2nd quarter valued at approximately $36,989,000. Price T Rowe Associates Inc. MD boosted its position in Arcutis Biotherapeutics by 1,228.4% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 1,166,348 shares of the company’s stock valued at $33,872,000 after buying an additional 1,078,546 shares in the last quarter. Finally, Healthcare of Ontario Pension Plan Trust Fund acquired a new stake in Arcutis Biotherapeutics in the fourth quarter valued at approximately $26,136,000.

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.