Arcutis Biotherapeutics (NASDAQ:ARQT) Director Howard Welgus Sells 10,000 Shares of Stock

Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT) Director Howard Welgus sold 10,000 shares of the stock in a transaction that occurred on Friday, January 2nd. The shares were sold at an average price of $28.96, for a total value of $289,600.00. Following the transaction, the director owned 69,744 shares in the company, valued at approximately $2,019,786.24. This trade represents a 12.54% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website.

Arcutis Biotherapeutics Stock Performance

Shares of Arcutis Biotherapeutics stock traded down $0.98 on Tuesday, reaching $29.22. The stock had a trading volume of 1,386,979 shares, compared to its average volume of 1,627,258. The company has a debt-to-equity ratio of 0.68, a quick ratio of 3.28 and a current ratio of 3.50. The business’s 50-day moving average price is $27.94 and its two-hundred day moving average price is $20.59. The stock has a market cap of $3.58 billion, a P/E ratio of -81.17 and a beta of 1.71. Arcutis Biotherapeutics, Inc. has a fifty-two week low of $11.13 and a fifty-two week high of $31.77.

Arcutis Biotherapeutics (NASDAQ:ARQT) last posted its earnings results on Tuesday, October 28th. The company reported $0.06 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.10) by $0.16. The business had revenue of $99.22 million for the quarter, compared to analyst estimates of $86.69 million. Arcutis Biotherapeutics had a negative net margin of 13.94% and a negative return on equity of 29.69%. On average, sell-side analysts forecast that Arcutis Biotherapeutics, Inc. will post -1.33 EPS for the current year.

Analysts Set New Price Targets

Several equities analysts recently weighed in on ARQT shares. The Goldman Sachs Group boosted their price objective on Arcutis Biotherapeutics from $19.00 to $29.00 and gave the stock a “neutral” rating in a research report on Thursday, October 30th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Arcutis Biotherapeutics in a research report on Monday, December 29th. Needham & Company LLC raised their price target on shares of Arcutis Biotherapeutics from $22.00 to $30.00 and gave the stock a “buy” rating in a research report on Tuesday, October 28th. HC Wainwright restated a “buy” rating and set a $30.00 price objective on shares of Arcutis Biotherapeutics in a report on Wednesday, October 29th. Finally, Wall Street Zen raised shares of Arcutis Biotherapeutics from a “buy” rating to a “strong-buy” rating in a research report on Sunday. Six equities research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, Arcutis Biotherapeutics has an average rating of “Moderate Buy” and an average target price of $29.00.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the business. Johnson Investment Counsel Inc. bought a new stake in Arcutis Biotherapeutics during the 3rd quarter worth about $30,000. Jones Financial Companies Lllp raised its stake in shares of Arcutis Biotherapeutics by 1,291.1% in the third quarter. Jones Financial Companies Lllp now owns 7,067 shares of the company’s stock worth $124,000 after acquiring an additional 6,559 shares during the last quarter. PNC Financial Services Group Inc. lifted its position in shares of Arcutis Biotherapeutics by 10.2% during the second quarter. PNC Financial Services Group Inc. now owns 8,828 shares of the company’s stock worth $124,000 after purchasing an additional 820 shares in the last quarter. Atlas Wealth LLC bought a new stake in shares of Arcutis Biotherapeutics during the second quarter valued at approximately $138,000. Finally, Cookson Peirce & Co. Inc. bought a new stake in shares of Arcutis Biotherapeutics during the third quarter valued at approximately $188,000.

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.